by Warranty management systems help companies to efficiently handle product warranty operations with less effort. It streamlines the process of warranty registration, claims management and settlement in centralized digital platforms. Warranty management for products enabled with IOT enables remote monitoring of product performance and predictive maintenance.
The global Warranty Management System Market is estimated to be valued at US$ 36255.81 Bn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
These smart connected products automatically transfer operational performance data to cloud servers which is analyzed for predictive maintenance and warranty management purposes. Remote monitoring eliminates the need for physical inspection of products. Any malfunction or potential issues are detected in advance and addressed proactively before causing system failure. This streamlines the process of warranty claims and cuts down expenditure on unplanned repairs. IOT integration with warranty management platforms is expected to drive significant efficiencies in product support over the forecast period.
Here is the content without mentioning market size, CAGR or conclusion:
SWOT Analysis
Strength: Warranty management systems help organizations minimize warranty costs and improve customer experience by managing warranty claims efficiently. They also provide valuable insights into product quality issues.
Weakness: Implementation of warranty management systems requires significant upfront investment and time for customization which can be challenging for smaller organizations. Lack of integration with other enterprise systems is another weakness.
Opportunity: Growing need to reduce operational costs is driving greater adoption of warranty management systems. Also, increasing sales of consumer electronics and automotive which have lengthy warranty periods present an opportunity.
Threats: Economic slowdowns can reduce new sales and claims volumes impacting vendor revenues. Strict vendor selection criteria of large OEMs is also a threat.
Key Takeaways
The global Warranty Management System market is expected to witness high growth. North America currently dominates the market due to high vehicle sales and presence of key players. The growing automotive aftermarket in countries like US, Canada and Mexico is supporting regional growth.
Key players operating in the Warranty Management System market are Aspire Systems, Experlogix, Oracle Corporation, Pegasystems, Infosys and Salesforce. Most of the leading players are focusing on new product launches and partnerships with OEMs for further expansion. For instance, in 2023 Salesforce partnered with GM to provide cloud-based Warranty Management Services for GM dealers.
The Warranty Management System market in Asia Pacific is poised to grow at the fastest pace during the forecast period. This can be attributed to factors like growing vehicle parc, rising claims volumes and focus of automakers on after-sales service quality in countries like China, India and Japan. Local vendors are strengthening distribution networks to tap opportunities in this high potential regional market.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
