by 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 14.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
A warranty management system facilitates efficient management of warranty information, claims processing, and customer service. It helps organizations reduce operational costs and improve customer satisfaction.
Market key trends:
One of the key trends in the warranty management system market is the increasing adoption of cloud-based warranty management solutions. Cloud-based warranty management provides flexibility, scalability, easy access from anywhere, and low total cost of ownership. It allows organizations to access warranty management systems using an internet connection from any location. This has driven many companies to migrate their on-premise warranty management solutions to the cloud. The growing cloud computing market is expected to drive the demand for cloud-based warranty management systems during the forecast period.
SWOT Analysis
Strength: Warranty management systems provide visibility into warranty costs, claims processing, and asset performance through digital platforms. They help identify failure trends and manage risks proactively.
Weakness: Implementation of warranty management systems requires high initial investments and transition costs. It also needs trained professionals for maintenance and upgrades.
Opportunity: Growing need to optimize after-sales service and reduce operational costs is driving the adoption of warranty management systems across automotive, healthcare, and industrial machinery industries. Customization as per industry needs also presents opportunities.
Threats: Reluctance to replace existing legacy systems is a challenge. Data security threats and privacy concerns regarding sensitive customer information also act as barriers.
Key Takeaways
Global Warranty Management System Market Size is expected to witness high growth, exhibiting a CAGR of 14% over the forecast period, due to increasing need to optimize after-sales service and reduce maintenance costs. Warranty management systems help gain visibility into warranty operations through digital automation of claims administration, ensuring better customer satisfaction.
Regional analysis: North America dominated the warranty management system market in 2023 due to stringent regulations regarding transparency in claims handling. Asia Pacific is expected to grow at the fastest rate during the forecast period owing to the rapidly expanding automotive and electronics industries in the region and their focus on improving after-sales service quality.
Key players operating in the Warranty Management System are Simply Warranty, PTC, Inc., Snap-On Business Solutions, Inc., Oracle Corporation, Zafire Ltd., SAP SE, Pegasystems, Inc., Tavant Technologies, Inc., and Astea International, Inc. These leading players are focusing on new product development and mergers & acquisitions to gain a competitive edge in the market. For instance, in 2023, PTC acquired ServiceMax to enhance its industry 4.0 product portfolio with field service management capabilities.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
