Warranty Management System Market Insights, Trends, Opportunity & Forecast, 2020–2026
- by KD Market Insights
- Jan, 2021
According to a new report published by K D Market Insights, titled, “Warranty Management System Insights, Trends, Opportunity & Forecast, 2020–2026,” the global warranty management system size is anticipated to witness single-digit growth during the forecast period i.e. 2020-2026. North America accounted for a large share of the market, owing to rising spending on warranty management systems to improve product quality.
Positive growth of the manufacturing industry, improving global economic conditions, rising number of products manufactured annually, and favorable government regulations are the major factors that are impelling the growth of the market. In the automotive industry, warranty management system products are gaining traction due to increasing sales of cars. Moreover, car sales are anticipated to increase due to the growth of the finance industry. As a result of increasing income and growing demand, many automotive companies are increasing their car and their part production.
North America accounted for the largest market share in the warranty management system. In North America, United States is offering growth opportunity of 1.2x during the forecast period. Factors such as high domestic demand, competitive production industry, increased focus to provide better consumer experience, companies establishing themselves as differentiators in the market is fostering the growth of warranty management system in the United States. Furthermore, reduction in claims cost is positively impacting the growth of the market.
According to the solution, the system integration and applications development segment for a significant portion of the market share during 2020. Moreover, the software segment is anticipated to witness swift growth during the forecast period. Revenue leakages due to the growing use of paper documents, unstructured files, and singular systems are resulting in increased demand for the service contract software market.
The global warranty management system is segmented into solution, deployment, application, and region. Based on the solution, the market is segmented into service and software. Application segment is categorized into automotive, industrial equipment, heavy machinery & equipment, HVAC, aerospace & defense, food & beverages, healthcare, communication equipment, and others. Based on deployment, it is classified into on-premise and cloud.
The global warranty management system is analyzed across North America (U.S. & Canada), Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Rest of Europe), Asia Pacific (China, India, Japan, South Korea, Indonesia, Thailand, Australia, New Zealand, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and the Rest of Latin America) and Middle East & Africa (GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, and Rest of the Middle East & Africa). Asia Pacific market is expected to witness lucrative growth during the forecast period. China, India, Japan, and Korea are key contributors to the growth of warranty management systems in the Asia Pacific.
Key Insights of the warranty management system
- On the basis of solution, the service segment will be a major contributor to the growth of the market.
- On the basis of deployment, the on-premise segment captured the highest share of the warranty management system in 2020.
- On the basis of region, North America accounted for largest regional market in the overall market in 2020.
- On the basis of region, Asia-Pacific is predicted to observe a swift growth rate during the forecast period.
Some of the major warranty management system companies profiled in the report include International Business Machines (IBM) Corporation, Oracle Corporation, Pegasystems, Inc., Tech Mahindra Limited, SAP SE, Wipro Limited., Industrial And Financial Systems (IFS) AB, Infosys Limited, and Tavant Technologies, Inc.
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