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Press Release: Service Lifecycle Management Application Market Is Expected To Exhibit a CAGR of 8.0% During The Forecast Period (2020-2027)
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Service lifecycle management is an all-inclusive method that covers the complete service lifecycle of a product. This includes numerous complex processes such as service parts management, repair management, aftersales support, sales & marketing in collaboration with companies to optimize ROI of the concerned company. Furthermore, service lifecycle management is comprised of several processes including knowledge management, center management, warranty management and analytics, reverse logistics management, spare parts management, contract management, field service management, parts planning and forecasting, and return management. Heavy equipment and consumer electronics goods manufacturers in high technology, automotive and transportation, and aerospace and defense are focused towards complete lifecycle monitoring of their products.
The global Service Lifecycle Management Application Market was accounted for US$ 165,103,4024.0 Mn in terms of value in 2019 and is expected to grow at CAGR of 7.8% for the period 2020-2027.
Market Dynamics- Drivers
Adoption SLM application ensures cost reduction for end users by enhancing first-time fix rate, enabling fast time to dispatch, increasing technician productivity, and parts and inventory management. Moreover, it increases monitoring and measurement capability of the enterprise, thus preference for SLM has increased significantly among end-use industries. Furthermore, SLM providers offer advice on reverse logistics management, field service management solutions, and warranty management, which reduces replacement and product manufacturing cost production. Hence, these factors are expected to drive growth of the global service lifecycle management application market during the forecast period.
Service lifecycle management application covers the complete service lifecycle of the product throughout its life. It also provides integrated view of service that connects delivery, planning, and analysis. Furthermore, disconnected service applications across different departments lead to less coordination, delays, and mismanagement. The integrated end to end service lifecycle management solution provides a competitive advantage by keeping track of different processes from a single system and improving information accuracy in the organization. Therefore, these factors are expected to propel the market growth over the forecast period.
Service Lifecycle Management Application Market - Impact of Coronavirus (Covid-19) Pandemic
COVID-19 Pandemic have adversely affected the economies of various countries around the globe. According to the International Monetary fund Analysis, the global economy is expected to shrink down by 3% percent in the year 2020 compared to year 2019. Due to the reduction in the size of global economy the spending or purchasing power of people also decreases. As the sales volume of companies are expected to decrease, the expenditure of companies on new product development is also expected to decrease. Now companies are trying to retain its market share with the existing products.
Statistics:
North America held dominant position in the global Service Lifecycle Management Application market in 2019, accounting for 34.7% share in terms of value, followed by Europe and Asia Pacific respectively
Figure 1: Global Service Lifecycle Management Application Market Share (%) in terms of Value, By Region, 2019
Market Dynamics- Restraints
Introduction of cloud and its public, private, and hybrid variants have provided numerous options for deployment of service lifecycle management applications to end users. However, the management of these applications and variants can increase the complexity of SLM applications. Although cloud-based platforms enhance efficiency by providing real-time infrastructure, it also has the potential to add complexity in areas such as resources, management data, and applications spread across various cloud variants. Furthermore, SLM application’s integrated solutions across different sectors in different regions result in increase in software complexity in terms of understanding and coding. Hence, these factors are expected to restrain growth of the market during the forecast period.
Cloud computing has become a mainstay for many software and technology companies. However, it also comes with numerous disadvantages with the data security risk. It also includes illegal invasion with cloud-based platforms, which prevents numerous organizations from implementing cloud-based platforms for service lifecycle management applications across the world. Furthermore, the risk of data accessibility and data control exists since the data outsourced on the cloud are not in direct control of the owner and are outsourced to third-party vendors, thus making it difficult to maintain data integrity and privacy, support data and service availability and demonstrate compliance. Hence, these factors are expected to hinder the market growth in the near future.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2019 | Market Size in 2019: | USD 165,1034,024.0 Mn |
| Historical Data for: | 2016 to 2019 | Forecast Period: | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: | 7.8% | 2027 Value Projection: | USD 294,378,7332.4 Mn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
Dassault Systems, PTC, Inc., IBM Corporation, Tech Mahindra Limited, Astea International, Inc., Wipro Limited, Oracle Corporation, Siemens AG, Tata Consultancy Service Limited, and Atos SE. |
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| Growth Drivers: |
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| Restraints & Challenges: |
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Market Opportunities
Artificial intelligence technology has wide scope in real-time applications as it extracts what is required from the colossal amount of information. Predictive analytics, the application of artificial intelligence is the growing practice in service lifecycle management application and aftermarket support services, providing a consistent method to extract data captured by connected devices, thereby reducing the variability humans bring to problem-solving and decision-making processes. It ensures companies react faster to technical issues related to the product, ensures product availability, and customer query resolution.
