Warranty Management System Market: Global Size, Share, Trends, Growth and Forecast, 2022-2032
Warranty management system referred to as contract and warranty management processes by offering integrated applications to automate and standardize the relevant warranty processes. It refers to the effective creation and implementation of warranties for the various companies. Although this type of work is primarily carried out by product manufacturing firms, any otherorganization that wishes to provide warranties may be interested in the services offered by the warranty management professionals. Warranty Management System efficaciously automate the warranty control procedure consisting of warranty coverage, campaign administration, and contract management, cost recovery for suppliers, and contract and warranty tracking.
Warranty management system is a part of product life cycle management (PLM) systems, which are used to represent and analyze detailed historical data on development. This data covers when and where different parts / products were being built, which machine was being used and who was the machine operator. This knowledge plays an important role in claims for warranty and in reforming the established warranty management system in the PLM system. The advent of new technology and growing competition in the automotive and manufacturing industries has encouraged the world's population to automate their processes of handling claims for guarantees.
- Increasing Output of Manufacturing Industries
Growth in the market for the warranty management system depends proportionally on the output of the manufacturing industries i.e. how many products / units they produce annually. With improved economic conditions, the output of manufacturing sectors is steadily increasing, which represents a positive outlook for guarantees management solutions. The automotive industry is the most relevant sector for warranty management solutions (related to parts recovery, materials bill control, etc.). With the increase in vehicle production, the growth of finance across this industry has led to considerable growth. With increased annual budgets, car manufacturers raise their annual budgets for implementing the Warranty Management Program to enhance the overall quality of the product. Therefore, increasing motor vehicle production is expected to increase demand for potential warranty-management solutions.
- Greater understanding about the benefits of Warranty Management System
The Warranty Management System is a promotional tool that manufacturers use to market their products across different industries. Providers of the Warranty Management System help manufacturers to get better functionality that gives visibility into a product's warranty life cycle and helps to expand the customer base. It lets manufacturers make routine decisions by establishing better relationships with vendors, channel partners and consumers. Warranty Management Solutions ensures customer loyalty and product consistency enhancement, which are key drivers of Warranty Management System.
The market for the warranty management system is segmented in terms of solution, deployment, application, and region.
Based on solution, the warranty management system market has been classified into services and software. The service section was subdivided into system integration and development of software, business process outsourcing (BPO), and application maintenance. The Segment of System Integration and Application Development dominated the global warranty management system market in 2019 and are expected to remain dominant over the forecast period.
The Warranty Management System market on the basis of applications such as automotive, industrial equipment, heavy machinery & equipment, heating ventilation and air conditioning (HVAC), aerospace & defense, food & beverages, healthcare, communications equipment and others. The healthcare segment is expected to account for a leading share of the market for warranty management systems and the segment is expected to continue its dominance over the coming years.
Warranty Management System Market, by Solution
- System Integration and Applications Development
- Application Maintenance
Warranty Management System Market, by Deployment
Warranty Management System Market, by Application
- Industrial Equipment
- Heavy Machinery & Equipment
- Aerospace & Defense
- Food & Beverages
- Communication Equipment
The report geographically segments the market into Europe, North America, Asia Pacific, Middle East and Africa and Latin America. Among these, North America held the largest market share, owing to manufacturers' increasing expenditure on warranty management systems to improve product quality.
Asia Pacific trailed North America in the same year and constituted the second-largest market share on the basis of revenue due to the presence of manufacturing industries in this area.
While the role of warranties and contracts for improved customer service is changing, the market for warranty system management provides enormous upcoming opportunities for growth in the next five years. Combining the Internet of Things (IoT) technology with warranty management solutions for multiple industrial applications is a futuristic approach. In addition, organizations also turn to customized services to ensure a balanced and integrated warranty perspective.
The various key companies involved in Warranty Management System vendors and service providers profiled in the report are as follows:
International Business Machines (IBM) Corporation
Tech Mahindra Limited
Industrial And Financial Systems (IFS) AB
Tavant Technologies, Inc.
Timeline Considered for Analysis:
- 2019: Base Year
- 2020: Estimated Year
- 2020 to 2025: Forecast Period
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyses the global warranty management system market by the following segments:
Customization: We also offer customization’s in the industry report as per the company’s specific needs.
Key Questions Answered in the Global Warranty Management System Industry Report
- What is the overall market size in 2019? What will be the market growth during the forecast period i.e. 2020-2025?
- Which region would have high demand for product in the upcoming years?
- What are the factors driving the growth of the market?
- Which sub-market will make the most significant contribution to the market?
- What are the market opportunities for existing and entry-level players?
- What are various long-term and short-term strategies adopted by the market players?