Global Warranty Management System Market is valued at approximately USD 3.25 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 13.5% over the forecast period 2022-2029. Warranty management systems redefine contract and warranty management procedures by providing integrated software to automate and standardize warranty-related operations. Field technicians can follow asset history and replace the in-warranty parts, and customer support can also confirm coverage and start the recovery process. These solutions maximize service income while automating warranty claims, streamlining the warranty management system, and minimizing warranty costs. Manufacturers, service providers, vendors, dealers, and end users are all benefited by this software. The Warranty Management System market is expanding because of factors such as the rising automotive industry, and rising manufacturing sector across the world.
As the automotive and supply chain sectors account for the greatest share in the adoption of warranty software, the rising output in the automobile industry is a crucial factor fueling the market’s expansion. After seeing a decline in sales, the previous year, the global automotive industry is likewise anticipated to experience a comeback. Over the predicted term, growth in a favourable direction is anticipated. Additionally, autonomous vehicles are anticipated to enter the market far sooner than most forecasts, with the International Energy Agency (IEA) projecting that by 2030, there would be 125 million EVs worldwide, up from 3.1 million units in 2017. In addition, the adoption of blockchain technology for warranty management is creating lucrative growth in the market. However, the high cost of the Warranty Management System stifles market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Warranty Management System Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America dominated the marketin terms of revenue, owing to the dominance and adoption of data security systems among medium and small enterprises. The region’s market expansion is supplemented by the spread of digital services and technological advancements, together with the early acceptance of the newest technologies in numerous sectors.
Major market player included in this report are:
Tech Mahindra Limited
International Business Machines corporation
Industrial and Financial Systems (IFS) AB
Astea International, Inc.
Tavant Technologies, Inc.
Recent Developments in the Market:
In 2020, EY and IBM announced an improved, multi-year global alliance, in order to help organizations accelerate their digital transformation and improve client outcomes, This alliance create use of Red Hat OpenShift’s hybrid cloud capabilities, as well as IBM Blockchain, IBM Watson, and IBM’s 5G and edge technologies. Together, the professionals from the organisation intend to concentrate on assisting the clients in developing and upgrading their enterprises.
In 2020, IBM and SAP SE announced their plans to develop several new services to make the transition for companies to become data-driven, intelligent corporations more predictable.
Global Warranty Management System Market Report Scope:
Historical Data 2019-2020-2021
Base Year for Estimation 2021
Forecast period 2022-2029
Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered Deployment Mode, Software Type, Component, End-user, Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and Deployment Modeofferings of key players. The detailed segments and sub-segment of the market are explained below:
By Deployment Mode:
By Software Type:
By End Use:
Automotive and Transportation
Aerospace and Defense
Rest of the World