The service lifecycle management from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Service Lifecycle Management Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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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The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Service Lifecycle Management Market Overview
Market Drivers –
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.
Market Trends –
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.
The service lifecycle management market covered in this report is segmented –
1) By Software Type: Cloud-Based Software, Web-Based Software
2) By Service Based Models: Dealer-Based Model, Performance-Based Model, Depot-Based Model, Field-Based Model
3) By Solutions: Customer Contact And Support, Field Service Management, Warranty And Service Management, Service Parts Information Management
4) By End-Use Industry: Automotive And Transportation, Aerospace And Defence, Medical Equipment, High Technology, Industrial Machinery And Equipment, Telecommunication
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Regional Insights –
North America was the largest region in the service lifecycle management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the service lifecycle management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the service lifecycle management market are 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.
Table of Contents
1. Executive Summary
2. Service Lifecycle Management Market Characteristics
3. Service Lifecycle Management Market Trends And Strategies
4. Service Lifecycle Management Market – Macro Economic Scenario
5. Global Service Lifecycle Management Market Size and Growth
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32. Global Service Lifecycle Management Market Competitive Benchmarking
33. Global Service Lifecycle Management Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Service Lifecycle Management Market
35. Service Lifecycle Management Market Future Outlook and Potential Analysis
36. Appendix
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