SERVICE LIFECYCLE MANAGEMENT APPLICATION MARKET ANALYSIS

Market Challenges And Opportunities

Market Dynamics- Drivers

1. Low service cost for SLM providers is expected to drive growth of the global service lifecycle management application market during the forecast period

Adoption SLM application ensures cost reduction for end users by enhancing first-time fix rate, enabling fast time to dispatch, increasing technician productivity, and parts and inventory management. Moreover, it increases monitoring and measurement capability of the enterprise, thus preference for SLM has increased significantly among end-use industries. Furthermore, SLM providers offer advice on reverse logistics management, field service management solutions, and warranty management, which reduces replacement and product manufacturing cost production. Hence, these factors are expected to drive growth of the global service lifecycle management application market during the forecast period.

2. Competitive advantage over-discharged technology is expected to propel the global service lifecycle management application market growth over the forecast period

Service lifecycle management application covers the complete service lifecycle of the product throughout its life. It also provides integrated view of service that connects delivery, planning, and analysis. Furthermore, disconnected service applications across different departments lead to less coordination, delays, and mismanagement. The integrated end to end service lifecycle management solution provides a competitive advantage by keeping track of different processes from a single system and improving information accuracy in the organization. Therefore, these factors are expected to propel the market growth over the forecast period.

Market Dynamics- Restraints

1. Complexity of application due to introduction of new technology platforms is expected to restrain growth of the global service lifecycle management application market during the forecast period

Introduction of cloud and its public, private, and hybrid variants have provided numerous options for deployment of service lifecycle management applications to end users. However, the management of these applications and variants can increase the complexity of SLM applications. Although cloud-based platforms enhance efficiency by providing real-time infrastructure, it also has the potential to add complexity in areas such as resources, management data, and applications spread across various cloud variants. Furthermore, SLM application’s integrated solutions across different sectors in different regions result in increase in software complexity in terms of understanding and coding. Hence, these factors are expected to restrain growth of the market during the forecast period.

2. Data security threat with real-time solutions is expected to hinder the global service lifecycle management application market growth over the forecast period

Cloud computing has become a mainstay for many software and technology companies. However, it also comes with numerous disadvantages with the data security risk. It also includes illegal invasion with cloud-based platforms, which prevents numerous organizations from implementing cloud-based platforms for service lifecycle management applications across the world. Furthermore, the risk of data accessibility and data control exists since the data outsourced on the cloud are not in direct control of the owner and are outsourced to third-party vendors, thus making it difficult to maintain data integrity and privacy, support data and service availability and demonstrate compliance. Hence, these factors are expected to hinder the market growth in the near future.

Market Opportunities

1. Adoption of artificial intelligence for SLM can present lucrative growth opportunities

Artificial intelligence technology has wide scope in real-time applications as it extracts what is required from the colossal amount of information. Predictive analytics, the application of artificial intelligence is the growing practice in service lifecycle management application and aftermarket support services, providing a consistent method to extract data captured by connected devices, thereby reducing the variability humans bring to problem-solving and decision-making processes. It ensures companies react faster to technical issues related to the product, ensures product availability, and customer query resolution.

2. Increasing use of SLM applications in the metal manufacturing industry to pose major business opportunities

Service lifecycle management application is witnessing increasing adoption, particularly with metal consuming original equipment manufacturers such as aerospace and defense, automotive and transportation, etc. However, metal companies that manufacture steel and aluminum primarily focus on product-centric approaches rather than service-centric approaches. Aftersales service component is outside the domain of many metal companies. SLM applications would help in tracking the performance and providing after-sales services such as welding and maintenance and repair of metals after sale.