Global Service Lifecycle Management Application Market forecast to grow from US$ 1288.9 Mn by 2016 to US$ 2730.8 Mn by 2026

LONDON, April 24, 2017 /PRNewswire/ -- Service Lifecycle Management Application is a holistic approach that covers the complete service lifecycle of a product throughout its life as a continuous process, thereby enabling a single view of service for better decision making. It incorporates traditional aftermarket services with growing technology innovations such as 3rd platform technologies, connected technology, and analytics for faster adoption of service based models by end use customers.

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The global service lifecycle management application market is anticipated to register a CAGR of 7.8% during the forecast period. The global service lifecycle management application market is estimated to be valued at US$ 1288.9 Mn by 2016 end and is expected to reach US$ 2730.8 Mn by 2026, projecting a CAGR of 7.8% between 2016 and 2026.

Market segmentation

The global service lifecycle management application market is segmented on the basis of Software Type (Cloud-Based Software, Web-Based Software); Service Based Models (Dealer-Based Model, Performance-Based Model, Depot-Based Model, Field-Based Model); Solutions (Customer Contact & Support, Field Service Management, Warranty & Service Management, Service Parts Information Management); End Use Industry (Automotive & Transportation, Aerospace & Defence, Medical Equipment, High Technology, Industrial Machinery & Equipment, Telecommunication); and Region (North America, Western Europe, APEJ, Latin America, Eastern Europe, Japan, MEA).

Here are some predictions:

·         Cloud-Based Software type segment is expected to account for a market value share of 35.5% by the end of 2026.

·         The Web-Based Software type segment is estimated to account for a significantly high value share of 86.6% in 2016.

·         Depot-Based Model segment is expected to account for a significantly higher CAGR of 8.2% over the forecast period.

·         Dealer-Based model is estimated to account for a significantly larger market value share of 30.4% in 2016.

·         The Field Service Management solutions segment is expected to account for a significantly high CAGR of 8.0% in terms of value over the forecast period.

·         The Customer Contact & Support solutions segment is expected to register a CAGR of 7.8% with a Y-o-Y growth rate ranging from 6.5% to 8.8% over the forecast period.

·         The Medical Equipment end use industry segment is estimated to be valued at US$ 243.7 Mn by 2016 end and is projected to witness a CAGR of 8.7% over the forecast period.

·         The Automotive & Transportation end use industry segment is estimated to account for a significantly high value share of 22.6% and be valued at US$ 291.2 Mn by 2016 end.

·         Asia Pacific service lifecycle management application market projected to witness high revenue growth by 2026 end

·         The market in North America is expected to register a CAGR of 7.5% over the forecast period, reaching a market valuation of US$ 930.8 Mn by 2026.

Top market leaders are making strategic investments in new service lines and are focusing on new product launches to increase market visibility.

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