A warranty management system is a software solution designed to help companies manage the entire warranty process, from tracking and registering warranties to managing claims and providing analytics. In addition, it helps to automate the tracking process and manages warranties of the products. Furthermore, warranty management software offers business users complete information about product quality, warranty claims data, and supplier recovery, i.e., returning expenses and returning damaged products to suppliers. The key features of the software include parts, contracts, returns, and claims management. The latest warranty management software comes with business intelligence features that can diagnose and avert warranty fraud. Thus, by using warranty management software, stakeholders comprising service providers, suppliers, end users, and manufacturers can cooperate to improve product quality, improve customer experience, and reduce warranty expenditures.
Furthermore, with increasing competition in the global market, manufacturers are striving to differentiate their products by offering better after-sales services. This includes providing extended warranty periods, faster claims processing, and better customer support. As a result, manufacturers are heavily investing in warranty management systems to streamline their after-sales service operations and improve customer satisfaction, which leads to the growth of the market. Moreover, surge in adoption of cloud-based solutions has a significant impact on the warranty management system market. With more companies opting for cloud-based solutions, there has been an increase in the demand for warranty management systems that can be accessed and managed from anywhere, anytime, and through any device with internet connection. This has led to increase in adoption of cloud-based warranty management solutions, thereby driving the growth of the warranty management system market. However, resistance to change limits the adoption of new technologies, which affects the growth of the market. In addition, lack of awareness for the warranty management system due to lack of marketing and promotion of these systems acts as the key deterrent factor of the global market. On the contrary, as companies continue to invest in the development of new products, the need for an efficient and effective warranty management system becomes increasingly important. Thus, the emergence of new technologies is expected to present lucrative opportunities for the expansion of the global warranty management system market in the upcoming years.
The global warranty management system market is segmented into component, deployment mode, industry vertical, and region. Depending on component, it is bifurcated into software and service. By deployment mode, it is segregated into on-premise and cloud. On the basis of industry vertical, it is fragmented into manufacturing, automotive, healthcare, supply chain & logistics, food & beverages, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the warranty management system market such as IBM Corporation, IFS, Mize, Oracle Corporation, Pegasystems Inc., PTC, Salesforce, SAP, Tavant, and Wipro Limited. These players have adopted various strategies to increase their market penetration and strengthen their position in the warranty management system industry.
Furthermore, with increasing competition in the global market, manufacturers are striving to differentiate their products by offering better after-sales services. This includes providing extended warranty periods, faster claims processing, and better customer support. As a result, manufacturers are heavily investing in warranty management systems to streamline their after-sales service operations and improve customer satisfaction, which leads to the growth of the market. Moreover, surge in adoption of cloud-based solutions has a significant impact on the warranty management system market. With more companies opting for cloud-based solutions, there has been an increase in the demand for warranty management systems that can be accessed and managed from anywhere, anytime, and through any device with internet connection. This has led to increase in adoption of cloud-based warranty management solutions, thereby driving the growth of the warranty management system market. However, resistance to change limits the adoption of new technologies, which affects the growth of the market. In addition, lack of awareness for the warranty management system due to lack of marketing and promotion of these systems acts as the key deterrent factor of the global market. On the contrary, as companies continue to invest in the development of new products, the need for an efficient and effective warranty management system becomes increasingly important. Thus, the emergence of new technologies is expected to present lucrative opportunities for the expansion of the global warranty management system market in the upcoming years.
The global warranty management system market is segmented into component, deployment mode, industry vertical, and region. Depending on component, it is bifurcated into software and service. By deployment mode, it is segregated into on-premise and cloud. On the basis of industry vertical, it is fragmented into manufacturing, automotive, healthcare, supply chain & logistics, food & beverages, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the warranty management system market such as IBM Corporation, IFS, Mize, Oracle Corporation, Pegasystems Inc., PTC, Salesforce, SAP, Tavant, and Wipro Limited. These players have adopted various strategies to increase their market penetration and strengthen their position in the warranty management system industry.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the warranty management system market analysis from 2022 to 2032 to identify the prevailing warranty management system market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the warranty management system market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global warranty management system market trends, key players, market segments, application areas, and market growth strategies.
Additional benefits you will get with this purchase are:
- Quarterly Update and* (only available with a corporate license, on listed price)
- 5 additional Company Profile of client Choice pre- or Post-purchase, as a free update.
- Free Upcoming Version on the Purchase of Five and Enterprise User License.
- 16 analyst hours of support* (post-purchase, if you find additional data requirements upon review of the report, you may receive support amounting to 16 analyst hours to solve questions, and post-sale queries)
- 15% Free Customization* (in case the scope or segment of the report does not match your requirements, 15% is equivalent to 3 working days of free work, applicable once)
- Free data Pack on the Five and Enterprise User License. (Excel version of the report)
- Free Updated report if the report is 6-12 months old or older.
- 24-hour priority response*
- Free Industry updates and white papers.
Possible Customization with this report (with additional cost and timeline, please talk to the sales executive to know more)
- Additional company profiles with specific to client's interest
- Additional country or region analysis- market size and forecast
- Market share analysis of players at global/region/country level
- Volume Market Size and Forecast
Key Market Segments
By Industry Vertical
- Manufacturing
- Automotive
- Healthcare
- Supply Chain and Logistics
- Food and Beverages
- Others
By Component
- Software
- Service
By Deployment Mode
- On-premise
- Cloud
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
- Key Market Players
- Tavant
- SAP
- Oracle Corporation
- IBM CORPORATION
- Mize
- IFS
- PTC
- Pegasystems Inc.
