According to a new market research report published by sheer analytics and insights, “The Service Lifecycle Management Application Market was $2.5 Bn in 2020, and it is highly expected to reach $7.8 Bn by 2030. It is eventually growing at a commendable high compound of the annual growth rate CAGR of 12.1% between 2020 – 2030, as per the latest market research report titled Global Service Lifecycle Management Application Market (By Service Based Models – Dealer Based Models, Performance-based Models, Depot-based Models, Field-Based Models. By Solutions – Customer Contact & Support, Field Service Management, Warranty & Service Management, Service Parts Information Management. By Software Type – Cloud-based Software, Web-based Software. By End-User Industry – Automotive & Transportation, Aerospace & Defense, Medical Equipment, High Technology, Industrial Machinery & Equipment, Telecommunication. By Geography – North America, Asia Pacific, Europe, Latin America, Middle East & Africa.) – Global industry analysis, size, share, growth, trends and forecast, 2020 – 2030.
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With the implementation of the service lifestyle management applications it will help to make sure that there is cost reduction for the end users by improving the first time fix rate. It will also help to increase the technician productivity, to enable fast time dispatch, efficient inventory and parts management. It also helped to increase the monitoring and measurement capability of the organization. This in turn will help to assist the end users to capitalize on the multitude of the various benefits including this application. however due to the global pandemic COVID-19 there has been major fluctuations across the global economy and stock markets. Companies have also experienced squeezed profit margins on the manufactured goods. Hence companies are now implementing technologies that will help the businesses to modernize their operations will also help to reduce the COVID-19 impact on economy.
Geographically, The Global Service Lifecycle Management Application Market is divided into global regions like North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
The primary key players in the Global Service Lifecycle Management Application Market include PTC Inc., Tech Mahindra Limited, Wipro Limited, Siemens AG, Atos SE, Tata Consultancy Services Limited, Oracle Corporation, Astea International Inc., IBM Corporation, Dessault Systems.
The Global Service Lifecycle Management Application Market Has Been Segmented Into:
GLOBAL SERVICE LIFECYCLE MANAGEMENT APPLICATION MARKET, BY SERVICE BASED MODELS
- Dealer-based Model
- Performance-based Model
- Depot-based Model
- Field-based Model
GLOBAL SERVICE LIFECYCLE MANAGEMENT APPLICATION MARKET, BY SOLUTIONS
- Customer Contact & Support
- Field Service Management
- Warranty & Service Management
- Service Parts Information Management
GLOBAL SERVICE LIFECYCLE MANAGEMENT APPLICATION MARKET, BY SOFTWARE TYPE
- Cloud-based Software
- Web-based Software
GLOBAL SERVICE LIFECYCLE MANAGEMENT APPLICATION MARKET, BY END-USE INDUSTRY
- Automotive & Transportation
- Aerospace & Defense
- Medical Equipment
- High Technology
- Industrial Machinery & Equipment
GLOBAL SERVICE LIFECYCLE MANAGEMENT APPLICATION MARKET, BY REGION
• North America (U.S., Canada)
• Europe (U.K., Germany, France, Spain, Italy, Rest of Europe)
• Asia Pacific (Japan, China, India, Rest of Asia Pacific)
• Rest of the World (Latin America, Middle East & Africa)