Service lifecycle management application is witnessing increasing adoption, particularly with metal consuming original equipment manufacturers such as aerospace and defense, automotive and transportation, etc. However, metal companies that manufacture steel and aluminum primarily focus on product-centric approaches rather than service-centric approaches. Aftersales service component is outside the domain of many metal companies. SLM applications would help in tracking the performance and providing after-sales services such as welding and maintenance and repair of metals after sale.
Figure 2: Global Service Lifecycle Management Application Market Value (US$ Mn), 2017 - 2027
The global Service Lifecycle Management Application market was valued at US$ 165,103,4024.0 Mn in 2019 and is forecast to reach a value of US$ 294,378,7332.4 Mn by 2027 at a CAGR of 7.8% between 2020 and 2027.
Market Trends
Key players in the market are focused on partnerships and collaborations, in order to gain a competitive edge in the market. For instance, in May 2016, Siemens PLM partnered with TCS to provide the best-in-class PLM-SLM suite with TCS data analytics support. May 2016, Comptel partnered with IBM and Juniper Networks in an IBM Cloud-Based architecture to provide digital service lifecycle management, technology, and expertise. Moreover, in May 2015, PTC partnered with ServiceMax to introduce the first Connected Field Service.
Key companies in the market are focused on research and development activities, in order to gain a competitive edge in the market. For instance, in April 2016, Oracle launched the Oracle Field Service Cloud, known as TOA Technologies, which improves response time and customer satisfaction. Moreover, in January 2015, Tech Mahindra launched an aftermarket platform for predictive maintenance in the automotive industry.
Competitive Section
Major companies operating in the global service lifecycle management application market are Dassault Systems, PTC, Inc., IBM Corporation, Tech Mahindra Limited, Astea International, Inc., Wipro Limited, Oracle Corporation, Siemens AG, Tata Consultancy Service Limited, and Atos SE.
Key Developments
Crisis management is the process by which an organization manages a disruptive and unexpected event that poses a threat to the organization or its stakeholders. Crisis emergency and incident management platform is a novel concept that functions as a security measure against potential disruption. Crisis emergency and incident management platforms find applications in numerous end-use verticals such as banking, finance service, and insurance (BFSI), energy and utility, aviation, healthcare, and life science, government and defense, hospitality, transportation, and logistics, telecom and IT, etc.
Market Dynamics
Rising level of threats related to potential terror attacks, shootings, and biological hazards in the U.S. has led to rising implementation of such emergency management platforms. According to the Federal Bureau of Investigation (FBI), the number of cyber events against the U.S. government increased by 680% and active shooter events increased 3X over the period 2006–2011. According to the European Union Terrorism Situation and Trend Report 2016, the total number of failed, foiled, or completed attacks in Europe increased from 152 in 2013 to 211 in 2015. Moreover, the Centers for Disease Control and Prevention (CDC), the U.S., the total number of Zika virus were there 3,500 reported cases. In response to this, the U.S. government issued a total of US$ 25 Mn in funding to states, cities, and territories for associated health-related issues. Hence, these factors are expected to drive growth of the market during the forecast period. Various organizations are focused on exploring means to deploy systems that can warn citizens about various natural calamities such as landslides, storms, and earthquakes, and also chemical leakages, terrorist attacks, and blackouts. This is done to reduce the loss of human life and damage to property. This, in turn, is expected to propel the global crisis emergency and incident management platforms market growth in the near future.
Market Taxonomy
This report segments the Global Crisis Emergency and Incident Management Platforms Market on the basis of End-User Vertical, Communication Technology, System and Platform, Service and Region. On the basis of End-User Vertical, Global Crisis Emergency and Incident Management Platforms Market is segmented into BFSI, Energy and Utility, Healthcare and Life Science, Government and Defense, Aviation, Hospitality, Transportation and Logistics, Telecom and IT and Others. On the basis of Communication System and platform, the Global Crisis Emergency and Incident Management Platforms Market is segmented into Web Based Emergency Management Software, Geospatial Technology, Emergency Notification Service, Surveillance System, Hazmat Technology, Backup and Disaster Recovery System, Earthquake/Seismic Warning System, Traffic Incident Management, Remote Weather Monitoring System and Database Management Systems(DB MS). On the basis of Service, the Global Crisis Emergency and Incident Management Platforms Market is segmented into Consulting, Emergency Operation Center (EOC) Design and Integration, Training and Simulation and Public Information Services. On the basis of region, Global Crisis Emergency and Incident Management Platforms Market is segmented into North America, Latin America, Europe, Asia pacific, Middle East and Africa.
Key features of the study:
Detailed End-User Verticalation:
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