Global Warranty Management System Market - Segmented by Deployment (On - Premise, On - Cloud), Software (Warranty Intelligence, Claim Management, Service Contract), Component (Solutions, Services - Professional and Managed Services), End Users and Region - Growth, Trends and Forecast (2018 - 2023)
Warranty Management System Market is expected to grow at a CAGR of over 14% during the forecast period (2018-2023). The market is increasing at significant momentum across the world, thanks to the emergence of new technologies, and rising competition in automotive and manufacturing industries that has stimulated the world population to automate their warranty claim management processes. Also, the technology vendors entering this market to fulfill the nature of specific demands that have increased the popularity of warranty management systems.
Warranty management refers to the effective creation as well as the execution of warranties for the different businesses. Though this kind of work is majorly carried out by product manufacturing organizations, any other company wanting to offer warranties might show an interest in these services provided by warranty management professionals. Warranty management systems efficiently automate the warranty management process including, warranty coverage, administrating campaigns, contract management, warranty tracking, and supplier cost recovery.
Rising Demand for Mobile and Cloud Based Solutions
The proliferation of Connected/Smart devices and sensors that comprise of Internet of Things (IoT), as well as the amounts of metadata generated by different machine-to-machine (M2M) communications networks will offer manufacturers a new level of insight needed to intelligently update the warranty claims process and deliver a seamless customer experience. Moreover, the in the recent few months the revenue leakages because of the use of unstructured files, paper documents, and singular systems, service contract software is expected to gain traction which help to create more demand all around the globe.
North America is the largest market in terms of global share
The North America region is projected to have the largest growth in demand, during the forecast period (2018-2023), which provides a suitable environment for startups and SMEs, in terms of government regulations and compliance. Owing to this, enterprises are growing rapidly in the North America region and have a heavy demand for warranty management system market in order to enhance the product quality and customer satisfaction in this region. Therefore, the North American region is to have the highest market share in the warranty management system market.
The major trends responsible for the growth of warranty management system market in the North American region include the growing competition among various automobiles and manufacturing industries and favorable conditions such as availability of Internet access at user’s convince has encouraged the manufacturers to opt for cloud based warranty management systems.
As the demand for the warranty management systems is directly related to the internet penetration rate, in North America region, the internet penetration rate, higher is the demand for warranty management systems.
Key developments in the market
March 2018 - Intellinet Systems Pvt. Ltd., has done innovation in their product (Intellinet Warranty Management Software) the new generation warranty management system with latest features.
February 2017 - Tavant Technologies, has done product innovation of the latest version of its warranty management application – The Tavant Warranty on-Demand 1.5 on Salesforce AppExchange. The all-new version of TWOD is Salesforce lightning compatible and extremely user-friendly. It will offer new improved outlook to setting up and automatically enforcing warranty coverage exclusions resulting in increased automatic claims processing.
Major Players: IBM CORPORATION, ORACLE CORPORATION, PEGASYSTEMS INC., PTC INC., INTELLINET SYSTEMS PVT. LTD., SAP SE, INFOSYS LIMITED, TAVANT TECHNOLOGIES, INC., TECH MAHINDRA LIMITED, and WIPRO LIMITED, amongst others.
Reasons to Purchase this Report
Provides latest insights into Global Warranty Management System Market.
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The region that is expected to witness the fastest growth during the forecast period
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