Service Lifecycle Management Market: Introduction
- Service
lifecycle management is a technique of handling the lifecycle of a
product, as it is used by the consumer to extend the value of the product.
The service lifecycle management offers a company competitive gain by
maintaining the relationship with the consumer and creating value over the
lifetime of the consumer’s products.
- Service
lifecycle management market solutions support organizations
to deliver new value to consumers by leveraging embedded software and link
system to manage the performance and events of the product being used by a
consumer.
- Service
lifecycle management solutions add value by reprocessing current
engineering and CAD data, automating accurate and illustration and parts
documentation, linking to smart products in the field, forecasting product
service failures and events, and optimizing service and parts operation.
- Through
the various opportunities created through a service lifecycle management
solution, companies gain better insight into how products are performing
with the consumers, how to provide the best service to the product, and
when the product needs service.
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Service Lifecycle Management Market: Dynamics
Service Lifecycle Management Market: Key Drivers
- Engaging
with consumers outside the point of sale opens new opportunities for
companies to deliver value, and this worth is monetized into a new revenue
stream. Moreover, present parts and service operations can be moved from a
cost center to a profit center by leveraging service lifecycle management
and maximizing efficiency.
- Service
lifecycle management solutions support manufacturers to plan their service
resources. It also helps to handle the costs and responsibilities of
offered services. The service lifecycle management solution also allows
staff by making extra actionable data quickly available, both in the field
and the office.
- Service
lifecycle management is frequently integrated with, component of product
lifecycle management software. The IoT helps to automate transmission and
collection of data from sensors that can provide product status and
analyze problem. Such integration can offer workers with manufacturing and
engineering data to help them provide improved service.
- Small
& medium-sized enterprises are budget constrained and cannot afford
high initial investments for adopting service lifecycle management, which
restrains the market.
- Lack
of awareness about the benefit of service lifecycle management &
process automation tools among small & medium enterprises is also
expected to hamper the growth of the market.
Impact of COVID-19 on the Service Lifecycle Management
Market
- Most
companies are adopting the work from home module during the pandemic
period. Companies are decreasing their investment in new technologies and
services to manage their profitability. Most small businesses closed their
business process due to lack of funds to sustain in the market.
- Demand
for Service lifecycle management is decreasing during the COVID-19
lockdown situation but is expected to grow after the pandemic situation
due to the increasing dependency of commercial sectors and services.
North America to Hold Major Share of the Service
Lifecycle Management Market
- In
terms of region, the global service lifecycle management market can be
divided into North America, Europe, Asia Pacific, Middle East &
Africa, and South America.
- North
America holds a prominent share of service lifecycle management market due
to the presence of leading players and the early adoption of advanced
technologies and services in different industries in the region
Key Players Operating in the Global Service Lifecycle
Management Market
- IBM
Corporation
IBM Corporation is a prominent technology company that
produces software and hardware. It is also an established research company and
one of the leading platform providers of Productivity Management Software
market. IBM Corporation’s product categories include analytics, cloud, Watson,
customer engagement, Internet of Things, industry solutions, IT infrastructure,
mobile, and security. IBM cloud services includes cloud managed services, cloud
advisory services, and cloud migration services
- Dassault
Systemes SE
Dassault Systemes SE was incorporated in 1981 and is
headquartered in Velizy-Villacoublay, France. The company is a global leader in
providing software applications services designed to support clients’ company
improvement processes. The company deals in 3D digital mock-up, 3D design
software, and product life cycle management. The company’s top-line growth
largely depends on mobility, aerospace, industrial equipment, and the defense
industry.
Other key players operating in the global service lifecycle
management market include PTC, Inc., Tech Mahindra Limited, Wipro Limited,
Siemens AG, Atos SE, Tata Consultancy Service Limited, Oracle Corporation and
Astea International, Inc.
Service Lifecycle Management Market: Research Scope
Service Lifecycle Management Market, by Type
- Web-based
Software
- Cloud-based
Software
Service Lifecycle Management Market, by Application
- Aerospace
and Defense
- Medical
Equipment
- Automotive
and Transportation
- Telecommunication
- Industrial
Machinery and Equipment
- Others
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