A service lifecycle management system is an all-exclusive customer service approach that covers every single element of service or product lifecycle right from initial customer interaction to invoicing. It is a continuous process that allows a single view of service, which helps in better decision making. Service lifecycle management looks after all the customer service stages including initial customer interaction, closing of orders, invoicing and aftermarket services. Such management systems create scopes of improvements in service delivery, helping businesses to reach economies of scale. Moreover, such service lifecycle management applications interlink traditional aftermarket services with innovative technologies such as connected technology, 3rd platform technology and cloud-based analytical tools to make it simpler for end use customers.
Using SLM’s service oriented approach organisations can not only streamline the entire product manufacturing process but also improve their operational structure. As per latest data released by Future Market Insights (FMI), the global market for service lifecycle management application will increase at a compound annual growth rate of 7.8% between 2016 and 2026. In 2016, the market reached a valuation of US$ 1288.9 Million.
Implementation of Service Lifecycle Management System Remains Robust
Growing importance of value proposition for improving profit margins and revenue and to improve customer relationship as well as experience are some of the major factors driving the adoption of SLM systems. Operational and service cost benefits using SLM application is also urging business to implement it. Further, SLM applications can help organisations to gain a competitive edge over competitors who are still using the conventional process having a non-integrated approach. SLM application facilitates a systematic production process by providing regular updates of field service status to design and production teams. Moreover, expansion of 3rd platform technologies such as mobile, cloud, big data, and social is driving innovation in service management by integrating these technologies into the core working structure of service lifecycle management applications.
Developers of service lifecycle management applications are partnering and jointly on projects to enhance system capabilities. Several of the recent products launched by developers offer advanced service lifecycle management solutions to end-use industries. In addition, the arrival of cloud-supported technologies is likely to have a strong influence on the overall working of service lifecycle management systems in the near future.
Demand for Cloud-Based SLM Software to Witness a Stout Growth
A bulk of SLM software sold in 2016 were web-based, however, sales of cloud-based software will continue to increase at a significant rate over the next couple of years. The market for SLM application in Asia Pacific was valued at around US$ 248.1, which is set to surpass US$ 631 Mn over 2026, reflecting a strong CAGR of 9.8% during 2016 and 2026. Meanwhile, North America’ SLM application market will retain its top spot during the same time.
Leading market participants are scaling up investments to introduce new service lines and are concentrating on new product development to improve market visibility. Tech Mahindra Limited, Siemens AG, Tata Consultancy Services Limited, Astea International Inc., Dassault Systems, PTC Inc., Wipro Limited, Atos SE, Oracle Corporation, and IBM Corporation are few of the top companies functioning in the global market for service lifecycle management application.
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