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 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.
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
- Industrial Machinery and Equipment
Service Lifecycle Management Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.