Impact Analysis of Covid-19

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.

Market Overview

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

  1. Low service cost for SLM providers is expected to drive growth of the global service lifecycle management application market during the forecast period

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.

  1. Competitive advantage over-discharged technology is expected to propel the global service lifecycle management application market growth over 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

Service Lifecycle Management Application  | Coherent Market Insights

Market Dynamics- Restraints

  1. Complexity of application due to introduction of new technology platforms is expected to restrain growth of the global service lifecycle management application market during the forecast period

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.

  1. Data security threat with real-time solutions is expected to hinder the global service lifecycle management application market growth over 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.

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Service Lifecycle Management Application Market Report Coverage

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:
  • North America: U.S., Canada
  • Latin America: Brazil, Argentina, Mexico, Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, Rest of Asia Pacific
  • Middle East and Africa: South Africa, North Africa, Central Africa
Segments covered:
  • By Service Based Models: (Dealer-based Model, Performance-based Model, Depot-based Model And Field-based Model)
  • By Solutions: (Customer Contact & Support, Field Service Management , Warranty & Service Management, Service Parts Information Management)
  • By Software Type: (Cloud-based Software and Web-based Software)
  • By End-use Industry: (Automotive & Transportation, Aerospace & Defense, Medical Equipment, High Technology , Industrial Machinery & Equipment and Telecommunication) 
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.

Growth Drivers:
  • Low service cost for SLM providers
  • Competitive advantage over-discharged technology
Restraints & Challenges:
  • Complexity of application due to introduction of new technology platforms

Market Opportunities

  1. Adoption of artificial intelligence for SLM can present lucrative growth 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.

  1. Increasing use of SLM applications in the metal manufacturing industry to pose major business opportunities

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

Service Lifecycle Management Application  | Coherent Market Insights

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

  1. Increasing partnership and collaboration activities is a major trend

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.

  1. Research and development activities to innovate novel products

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

  1. Major companies in the market are focused on contracts and agreements, in order to enhance the market presence. For instance, in April 2020, IBM Corporation entered into an agreement with Fenergo to collaborate on solutions that can help clients address various financial risks.
  2. Key players in the market are involved in product launches, in order to expand the product portfolio. For instance, in February 2019, Tech Mahindra Limited introduced netOps.ai to accelerate 5G adoption for communication service providers.

Service lifecycle management (SLM) application is the practice of aligning service parts management, field service management, technical communication, and product support operations to maximize customer uptime. Service lifecycle management finds applications in various end-use industries including medical equipment, aerospace & defense, high technology, automotive & transportation, telecommunication and industrial machinery & equipment, etc. 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.

Market Dynamics

SLM application with third-platform technologies as the support and development platforms is expected to accelerate innovation and real-time connectivity between different solutions of service lifecycle management applications. Cloud allows greater access to service parts visibility and mobile technology, which provides information at the right time to technicians on the field analytics /big data helps organizations to understand how service is performing against service planning and social leads to collaboration of different touch points involved. Therefore, these factors are expected to drive growth of the global service lifecycle management application market during the forecast period. 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.

Market Taxonomy

This report segments the Global Service Lifecycle Management Application Market on the basis of Service Based Models, Solution, Software Type, End-use Industry and Region. On the basis of Service Based Models, Global Service Lifecycle Management Application Market is segmented into Dealer-based Model, Performance-based Model, Depot-based Model And Field-based Model. On the basis of Solution, the Global Service Lifecycle Management Application Market is segmented into Customer Contact & Support, Field Service Management , Warranty & Service Management, Service Parts Information Management. On the basis of Software Type, the Global Service Lifecycle Management Application Market is segmented into Cloud-based Software and Web-based Software. On the basis of End-use Industry, the Global Service Lifecycle Management Application Market is segmented into Automotive & Transportation, Aerospace & Defense, Medical Equipment

High Technology , Industrial Machinery & Equipment and Telecommunication. On the basis of region, Global Service Lifecycle Management Application Market is segmented into North America, Latin America, Europe, Asia pacific, Middle East and Africa.

Key features of the study:

  • This report provides an in-depth analysis of the Global Service Lifecycle Management Application Market and provides market size (US$ Million) and compound annual growth rate (CAGR %) for the forecast period (2020-2027), considering 2019 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrix for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by leading players
  • It profiles leading players in the global Service Lifecycle Management Application Market based on the following parameters – regulatory landscape, company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
  • Key companies covered in the Global Service Lifecycle Management Application Market includes 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.
  • These key market players are focusing on collaboration strategy with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
  • Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future product launches, technology up gradation, market expansion, and marketing tactics
  • The global Service Lifecycle Management Application market report caters to various stakeholders in this industry including investors, suppliers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through the various strategy matrices used in analyzing the Global Service Lifecycle Management Application Market

Detailed Service Based Modelsation:

