Warranty Management System Market - Forecast(2024 - 2030)
Warranty Management System Market Overview
Warranty Management System Market is analysed to grow at a CAGR of 9.9% during the forecast period 2021-2026 to reach $4.5 billion by 2026. The warranty management system market is driven by factors such as operational efficiency issues, lack of automate claim processes, rising warranty claims cost, stringent warranty regulations, and product improvement scope. Adoption of advanced technologies such as blockchain-enabled warranty software provides a closed-loop claims management process, which administers, processes. It tracks all warranties throughout their lifecycle to improve customer satisfaction, reduce service costs, and increase product quality. This kind of development sector is set to propel the Warranty Management System Market growth. The manufacturers in the warranty management system market are harnessing the power of technology to discover and develop novel systems that not only reduce the errors in the process but also offer great convenience to the end-user. In addition, the ability of the warranty management systems to reduce inefficiencies and errors in warranty processes may bring extensive growth aspects for the warranty management system market across the forecast period of 2021-2026.
Report Coverage
The
report: “North America Warranty
Management Industry Outlook – Forecast (2021-2026)”, by IndustryARC covers
an in-depth analysis of the following segments of the North America Warranty
Management industry.
By End User Industry: Automotive,
Manufacturing, Healthcare, Supply Chain & Logistics, Food & Beverage,
Others.
By Geography: North
America (U.S, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain,
Russia and Others), APAC (China, Japan India, South Korea, Australia and
Others), South America(Brazil, Argentina and others)and RoW (Middle east and
Africa).
Key Takeaways
- Adoption of advanced technologies such as artificial intelligence and machine learning (ML) is set to drive the warranty management system market.
- Healthcare sector is poised to provide opportunities to the Warranty Management System Market during the forecast period 2021-2026 owing to increase in investments in healthcare sector.
- Presence
of high number of players in the U.S. and adoption partnerships,
acquisition or expansion strategies have helped in boosting its growth
across North American market.
Global Warranty Management System Market, By Region, 2020
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Warranty
Management System Market Segment Analysis - By Application
Healthcare is the fastest growing segment in North
America Warranty Management System market and is estimated to grow at a CAGR of 11.2%
during forecast period 2021-2026 owing to evolution of global pandemic disease
and increasing prevalence of chronic diseases. In North America, the growing
and aging population, rising prevalence of the chronic diseases, infrastructure
investments, technological advancements have led to the growth of Healthcare
sector. The warranty management systems efficiently manages the warranty
processes for implanted devices such as pacemakers and defibrillators. They
simplify the warranty process for return of the devices and complete required
forms in the event of a recall. Healthcare coverage in North America is
provided through a combination of public healthcare coverage and private
healthcare coverage. The government is investing heavily in the healthcare
sectors owing to which new equipment are provided such as pacemakers,
implantable cardioverter defibrillator, implantable cardiac loop recorder,
biventricular pacemaker and others for the surgeries. These factors are driving
the growth of the market.
Warranty Management System Market Segment Analysis - By Geography
North America
had accounted for the largest share of $524.2 million in 2020, analysed to grow
with a CAGR of 8.0% for the Warranty Management System Market during the
forecast period 2021-2026, followed by Canada and Mexico. The U.S. is the largest
producer of manufactured goods in the world as the demand for domestic goods
and services are rising continuously. The warranty management system provides
the software to automate and standardize the warranty allied processes in the
Manufacturing sectors. The entrance of new players in the US market such as the
auto manufacturers and car dealerships are driving the increased competition in
Warranty Management System Market. These auto manufacturers have become
important players in extended warranty industry. Furthermore, the rising
warranty expenses even in the used cars have also driven the growth of the
market.
Warranty Management System Market Drivers
Penetration of Advanced Technologies to Bring a Paradigm Shift in Growth of Warranty Management System
Integration of
warranty management systems with advanced technologies such as artificial
intelligence (AI) and machine learning (ML) capabilities to ensure customer
satisfaction is analysed to drive the market in the forecast period. Several
companies have been investing heavily for developing advanced warranty
management system. For instance, California-based software company, Tavant
Technologies is promoting its end-to-end warranty management system with
artificial intelligence and machine learning capabilities to help organizations
in reducing warranty costs and improving aftermarket experience. Similarly,
U.S. based MSX international provide innovative ways to eliminate warranty
waste and streamline business processes. Moreover efficient warranty management
system with upgraded technologies like cloud computing, Artificial Intelligence
(AI), and Machine Learning (ML) may ensure an decrease in frequent errors and
will offer uncompromised accuracy and convenience to the users.
