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By the end of 2030, the market for service lifecycle management applications is projected to increase from US$ 1.6 billion to US$ 2.93 billion. This is because it is predicted that between 2022 and 2030, the demand for service lifecycle management application solutions would grow at a CAGR of 7.9%.
In 2021, the global market for product lifecycle management applications saw usage of service lifecycle management applications make up about 3% of the market. According to Future Market Insights, the market for service lifecycle management applications is expected to experience a decline of 50 units in BPS values in the first half of 2022. (P).
The COVID-19 pandemic had a negative effect on the market for service lifecycle management applications and the economies of various countries around the world.
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The Service Lifecycle Management (SLM) Application Market is a growing sector that involves the use of technology to manage and optimize service operations. The market is driven by the increasing demand for efficient and cost-effective service management solutions, advancements in technology, and the need for businesses to enhance customer satisfaction.
SLM applications help organizations to streamline their service operations by automating key processes such as scheduling, dispatch, work order management, and inventory management. These applications also provide real-time visibility into service operations, enabling organizations to quickly identify and resolve issues.
The market includes a range of solutions such as field service management, customer relationship management (CRM), warranty management, and service parts management. Field service management solutions use mobile devices and GPS to help technicians manage service calls, track inventory, and access customer information. CRM solutions provide organizations with a centralized platform to manage customer interactions, including service requests and support tickets.
Warranty management solutions help organizations to manage and track warranties, including warranty claims and repairs. Service parts management solutions help organizations to manage their service parts inventory, including ordering, tracking, and replenishment.
Competitive Landscape
Service lifecycle management application solution providers are focusing on various strategies for increasing their investments in research and development to support future technologies. In addition, several companies are acquiring and entering into partnerships with other companies to enhance their solution offering and customer base.
For instance,
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Service Lifecycle Management Application Industry Survey
Service Lifecycle Management Application Market by Software Type:
Service Lifecycle Management Application Market by Service-based Model:
Service Lifecycle Management Application Market by Solution:
Service Lifecycle Management Application Market by End-use Industry:
Service Lifecycle Management Application Market by Region:
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Innovation / Development Trends
3.3. Key Success Factors
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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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The post Demand for Service Lifecycle Management Application Market is anticipated to surge at a CAGR of 7.9% by 2030 appeared first on Future Market Insights.