The global warranty management system market is anticipated to reach US$ 11.1 Bn by 2030. The warranty management system market is projected to expand at a CAGR of ~13% from 2020 to 2030. According to the report, North America was the highest contributor to the warranty management system market in 2019. The prominent market share of the region is due to the strong presence of well-established and technologically advanced players, which has played a crucial factor in market growth. High growth rate of gross domestic product (GDP) and significant economic stability of countries in the region, especially the U.S., supports the manufacturing sector and product development across various industries.
Increasing Output of Manufacturing Industries and Awareness about Benefits of WMS
Warranty management systems help manufacturers minimize warranty costs by streamlining workflow related to warranty management, and reducing inefficiencies and redundancies of warranty processes. Moreover, WMS providers aim to automate the manual processes such as registration of products within sales channel, claims appeal, claims processing, transferring of qualitative information to process engineers, and supplier cost recovery to help manufacturers take decisions in time.
The automotive industry is the most attractive industry for warranty management solutions pertaining to parts recovery, management of bill-of-materials, etc. Furthermore, the demand for warranty management systems is on the rise with growth in heating, ventilation, and air conditioning (HVAC), and home appliances demand worldwide. The demand for HVAC equipment is increasing due to rising disposable income, changing lifestyle, and expansion of the construction industry in developing countries such as China, India, Brazil, and Indonesia.
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Warranty Management System: Market Segmentation
The global warranty management system market has been segmented in terms of solution, deployment, application, and region. Based on solution, the warranty management system market has been classified into service and software. The service segment has been sub-divided into system integration and applications development, business process outsourcing (BPO), and application maintenance. The system integration and applications development segment dominated the global warranty management system market in 2019 and is expected to maintain its dominance during the forecast period.
Based on deployment, the warranty management system market has been classified into on-premise and cloud, wherein, the on-premise segment dominated the global warranty management system market in 2019. However, the cloud segment is set to expand at a high rate during the forecast period. Based on application, the warranty management system market has been categorized into automotive, industrial equipment, heavy machinery & equipment, heating ventilation and air conditioning (HVAC), aerospace & defense, food & beverages, healthcare, communication equipment, and others. The healthcare segment is expected to account for a leading share of the global warranty management system market and the segment is expected to continue its dominance in the upcoming years.
Warranty Management System Market: Regional Outlook
The global warranty management system market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is expected to dominate the warranty management system market during the forecast period. This is primarily due to high economic stability of countries in the region that supports the manufacturing sector and product development across various industries. The U.S. is expected to lead the North America warranty management system market. With increasing production, original equipment manufacturers (OEMs) work toward maintaining the balance between supply and demand whilst maintaining product quality. Thus, OEMs are increasingly adopting warranty management systems across their supply chain.
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The warranty management system market in Asia Pacific is expected to expand at a high CAGR during the forecast period, as warranty management is used as a promotional tool by manufacturers across various industries to market their products. The market in Europe is projected to expand moderately during the forecast period.
Warranty Management System Market: Competition Dynamics
The research study includes profiles of key players operating in the global warranty management system market such as PTC Inc., SAP SE, Oracle Corporation, IFS World Operations AB, Pegasystems Inc., Tavant Technologies, Inc., Zafire Limited, Mize, Inc., Snap-on Business Solutions (Snap-on Incorporated), ServiceMax, Inc., and Turn Key Web Solutions.