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Service Lifecycle Management Market Analysis, Trends, Growth, Research And Forecast 2033
Service Lifecycle Management Market Analysis
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According to The Business Research Company's, 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 growth in the historic period can be attributed to the increased complexity of products, growing customer expectations, advances in technology, globalization of service operations, and regulatory compliance.
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%. The growth in the forecast period can be attributed to predictive maintenance, artificial intelligence integration, internet of things adoption, customer experience enhancement, regulatory compliance, and data analytics advancements. Major trends in the forecast period include artificial intelligence (AI) and machine learning (ML), augmented reality (AR) and virtual reality (VR), cloud computing, 5G technology, data privacy and security, green service models, and real-time data insights.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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.
Service Lifecycle Management Market 2024 Key Insights:
• 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%.
• AI Adoption Drives Growth In The Service Lifecycle Management Market
• Strategic Partnerships Driving Innovation In Service Lifecycle Management Market
• North America was the largest region in the service lifecycle management market in 2023
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