Future Market Insights has recently published a market research report on Global Service Lifecycle Management Application market. The study presents a detailed analysis on the historical data, current and future market scenario for the Service Lifecycle Management Application market. The global Service Lifecycle Management Application market report is projected to witness a positive growth over the forecast period of 2021 and 2031.
The report presents an in-depth analysis of key growth drivers and trends that are likely to impact the market in upcoming years. With the adoption of cloud computing and artificial intelligence, the technology industry is expected to witness a healthy growth over the forecast period. Increasing competitive pressure and advanced digital transformation in the area of data analytics and artificial intelligence are likely to improve the growth outlook for the Service Lifecycle Management Application market in the upcoming decade.
According to the FMI’s report, Changes in consumer behavior, robust product innovations, and expanding distribution networks continue to influence growth of the Service Lifecycle Management Application market. FMI’s analysts rely on unique research methods and comprehensive data study of the current and upcoming trends of the Service Lifecycle Management Application market report and gather data from a wide range of primary and secondary sources.
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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.
All of these factors have brought in a precision-driven aspect to services, increasing the value proposition and raising overall profit margins.
Future Market Insights states that the global service lifecycle management application market is expected to rise at a CAGR of 6.9% during the forecast period of 2020 to 2030.
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.
The COVID-19 outbreak has resulted in travel bans and lockdowns, adversely affecting sectors such as industrial machinery and equipment, transportation, automotive, and others. This has also negatively affected the service lifecycle management application market, resulting in declining revenue. However, with the relaxation of these restrictions in the industrial sector, the market is anticipated to recover and witness a positive growth by Q3-Q4 2021.
Big Data Analytics Driving Real Time Communication and Analysis in SLM Applications
Data analytics is the game changer for driving service management processes as it captures asset information and enables enhanced service quality, leading to better first time fix rate (FTF rate). SLM applications help organizations to understand how well service is performing against the planning done by them. Thus, SLM application enables organizations to detect the service problems and correct them more quickly.
Descriptive and predictive analysis will result in real-time communication to dealerships, manufacturers, and customers through connected devices, leading to notifications to manufacturers about product status and early warning for better and proactive decision making, thereby providing better service and resulting in better customer retention. Moreover, analytics will focus on integrating customer satisfaction data with the service lifecycle management applications.
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Why Buy FMI’s Report?
- Extensive analysis on key trends and opportunities on the industries ongoing trends in different regions across the globe
- All-inclusive assessment on recent technological advancements and forecast of the upcoming decade
- A comparative analysis of leading players and emerging players in the Service Lifecycle Management Application market
- Reliable information on new product launches, organic and inorganic strategies, and more
- Valuable insights on the impact of regulatory framework on the global Service Lifecycle Management Application market
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