Service Lifecycle Management Application Implementation Benefitting Manufacturing Sector by Creating Value Proposition

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.

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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.

“Disconnected service applications across different departments result in delays, poor coordination, and mismanagement, which leads to non-scalability of service management within an organisation. The integrated end-to-end service lifecycle management application solution provides a competitive advantage by tracking different processes from a single system and improving information accuracy in the organisation. Thus, competitive advantage over disconnected technology approach is paving the way for service lifecycle management application,” says an FMI analyst.

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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.

More Valuable Insights on Service Lifecycle Management Application Market

In its latest report, Future Market Insights offers an unbiased analysis of the global service lifecycle management application market, providing historical data for period of 2015-2019 and forecast statistics for the period of 2020-2030. To understand opportunities in the service lifecycle management application market, the market is segmented on the basis of software type (cloud based software, web based software), end-use industry (automotive & transportation, aerospace & defense, medical equipment, high technology, telecommunications, industrial machinery & equipment), service based model (field based model, depot based model, dealer based model, performance based model), and solutions (warranty & service management, service parts information management, field service management, customer contact & support) across six major regions.

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The technology team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.