Warranty Management System Market Is Rapidly Increasing Worldwide | Growing Demand, Increasing Scope, Product Driving Factors, Emerging Technologies & Forecast 2021 to 2028
The global Warranty Management System is expected to grow a CAGR of 11.73% with a market size of around USD 8.70 billion by 2028.
Dallas, United States – April 27, 2021 /MarketersMedia/ —
Global Warranty Management System Market
Warranty management system tools simplify the warranty management process, which includes warranty coverage, campaign and product registration administration, contract management, warranty, and contract monitoring, component return, and supplier cost recovery. The revenue leakages caused by the use of paper records, unstructured data, and singular structures are the key motivators for organizations to implement service contracts. During the forecast period, warranty intelligence software is expected to expand at the fastest pace in the warranty management system industry.
Every year, companies around the globe lose thousands of dollars in sales due to rising warranty claim management issues. This has been a key factor in fuelling demand for warranty management systems globally. Furthermore, as newer innovations evolve and the automotive and manufacturing industries become more competitive, the need to automate warranty claim management processes has grown significantly.
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The automotive industry’s increasing production is a major factor driving market growth, as the automotive and supply chain industries account for the majority of warranty software adoption. After a sales recession the previous year, the global automotive industry is expected to rebound this year. Furthermore, customer willingness to embrace connected vehicles is projected to affect global demand for automobiles, thus propelling the industry forward.
The implementation of blockchain technology for warranty protection is becoming highly common in the insurance sector. By protecting supply chains and offering track-and-trace functionality for goods under warranty, it has the ability to help streamline the industry. A closed-loop claims management mechanism is provided by blockchain-enabled warranty applications, which administers processes. It keeps track of all warranties across its lifecycle in order to boost customer loyalty, lower service costs, and enhance product quality.
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North America is one of the highest markets in terms of the adoption of warranty management systems. The area is also thriving, thanks to a growing acceptance of data protection by small and medium-sized businesses.
The major players of the Warranty Management System are Oracle Corporation, Pegasystems Inc., PTC Inc., SAP SE, and various other players in the market. Most of the players are spread across various regions focusing on inorganic and organic strategies.
Segment Overview of Warranty Management System Market
Software Overview, 2018-2028 (USD Billion)
• Claim Management
• Service Contract
• Warranty Intelligence
• Administration Management
Service Overview, 2018-2028 (USD Billion)
• Professional Services
• System Integration
• Customization Service
Vertical Overview, 2018-2028 (USD Billion)
• Automotive
• Mining
• Healthcare
• Manufacturing
• Supply Chain & Logistics
• Others
Deployment Overview, 2018-2028 (USD Billion)
• On-Premise
• On-Demand
Regional Overview, 2018-2028 (USD Billion)
• North America
o U.S.
o Canada
• Europe
o UK
o France
o Germany
o Rest of Europe
• Asia Pacific
o India
o China
o Japan
o Rest of Asia-Pacific
• Middle East and Africa
o Saudi Arabia
o South Africa
o Rest of Middle East and Africa
• South America
o Brazil
o Rest of Latin America
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