Growing automotive sector in this region
The growing
production in the automotive industry in North America is a significant factor
driving the market growth, as the automotive and supply chain industries
account for the largest share in the adoption of warranty software. The
automotive industry is also expected to observe a turnaround after a slump in
sales during the previous year. Moreover, the consumer propensity toward the
adoption of connected vehicles is also expected to influence the demand for
automobiles across the globe, thereby, driving the market. Moreover, several
companies in this region have been providing advanced Warranty Management
solutions to attract the automotive manufacturers. For instance, INTELLINET PVt
LtD. Warranty Management Analytics solution enables Automotive OEMs and
suppliers to leverage their warranty data to identify the areas requiring
improvement and cost control, while ensuring high customer satisfaction. Similarly,
companies such as Astea International, Tavant Technologies and so on have been
investing heavily for advancements in WMS for automotive sector. According to
International Energy Agency (IEA), autonomous cars are expected to hit the road
much earlier than most predictions, estimating the number of EVs across the
globe to be 125 million by 2030. With the increase in number of vehicles, it is
expected to drive the warranty management mart during forecast period in North
America.
Warranty Management System Market Challenges
High Cost for the implementation of warranty management system
Adoption of warranty management systems across
different verticals is slow due to its high initial investment. Both on-premise
and cloud-based WMS solutions can be expensive to set up. On-premise systems
will have higher installation costs, but major players are likely to
provide customization services as part of the installation package. In addition,
the cost of implementation and license of warranty related process management
solutions ranges as high as $1m, starting from US$ 150 thousand. The overall
infrastructure required is still costly, though cost varies based on the depth
and scope of the integration process. Hence this high cost of installation are
the primary reasons for slow adoption of these solutions in this region.
Moreover, OEMs have to invest in training of operators to perform timely
operations related to warranty management system. hence these challenges hamper
the market growth in the forecast period. However, due to the lack of qualified
and skilled workforce and lack of awareness among the end users, the
organizations are exposed to revenue leakages and are restraining the growth of
the market
Warranty Management System Market Landscape
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Warranty Management System Market. The key players in the Warranty Management System Market include Tavant Technologies, ServiceCentral Technologies, International Business Machines (IBM) Corporation, Oracle Corporation, Pegasystems, Inc, PTC Incorporated, Astea International, Inc, MSX International, After Inc and among others.
Acquisitions/Technology Launches/Partnerships
- In June 2020, U.S. based MSX international has launched advanced warranty management system in order to provide innovative ways to eliminate warranty waste and streamline business processes. This kind od developments increase the market share of the companies.
- In March 2019, After Inc had launched new QuickReg™ solution, its next-generation registration tool at Warranty Chain Management (WCM) Conference 2019. This kind of developments drive the market growth.
Relevant Report Titles:
Report Code: ITR 32390
Multi-Vendor Support Services Market - Forecast(2021 - 2026)
Report Code: ITR 56692
For more Information and Communications Technology Market reports, please click here
LIST OF TABLES
1.Global Warranty Management System Market Analysis By Software Market 2023-2030 ($M)1.1 Claim Management Market 2023-2030 ($M) - Global Industry Research
1.2 Service Contract Market 2023-2030 ($M) - Global Industry Research
1.2.1 Contract Management Market 2023-2030 ($M)
1.2.2 Warranty & Contract Tracking Market 2023-2030 ($M)
