Press release
Service Lifecycle Management Application Market expected to reach US$ 2730.8 Mn by 2026
Service Lifecycle Management Application Market
Service Lifecycle Management Application is a holistic approach that covers the complete service lifecycle of a product throughout its life as a continuous process, thereby enabling a single view of service for better decision making. Every step in the service lifecycle process from initial customer interaction to invoicing, closing of orders to aftermarket services provides an opportunity for an organisation to improve customer satisfaction and increase its revenue.
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Constant efforts to improve profit margins across varied manufacturing verticals has prompted the uptake of service lifecycle management (SLM) solutions. The market is thus thriving as users seek to establish high profit margins and revenue by providing aftermarket service to consumers. Service lifecycle management application cuts losses by improving scheduling, first-time fix rate, service parts management, and warranty management of products. This improves the opportunity of cross-selling and up-selling of manufactured products.
Service lifecycle management application market is creating value by using third platform technologies, driving innovation and real-time connectivity between different solutions of service lifecycle management applications. Introduction of cloud technology has enabled greater access to service parts visibility. Furthermore, mobile technology has enabled communication of information at the right time to technicians on the field that is derived through Big Data analytics for accurate problem solving.
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Key Takeaways of Service Lifecycle Management Application Market Study
The depot-based model segment to grow 2.0x of the current market value by the end of 2030
Service lifecycle management application is witnessing increasing adoption particularly from industries using metal for manufacturing, such industries as aerospace & defense and automotive & transportation
Service lifecycle management application to be up by 1.7x of current market value by end of 2030 in the medical equipment sector as COVID-19 leads to tremendous volume of new devices
Asia Pacific service lifecycle management application market to surge at a CAGR around 8% during the forecast period of 2020-2030
COVID-19 Pandemic Impact Analysis
The COVID-19 pandemic has brought to light some valuable experiences for businesses. Working remotely, through cloud-based platforms, has been an essential aspect of the pandemic to ensure business continuity. This is projected to result in soaring demand for cloud-based software in the global service lifestyle management application market.
In addition, upcoming technological trends such as Industrial Internet of Things (IIoT), additive manufacturing, engineering virtual reality and augmented reality are expected to propel the demand of SLM applications in coming the coming years.
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Competitive Landscape
PTC Inc., Tech Mahindra Limited, Wipro Limited, Siemens AG, Atos SE, Tata Consultancy Services Limited, Oracle Corporation, Astea International Inc., IBM Corporation, and Dessault Systems are some of the main players operating in the global service lifecycle management application market.
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