Service Lifecycle Management Application Market to Reach US$ 2730.8 Mn by 2026
Future Market Insights delivers key insights on the global service lifecycle management application market in a new report titled, “Service Lifecycle Management Application Market: Global Industry Analysis and Opportunity Assessment, 2016–2026”. According to the report, 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% over the forecast period (2016 and 2026).
According to Future Market Insights analysts, factors such as creating value proposition of end users by increasing profit margins, saving of the operational and service costs of the organization, increasing customer satisfaction and loyalty, and transforming services with the growth of 3rd platform technologies are some of the drivers that are expected to boost the growth of the global service lifecycle management application market during the forecast period.
“The global service lifecycle management application market is showcasing a growing trend of market consolidation through mergers and acquisitions and partnerships of key software players in the market. Many product launches by software vendors have provided end-use industries with the best breed of service lifecycle management applications. Moreover, the market is witnessing a growing trend of servicing heavy equipment and large capital intensive assets used in manufacturing and high technology industries. Cloud based technologies represent the biggest disruptive trend in the overall global service lifecycle management application market.” – Analyst, Future Market Insights
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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); and End Use Industry (Automotive & Transportation, Aerospace & Defence, Medical Equipment, High Technology, Industrial Machinery & Equipment, Telecommunication).
- The Web-Based Software type segment is projected to witness a Y-o-Y growth rate ranging from 3.0% to 6.3% over 2015–2026 and is expected to register a CAGR of 4.7% during the forecast period
- The Depot-Based Model segment is expected to exhibit rapid growth over the forecast period with a Y-o-Y growth rate ranging from 6.1% to 9.7% between 2015 and 2026
- The Field Service Management solutions segment is estimated to account for a market share of 21.3% by 2016 end
- The Medical equipment end use industry segment is estimated to account for a value share of 18.9% and is anticipated to be valued at US$ 243.7 Mn by 2016 end
Regional market projections
The global service lifecycle management application market is segmented into the seven key regions of North America, Western Europe, APEJ, Latin America, Eastern Europe, Japan, and MEA. Of all the major markets, the APAC market is projected to witness high growth in terms of revenue by the end of 2026. An increasing adoption of SLM applications in manufacturing, medical, and high tech industries in countries such as China is expected to fuel the growth of the Asia Pacific service lifecycle management application market during the forecast period. The markets in Japan and MEA are estimated to collectively account for a value share of 6.0% of the global service lifecycle management application market by 2016 and are projected to register CAGRs of 7.1% and 6.2% respectively over the forecast period.
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The report on the global service lifecycle management application market profiles some of the leading companies operating in this market globally. The top companies featured in the report are 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. Market leaders are focussing on investing in service lines such as infrastructure services, product engineering services, analytics, and application services; and are entering into strategic partnerships to strengthen their market share and cement their foothold in the global service lifecycle management application market.