1.2.3 Warranty Transaction Management Market 2023-2030 ($M)
1.3 Warranty Intelligence Market 2023-2030 ($M) - Global Industry Research
1.3.1 Warranty Analytics Market 2023-2030 ($M)
1.3.2 Interactive Dashboards & Reporting Market 2023-2030 ($M)
1.4 Administration Management Market 2023-2030 ($M) - Global Industry Research
1.4.1 Campaign & Product Registration Market 2023-2030 ($M)
1.4.2 Billing Management Market 2023-2030 ($M)
1.4.3 Customer Experience Market 2023-2030 ($M)
2.Global Warranty Management System Market Analysis By Service Market 2023-2030 ($M)
2.1 Professional Service Market 2023-2030 ($M) - Global Industry Research
2.2 Deployment & System Integration Services Market 2023-2030 ($M) - Global Industry Research
2.3 Customization Service Market 2023-2030 ($M) - Global Industry Research
3.Global Warranty Management System Market Analysis By Deployment Market 2023-2030 ($M)
3.1 On-Premise Market 2023-2030 ($M) - Global Industry Research
3.2 On-Demand Market 2023-2030 ($M) - Global Industry Research
4.Global Warranty Management System Market Analysis By Vertical Market 2023-2030 ($M)
4.1 Manufacturing Market 2023-2030 ($M) - Global Industry Research
4.2 Automotive Market 2023-2030 ($M) - Global Industry Research
4.3 Healthcare Market 2023-2030 ($M) - Global Industry Research
4.4 Supply Chain & Logistics Market 2023-2030 ($M) - Global Industry Research
4.5 Food & Beverages Market 2023-2030 ($M) - Global Industry Research
5.Global Warranty Management System Market Analysis By Software Market 2023-2030 (Volume/Units)
5.1 Claim Management Market 2023-2030 (Volume/Units) - Global Industry Research
5.2 Service Contract Market 2023-2030 (Volume/Units) - Global Industry Research
5.2.1 Contract Management Market 2023-2030 (Volume/Units)
5.2.2 Warranty & Contract Tracking Market 2023-2030 (Volume/Units)
5.2.3 Warranty Transaction Management Market 2023-2030 (Volume/Units)
5.3 Warranty Intelligence Market 2023-2030 (Volume/Units) - Global Industry Research
5.3.1 Warranty Analytics Market 2023-2030 (Volume/Units)
5.3.2 Interactive Dashboards & Reporting Market 2023-2030 (Volume/Units)
5.4 Administration Management Market 2023-2030 (Volume/Units) - Global Industry Research
5.4.1 Campaign & Product Registration Market 2023-2030 (Volume/Units)
5.4.2 Billing Management Market 2023-2030 (Volume/Units)
5.4.3 Customer Experience Market 2023-2030 (Volume/Units)
6.Global Warranty Management System Market Analysis By Service Market 2023-2030 (Volume/Units)
6.1 Professional Service Market 2023-2030 (Volume/Units) - Global Industry Research
6.2 Deployment & System Integration Services Market 2023-2030 (Volume/Units) - Global Industry Research
6.3 Customization Service Market 2023-2030 (Volume/Units) - Global Industry Research
7.Global Warranty Management System Market Analysis By Deployment Market 2023-2030 (Volume/Units)
7.1 On-Premise Market 2023-2030 (Volume/Units) - Global Industry Research
7.2 On-Demand Market 2023-2030 (Volume/Units) - Global Industry Research
8.Global Warranty Management System Market Analysis By Vertical Market 2023-2030 (Volume/Units)
8.1 Manufacturing Market 2023-2030 (Volume/Units) - Global Industry Research
8.2 Automotive Market 2023-2030 (Volume/Units) - Global Industry Research
8.3 Healthcare Market 2023-2030 (Volume/Units) - Global Industry Research
8.4 Supply Chain & Logistics Market 2023-2030 (Volume/Units) - Global Industry Research
8.5 Food & Beverages Market 2023-2030 (Volume/Units) - Global Industry Research
9.North America Warranty Management System Market Analysis By Software Market 2023-2030 ($M)
9.1 Claim Management Market 2023-2030 ($M) - Regional Industry Research
9.2 Service Contract Market 2023-2030 ($M) - Regional Industry Research
9.2.1 Contract Management Market 2023-2030 ($M)
9.2.2 Warranty & Contract Tracking Market 2023-2030 ($M)
9.2.3 Warranty Transaction Management Market 2023-2030 ($M)
9.3 Warranty Intelligence Market 2023-2030 ($M) - Regional Industry Research
9.3.1 Warranty Analytics Market 2023-2030 ($M)
9.3.2 Interactive Dashboards & Reporting Market 2023-2030 ($M)
9.4 Administration Management Market 2023-2030 ($M) - Regional Industry Research
9.4.1 Campaign & Product Registration Market 2023-2030 ($M)
