Service Lifecycle Management Application Market : Evolving Technology, Trends and Industry Analysis

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.

It incorporates traditional aftermarket services with growing technology innovations such as 3rd platform technologies, connected technology, and analytics for faster adoption of service based models by end use customers. Moreover, a service oriented approach through the SLM application also streamlines the product manufacturing process and operations of the organisation.

The global service lifecycle management application market is anticipated to register a CAGR of 7.8% during the forecast period. The global service lifecycle management application market is estimated to be valued at US$ 1288.9 Mn by 2016 end and is expected to reach US$ 2730.8 Mn by 2026, projecting a CAGR of 7.8% between 2016 and 2026.

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Factors such as increasing value proposition through increasing profit margins and revenue of end users, improving customer satisfaction and relationship and saving of operational and service costs of the organisation by implementing an SLM application are expected to fuel the growth of the global service lifecycle management application market.

Moreover, SLM applications provide competitive advantage over the disconnected approach of non-integrated processes and also streamline the production process through timely updates of field service information to production and design teams.

Growth of 3rd platform technologies such as cloud, mobile, social, and big data drives innovation in service management by implementing these technologies in the development of service lifecycle management applications.

The global service lifecycle management application market is segmented on the basis of Software Type (Cloud-Based Software, Web-Based Software); Service Based Models (Dealer-Based Model, Performance-Based Model, Depot-Based Model, Field-Based Model); Solutions (Customer Contact & Support, Field Service Management, Warranty & Service Management, Service Parts Information Management); End Use Industry (Automotive & Transportation, Aerospace & Defence, Medical Equipment, High Technology, Industrial Machinery & Equipment, Telecommunication); and Region (North America, Western Europe, APEJ, Latin America, Eastern Europe, Japan, MEA).

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The Asia Pacific service lifecycle management application market is estimated to be valued at US$ 248.1 Mn by 2016 and is likely to increase to US$ 631.1 Mn by 2026, registering a significantly high CAGR of 9.8% during the forecast period. The market in North America is expected to register a CAGR of 7.5% over the forecast period, reaching a market valuation of US$ 930.8 Mn by 2026.

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. These companies are consolidating their market position by enhancing their existing SLM solutions portfolio and are launching new digital and cloud-based technology products to increase market share.

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