Service Lifecycle Management Global Market Report 2024

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 rise observed in the historical period can be credited to the heightened intricacy of products, escalating customer demands, technological advancements, the globalization of service operations, and adherence to regulations.

The service lifecycle management market size is expected to see strong growth in the next few years. It will grow to $2.6 billion in 2028 at a compound annual growth rate (CAGR) of 9%. In the upcoming forecast period, growth is anticipated due to predictive maintenance, integration of artificial intelligence, adoption of the Internet of Things, improvement in customer experience, regulatory compliance, and advancements in data analytics. Key trends projected for this period include artificial intelligence (AI) and machine learning (ML), augmented reality (AR) and virtual reality (VR), cloud computing, 5G technology, data privacy and security, adoption of green service models, and the utilization of real-time data insights.

The anticipated rise in artificial intelligence adoption is set to drive the growth of the service lifecycle management (SLM) market. Artificial intelligence, which involves machines mimicking human intelligence processes, particularly through computer systems, is increasingly embraced due to technological advancements, including enhanced machine learning algorithms and computing power. SLM plays a significant role in facilitating AI integration within organizations by offering a structured and strategic approach. For example, as per the IBM Global AI Adoption Index 2022 report, which surveyed 7,502 businesses, 35% reported using AI in their operations, marking a four-point increase from 2021. Additionally, 42-64% were exploring AI's potential, with 64% believing it would enhance business productivity and 42% expecting streamlined job processes. The likelihood of AI adoption by organizations in 2022 increased by 13% compared to 2021, indicating the potential for the SLM market's growth.

Leading firms in the SLM market are pursuing strategic partnerships to strengthen their market presence and expand their service offerings. Strategic partnerships involve companies leveraging each other's strengths and resources for mutual benefit. For instance, in April 2023, Siemens AG partnered with International Business Machines Corporation (IBM) to develop an integrated software solution combining expertise in systems engineering, service lifecycle management, and asset management. This collaborative effort aims to assist organizations in optimizing product lifecycles, improving process traceability, advancing concept prototyping and testing during development, and embracing sustainable product designs.

In January 2023, PTC acquired ServiceMax, a move aimed at enhancing its product lifecycle management and digital thread with ServiceMax's field service capabilities. This acquisition reinforces PTC's position and fosters improved product performance and revenue growth. ServiceMax, a provider of service lifecycle management solutions, adds value to PTC's portfolio with its specialized offerings.

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.

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.

The countries covered in the service lifecycle management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Service lifecycle management (SLM) involves a comprehensive strategy for overseeing a service's entire lifespan, spanning from its initial creation and development to its deployment, ongoing operation, and eventual retirement. The goal is to optimize the service's performance, enhance customer satisfaction, and ensure efficient resource utilization throughout its lifecycle.

The primary categories of service lifecycle management include cloud-based software and web-based software. Cloud-based software entails applications and services hosted on remote servers and accessed via the internet, enabling scalable and on-demand computing resources. Various service models, such as dealer-based, performance-based, depot-based, and field-based approaches, offer solutions such as customer contact and support, field service management, warranty and service management, and service parts information management. These solutions find application across diverse industries, including automotive and transportation, aerospace and defense, medical equipment, high technology, industrial machinery and equipment, and telecommunication.

The service lifecycle management research report is one of a series of new reports that provides service lifecycle management market statistics, including the service lifecycle management industry's global market size, regional shares, competitors with a service lifecycle management market share, detailed service lifecycle management market segments, market trends and opportunities, and any further data you may need to thrive in the service lifecycle management industry. This service lifecycle management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The service lifecycle management market includes revenues earned by entities by providing services such as maintenance planning, warranty management, field service management, and product support throughout the entire product lifecycle. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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