By the end of 2030, the market for service lifecycle management applications is projected to increase from US$ 1.6 billion to US$ 2.93 billion. This is because it is predicted that between 2022 and 2030, the demand for service lifecycle management application solutions would grow at a CAGR of 7.9%. In 2021, the global market for product lifecycle management applications saw usage of service lifecycle management applications make up about 3% of the market.
According to Future Market Insights, the market for service lifecycle management applications is expected to experience a decline of 50 units in BPS values in the first half of 2022. (P).
The service lifecycle management application market refers to the industry that provides software solutions to manage the entire lifecycle of a service, from initial planning to post-sales support. These applications are used by businesses to improve customer satisfaction, increase operational efficiency, and reduce costs.
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The service lifecycle management application market includes a wide range of software solutions, including customer relationship management (CRM), field service management, warranty management, and asset management. These solutions are used by a variety of industries, including manufacturing, healthcare, telecommunications, and utilities.
The market is driven by a variety of factors, including the increasing adoption of cloud-based solutions, the growing demand for predictive maintenance and analytics, and the need for businesses to improve their customer experience. In addition, the COVID-19 pandemic has had a significant impact on the market, with many businesses shifting their focus to digital solutions and remote work.
Competitive Landscape
Service lifecycle management application solution providers are focusing on various strategies for increasing their investments in research and development to support future technologies. In addition, several companies are acquiring and entering into partnerships with other companies to enhance their solution offering and customer base.
For instance,
- In September 2021, Tavant announced the expansion of its solution suite to enhance service delivery experience, drive sustainability, and capture aftermarket lifetime value.
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Service Lifecycle Management Application Industry Survey
Service Lifecycle Management Application Market by Software Type:
- Cloud-based Service Lifecycle Management Software
- Web-based Service Lifecycle Management Software
Service Lifecycle Management Application Market by Service-based Model:
- Field-based Service Lifecycle Management Models
- Depot-based Service Lifecycle Management Models
- Dealer-based Service Lifecycle Management Models
- Performance-based Service Lifecycle Management Models
Service Lifecycle Management Application Market by Solution:
- Customer Contact & Support
- Field Service Management
- Warranty & Service Management
- Service Parts Information Management
Service Lifecycle Management Application Market by End-use Industry:
- Automotive & Transportation
- Aerospace & Defense
- Medical Equipment
- High Technology
- Telecommunications
- Industrial Machineries & Equipment
Service Lifecycle Management Application Market by Region:
- North America Service Lifecycle Management Application Market
- Latin America Service Lifecycle Management Application Market
- Europe Service Lifecycle Management Application Market
- East Asia Service Lifecycle Management Application Market
- South Asia & Pacific Service Lifecycle Management Application Market
- Middle East and Africa Service Lifecycle Management Application Market
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Innovation / Development Trends
3.3. Key Success Factors
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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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