- Wipro Limited
- Salesforce
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: WARRANTY MANAGEMENT SYSTEM MARKET, BY COMPONENT
CHAPTER 5: WARRANTY MANAGEMENT SYSTEM MARKET, BY DEPLOYMENT MODE
CHAPTER 6: WARRANTY MANAGEMENT SYSTEM MARKET, BY INDUSTRY VERTICAL
CHAPTER 7: WARRANTY MANAGEMENT SYSTEM MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, the warranty management system market was valued at $3.7 billion in 2022, and is estimated to reach $16.1 billion by 2032, growing at a CAGR of 16.2% from 2023 to 2032.The warranty management system market is likely to experience a significant growth rate of 16.2% from 2023-2032 owing to increasing market demand for software segment
A warranty management system is a software solution or platform that helps businesses to efficiently manage their product warranties and related processes. It is designed to streamline and automate warranty-related tasks, including warranty registration, claims processing, tracking, and reporting. The primary purpose of a warranty management system is to enhance customer satisfaction by ensuring timely and accurate handling of warranty claims and reducing administrative overhead for businesses. Moreover, warranty management software offers business users complete information about product quality, warranty claims data and supplier recovery that is returning expenses and returning damaged products to suppliers.
The increasing demand for efficient and streamlined warranty management processes is driving the growth of the warranty management system market, as companies recognize the value of these systems in improving their operational efficiency, reducing costs, and enhancing customer satisfaction. Furthermore, with the increasing competition in the global market, manufacturers are striving to differentiate their products by offering better after-sales services. This includes providing extended warranty periods, faster claims processing, and better customer support. As a result, manufacturers are investing in warranty management systems to streamline their after-sales service operations and improve customer satisfaction, which leads to the growth of the market. In addition, the growing adoption of cloud-based solutions had also a significant impact on the warranty management system market, with more companies opting for cloud-based solutions, there has been an increase in the demand for warranty management systems that can be accessed and managed from anywhere, anytime, and through any device with an internet connection. Hence, this has led to the increasing adoption of cloud-based warranty management solutions, which, in turn, acts as a driver for the growth of the warranty management system market. However, lack of awareness for the warranty management system market due to lack of marketing and promotion of these systems hampers the growth of the market. Moreover, resistance to change slows down the adoption of new technologies, which also affects the growth of the warranty management system market.
On the contrary, the emergence of new technologies presents a significant opportunity for the warranty management system market. As companies continue to invest in the development of new products, the need for an efficient and effective warranty management system becomes increasingly important. Hence, use of such new technology and innovations will provide lucrative opportunities for the growth of the warranty management system market.
The warranty management system market is segmented on the basis of component, deployment mode, industry vertical, and region. Based on component, it is segmented into software and service. By deployment mode, it is segmented into on-premise and cloud. By industry vertical, it is segmented into manufacturing, automotive, healthcare, supply chain & logistics, food & beverages, and others. By region, it is analyzed across North America (the U.S., and Canada), Europe (UK, Germany, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
The report analyzes the profiles of key players operating in warranty management system market such as IBM Corporation, IFS, Mize, Oracle Corporation, Pegasystems Inc., PTC, Salesforce, SAP, Tavant, and Wipro Limited. These players have adopted various strategies to increase their market penetration and strengthen their position in the warranty management system industry.
Furthermore, market players are adopting strategies like partnership and business development for enhancing their services in the market and improving customer satisfaction. For instance, in November 2022, Tavant, a digital products and solutions company and one of the global leaders in service lifecycle management, had entered in partnership with Daimler Truck AG (DTAG), one of the world’s largest commercial vehicle manufacturers, to provide warranty and claim management solutions for its European brands. Similarly, in April 2022, Hikvision, an IoT solution provider with video as its core competency, expanded its global warranty on premium project products to five years. This new, 5-year warranty will further support Hikvision customers with easy project maintenance and increased cost efficiency, which will increase their business and help to grow the market. Therefore, such strategy will help to grow the warranty management system market in the upcoming years.
Key Market Insights
By component, the software segment was the highest revenue contributor to the market, and is estimated to reach $9.59 billion by 2032, with a CAGR of 15.0 %. However, the service segment is estimated to be the fastest growing segment with the CAGR of 18.3% during the forecast period.By deployment mode, the on-premise segment was the highest revenue contributor to the market, and is estimated to reach $8.68 billion by 2032, with a CAGR of 14.5 %. However, the cloud segment is estimated to be the fastest growing segment with the CAGR of 18.6% during the forecast period.
Based on industry vertical, the manufacturing segment was the highest revenue contributor to the market, with $1.20 billion in 2022, and is estimated to reach $4.12 billion by 2032, with a CAGR of 13.4%. However, the food & beverages segment is expected to be the fastest growing segment with the CAGR of 20.1% during the forecast period.
Based on region, North America was the highest revenue contributor, accounting for $1.37 billion in 2022, and is estimated to reach $4.12 billion by 2032, with a CAGR of 11.8%.
Companies Mentioned
- Tavant
- SAP
- Oracle Corporation
- IBM CORPORATION
- Mize
- IFS
- PTC
- Pegasystems Inc.
- Wipro Limited
- Salesforce
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
LOADING...