  • Global Service Lifecycle Management Application Market, By Service Based Models:
    • Dealer-based Model
    • Performance-based Model
    • Depot-based Model
    • Field-based Model
  • Global Service Lifecycle Management Application Market, By Solutions:
    • Customer Contact & Support
    • Field Service Management
    • Warranty & Service Management
    • Service Parts Information Management
  • Global Service Lifecycle Management Application Market, By Software Type:
    • Cloud-based Software
    • Web-based Software
  • Global Service Lifecycle Management Application Market, By End-use Industry:
    • Automotive & Transportation
    • Aerospace & Defense
    • Medical Equipment
    • High Technology
    • Industrial Machinery & Equipment
    • Telecommunication
  • Global Service Lifecycle Management Application Market, By Region:
    • North America
    • Latin America
    • Europe
    • Asia Pacific
    • Middle East and Africa
  • Company Profiles
    • Astea International, Inc.
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments
      • Future Plans
    • Atos SE
    • Dassault Systems
    • IBM Corporation
    • Oracle Corporation
    • PTC, Inc.
    • Siemens AG
    • Tata Consultancy Service Limited
    • Tech Mahindra Limited
    • Wipro Limited

Browse all the market data tables and figures on “Global Service Lifecycle Management Application Market - Forecast to 2027”

Table of Contents

  1. Research Objectives and Assumptions
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Service Based Models
      • Market Snippet, By Solutions
      • Market Snippet, BY Software Type
      • Market Snippet, By End-use Industry
      • Market Snippet, By Region
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
    • Regulatory Scenario
    • Solutions Trend
    • Merger and Acquisitions
    • New system Launch/Approvals
  4. Analyst View on Impact of COVID-19 on Market
    • Short Term
    • Long term
  5. Global Service Lifecycle Management Application Market, BY Service Based Models, 2017-2027  (US$ Million)
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • By Service Based Models Trends
    • Dealer-based Model
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Performance-based Model
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Depot-based Model
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Field-based Model
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
  6. Global Service Lifecycle Management Application Market, By Solutions, 2017-2027 (US$ Million)
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • By Service Based Models Trends
    • Customer Contact & Support
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Field Service Management
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Warranty & Service Management
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Service Parts Information Management
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
  7. Global Service Lifecycle Management Application Market, By Software Type, 2017-2027 (US$ Million)
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • By Service Based Models Trends
    • Cloud-based Software
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Web-based Software
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
  8. Global Service Lifecycle Management Application Market, By End-use Industry, 2017-2027 (US$ Million)
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • By Service Based Models Trends
    • Automotive & Transportation
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Aerospace & Defense
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Medical Equipment
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • High Technology
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Industrial Machinery & Equipment
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Telecommunication
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
  9. Global Service Lifecycle Management Application Market, By Region, 2017-2027  (US$ Million)
    • Introduction
      • Market Share Analysis, By Region, 2017 and 2027 (%)
    • North America
      • Regional Trends
      • Market Size and Forecast, By Service Based Models, 2020–2027(US$ Million)
      • Market Size and Forecast, By Solutions, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Software Type, 2020–2027(US$ Million)
      • Market Size and Forecast, By End-use Industry, 2020–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • U.S.
        • Canada
    • Europe
      • Regional Trends
      • Market Size and Forecast, By Service Based Models, 2020–2027(US$ Million)
      • Market Size and Forecast, By Solutions, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Software Type, 2020–2027(US$ Million)
      • Market Size and Forecast, By End-use Industry, 2020–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • U.K.
        • Germany
        • Italy
        • France
        • Russia
        • Rest of Europe
    • Asia Pacific
      • Regional Trends
      • Market Size and Forecast, By Service Based Models, 2020–2027(US$ Million)
      • Market Size and Forecast, By Solutions, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Software Type, 2020–2027(US$ Million)
      • Market Size and Forecast, By End-use Industry, 2020–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • China
        • India
        • Japan
        • ASEAN
        • Australia
        • South Korea
        • Rest of Asia Pacific
    • Latin America
      • Regional Trends
      • Market Size and Forecast, By Service Based Models, 2020–2027(US$ Million)
      • Market Size and Forecast, By Solutions, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Software Type, 2020–2027(US$ Million)
      • Market Size and Forecast, By End-use Industry, 2020–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • Brazil
        • Argentina
        • Mexico
        • Rest of Latin America
    • Middle East and Africa
      • Regional Trends
      • Market Size and Forecast, By Service Based Models, 2020–2027(US$ Million)
      • Market Size and Forecast, By Solutions, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Software Type, 2020–2027(US$ Million)
      • Market Size and Forecast, By End-use Industry, 2020–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • GCC Countries
        • South Africa
        • Rest of the Middle East and Africa
  10. Competitive Landscape
    • Company Profiles
      • Astea International, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Atos SE
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Dassault Systems
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • IBM Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Oracle Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • PTC, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Siemens AG
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Tata Consultancy Service Limited
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Tech Mahindra Limited
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Wipro Limited
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
  11. Section
    • References
    • Research Methodology
    • About us and Sales Contact

*Browse market data tables and figures on “Global Service Lifecycle Management Applications Market -forecast to 2027”.

Frequently Asked Questions

The global market for Service Lifecycle Management Application is expected to reach USD 208,761,7771.4 Million by 2022.
Low service cost for SLM providers is expected to drive growth of the global service lifecycle management application market during the forecast period
Web Based Software sub-segment holds the largest market share among Software Type Segment segment contributing 76.3% market share in terms of value in 2019.
Asia Pacific region hold the largest share in the global Service Lifecycle Management Application market in 2019, accounting for 64.7% share in terms of value.
Key players 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.
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