Service Lifecycle Management Global Market Overview, Driving Factors, Future Trends, Key Players and Growth Opportunities And Forecast By 2033 | Siemens AG, Oracle Corporation, Salesforce Inc., GE Vernova Inc., Kinaxis Inc.

"The new report published by The Business Research Company, titled ""Service Lifecycle Management Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033"", delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, the service lifecycle management market size has grown strongly in recent years. It will grow from $1.69 billion in 2023 to $1.84 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The service lifecycle management market size is expected to see strong growth in the next few years. It will grow to $2.60 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%.

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AI Adoption Drives Growth In The Service Lifecycle Management Market
The increase in the adoption of artificial intelligence is expected to propel the growth of the service lifecycle management market going forward. Artificial intelligence refers to the simulation of human intelligence processes by machines, particularly computer systems. The increasing adoption of artificial intelligence is due to technological advancements, including improved machine learning algorithms and enhanced computing power. Service lifecycle management (SLM) significantly aids in adopting artificial intelligence (AI) within an organization by providing a structured and strategic approach to integrating AI technologies into existing services and processes. For instance, in May 2022, according to the IBM Global AI Adoption Index 2022 report released by the International Business Machines Corporation, a US-based information technology corporation, a poll conducted of 7,502 businesses found that more than a third of businesses (35%) reported using AI in their operations, a four-point rise from 2021, and 42-64% were exploring its potential. 64% of businesses believe AI will improve business productivity, and 42% believe it will streamline job processes. In 2022, there was a 13% increase in the likelihood of organizations adopting AI compared to the previous year, 2021. Therefore, the increase in the adoption of artificial intelligence is expected to propel the growth of the service lifecycle management market.

Strategic Partnerships Driving Innovation In Service Lifecycle Management Market
Major companies in the service lifecycle management market are adopting a strategic partnership approach to enhance their market position and broaden their service offerings. Strategic partnerships refer to a process in which companies leverage each other's strengths and resources to achieve mutual benefits and success. For instance, in April 2023, Siemens AG, a Germany-based engineering and manufacturing company, partnered with International Business Machines Corporation, a US-based technology company. Through this partnership, the companies intend to create an integrated software solution that merges their expertise in systems engineering, service lifecycle management, and asset management. This unified software aims to help organizations optimize product lifecycles, enhance process traceability, prototype, and test concepts earlier in development, and adopt more sustainable product designs.

The service lifecycle management market covered in this report is segmented -
1) By Software Type: Cloud-Based Software, Web-Based Software
2) By Service Based Models: Dealer-Based Model, Performance-Based Model, Depot-Based Model, Field-Based Model
3) By Solutions: Customer Contact And Support, Field Service Management, Warranty And Service Management, Service Parts Information Management
4) By End-Use Industry: Automotive And Transportation, Aerospace And Defence, Medical Equipment, High Technology, Industrial Machinery And Equipment, Telecommunication

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Major companies operating in the service lifecycle management market are Microsoft Corporation Inc., Robert Bosch GmbH, Siemens AG, International Business Machines Corporation, Oracle Corporation, Systems Applications and Products(SAP), Salesforce Inc., GE Vernova Inc., Asea Brown Boveri Ltd. , ServiceNow Inc., Infor Global Solutions, Micro Focus International Ltd., Power Trading Corporation, IFS AB, Kinaxis Inc., deLaski Technologies Inc., Planon Software Services Private Limited, Accruent, FieldAware Inc., ServicePower Technologies Ltd., Astea International Inc.

Contents of the report:
1. Executive Summary
2. Service Lifecycle Management Market Report Structure
3. Service Lifecycle Management Market Trends And Strategies
4. Service Lifecycle Management Market - Macro Economic Scenario
5. Service Lifecycle Management Market Size And Growth
…..
27. Service Lifecycle Management Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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