Product service management market to near $2 billion by 2008

The Product Service Management (PSM) market, which includes enterprise solutions for product service organizations, is expected to more than triple in size from $650 million in 2002 to almost $2 billion by the end of 2007. This represents a compound annual growth Rate (CAGR) of almost 25% during the forecast period, according to a new study by ARC Advisory Group.

03/01/2003


Dedham, MA -The Product Service Management (PSM) market, which includes enterprise solutions for product service organizations, is expected to more than triple in size from $650 million in 2002 to almost $2 billion by the end of 2007. This represents a compound annual growth Rate (CAGR) of almost 25% during the forecast period, according to a new study by ARC Advisory Group.

''With worldwide economies struggling, manufacturers are facing increasingly challenging markets for their products,'' according to Sid Snitkin, ARC's vp and author of ''Product Service Management Software & Services Worldwide Outlook.'' After-market service and parts is rapidly becoming the focus for both revenue growth and for gaining competitive advantage in product sales. Technology is vital to these strategies, and companies are recognizing that their prior lack of investment in this sector has left them unable to effectively execute expanded aftermarket programs.

After-sales service is sold in a multitude of ways such as extended warranties, guaranteed response service agreements, and on an as-needed, pay-per-call basis. After-sales service also covers a broad range of activities including installation support, support for product use and maintenance, spare parts, field service, and repair center/depot management. Managing these processes is complex and requires integrating technology from several enterprise software arenas including:

  • Customer Relationship Management (CRM)

  • Enterprise Resource Planning (ERP)

  • Product Lifecycle Management (PLM)

  • Supply Chain Management (SCM)

  • Supply Chain Execution (SCE)

  • Enterprise Asset Management (EAM)





No comments
The Engineers' Choice Awards highlight some of the best new control, instrumentation and automation products as chosen by...
The System Integrator Giants program lists the top 100 system integrators among companies listed in CFE Media's Global System Integrator Database.
The Engineering Leaders Under 40 program identifies and gives recognition to young engineers who...
This eGuide illustrates solutions, applications and benefits of machine vision systems.
Learn how to increase device reliability in harsh environments and decrease unplanned system downtime.
This eGuide contains a series of articles and videos that considers theoretical and practical; immediate needs and a look into the future.
Sensor-to-cloud interoperability; PID and digital control efficiency; Alarm management system design; Automotive industry advances
Make Big Data and Industrial Internet of Things work for you, 2017 Engineers' Choice Finalists, Avoid control design pitfalls, Managing IIoT processes
Engineering Leaders Under 40; System integration improving packaging operation; Process sensing; PID velocity; Cybersecurity and functional safety
This article collection contains several articles on the Industrial Internet of Things (IIoT) and how it is transforming manufacturing.

Find and connect with the most suitable service provider for your unique application. Start searching the Global System Integrator Database Now!

SCADA at the junction, Managing risk through maintenance, Moving at the speed of data
Flexible offshore fire protection; Big Data's impact on operations; Bridging the skills gap; Identifying security risks
The digital oilfield: Utilizing Big Data can yield big savings; Virtualization a real solution; Tracking SIS performance
click me