by Warranty management systems help companies streamline warranty administration across various stages of product lifecycles. Warranty management solutions automate warranty registration, claims processing, and renewal reminders. This helps companies reduce operating costs associated with manual warranty administration and provides better customer service.
The global Warranty Management System Market is estimated to be valued at US$ 2.72 billion 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:
Automation of warranty registration and claims is driving the warranty management system market. Warranty management systems allow automation of the entire claims process from registration to resolution through digital interfaces. This eliminates tedious paperwork and manual follow-ups involved in registration and claims. Automated claims processing enables faster resolution of issues and enhanced customer satisfaction. As customers increasingly prefer digital and contactless services, automation of warranty operations is becoming critical for businesses to engage efficiently with customers over the product lifecycle. This is expected to boost the adoption of warranty management solutions in the coming years.
SWOT Analysis
Strength: Warranty management systems allow companies to digitally track warranty claims and service histories. This provides complete visibility over warranty processes and costs.
Weakness: Implementing a warranty management system requires investment and the process of migrating legacy data could be challenging.
Opportunity: Growing sales of consumer electronics and automobiles are expected to drive the demand for effective warranty administration. Adopting a warranty management system helps improve customer satisfaction.
Threats: Smaller companies may rely on generic or free warranty tracking software instead of specialized systems. Open-source options could emerge as a lower-cost alternative.
Key Takeaways
The Global Warranty Management System Market Size is expected to witness high growth over the forecast period driven by the increasing adoption across sectors. The global Warranty Management System Market is estimated to be valued at US$ 2.72 billion in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030.
Regional analysis comprises:
North America currently dominates the warranty management system market owing to the early adoption by automotive and industrial equipment manufacturers in the region. The Asia Pacific market is forecast to grow at the fastest pace due to the rising vehicle production and sales in countries such as China and India.
Key players related content comprises:
Key players operating in the warranty management system market are Oracle, SAP, Pegasystems, PTC, Tavant Technologies, Tech Mahindra, Spiceworks, IBM, Infor, and IQMS. Companies are focusing on strengthening capabilities to improve productivity and service levels for their customers.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