9.4.2 Billing Management Market 2023-2030 ($M)
9.4.3 Customer Experience Market 2023-2030 ($M)
10.North America Warranty Management System Market Analysis By Service Market 2023-2030 ($M)
10.1 Professional Service Market 2023-2030 ($M) - Regional Industry Research
10.2 Deployment & System Integration Services Market 2023-2030 ($M) - Regional Industry Research
10.3 Customization Service Market 2023-2030 ($M) - Regional Industry Research
11.North America Warranty Management System Market Analysis By Deployment Market 2023-2030 ($M)
11.1 On-Premise Market 2023-2030 ($M) - Regional Industry Research
11.2 On-Demand Market 2023-2030 ($M) - Regional Industry Research
12.North America Warranty Management System Market Analysis By Vertical Market 2023-2030 ($M)
12.1 Manufacturing Market 2023-2030 ($M) - Regional Industry Research
12.2 Automotive Market 2023-2030 ($M) - Regional Industry Research
12.3 Healthcare Market 2023-2030 ($M) - Regional Industry Research
12.4 Supply Chain & Logistics Market 2023-2030 ($M) - Regional Industry Research
12.5 Food & Beverages Market 2023-2030 ($M) - Regional Industry Research
13.South America Warranty Management System Market Analysis By Software Market 2023-2030 ($M)
13.1 Claim Management Market 2023-2030 ($M) - Regional Industry Research
13.2 Service Contract Market 2023-2030 ($M) - Regional Industry Research
13.2.1 Contract Management Market 2023-2030 ($M)
13.2.2 Warranty & Contract Tracking Market 2023-2030 ($M)
13.2.3 Warranty Transaction Management Market 2023-2030 ($M)
13.3 Warranty Intelligence Market 2023-2030 ($M) - Regional Industry Research
13.3.1 Warranty Analytics Market 2023-2030 ($M)
13.3.2 Interactive Dashboards & Reporting Market 2023-2030 ($M)
13.4 Administration Management Market 2023-2030 ($M) - Regional Industry Research
13.4.1 Campaign & Product Registration Market 2023-2030 ($M)
13.4.2 Billing Management Market 2023-2030 ($M)
13.4.3 Customer Experience Market 2023-2030 ($M)
14.South America Warranty Management System Market Analysis By Service Market 2023-2030 ($M)
14.1 Professional Service Market 2023-2030 ($M) - Regional Industry Research
14.2 Deployment & System Integration Services Market 2023-2030 ($M) - Regional Industry Research
14.3 Customization Service Market 2023-2030 ($M) - Regional Industry Research
15.South America Warranty Management System Market Analysis By Deployment Market 2023-2030 ($M)
15.1 On-Premise Market 2023-2030 ($M) - Regional Industry Research
15.2 On-Demand Market 2023-2030 ($M) - Regional Industry Research
16.South America Warranty Management System Market Analysis By Vertical Market 2023-2030 ($M)
16.1 Manufacturing Market 2023-2030 ($M) - Regional Industry Research
16.2 Automotive Market 2023-2030 ($M) - Regional Industry Research
16.3 Healthcare Market 2023-2030 ($M) - Regional Industry Research
16.4 Supply Chain & Logistics Market 2023-2030 ($M) - Regional Industry Research
16.5 Food & Beverages Market 2023-2030 ($M) - Regional Industry Research
17.Europe Warranty Management System Market Analysis By Software Market 2023-2030 ($M)
17.1 Claim Management Market 2023-2030 ($M) - Regional Industry Research
17.2 Service Contract Market 2023-2030 ($M) - Regional Industry Research
17.2.1 Contract Management Market 2023-2030 ($M)
17.2.2 Warranty & Contract Tracking Market 2023-2030 ($M)
17.2.3 Warranty Transaction Management Market 2023-2030 ($M)
17.3 Warranty Intelligence Market 2023-2030 ($M) - Regional Industry Research
17.3.1 Warranty Analytics Market 2023-2030 ($M)
17.3.2 Interactive Dashboards & Reporting Market 2023-2030 ($M)
17.4 Administration Management Market 2023-2030 ($M) - Regional Industry Research
17.4.1 Campaign & Product Registration Market 2023-2030 ($M)
17.4.2 Billing Management Market 2023-2030 ($M)
17.4.3 Customer Experience Market 2023-2030 ($M)
18.Europe Warranty Management System Market Analysis By Service Market 2023-2030 ($M)
18.1 Professional Service Market 2023-2030 ($M) - Regional Industry Research
18.2 Deployment & System Integration Services Market 2023-2030 ($M) - Regional Industry Research
18.3 Customization Service Market 2023-2030 ($M) - Regional Industry Research
19.Europe Warranty Management System Market Analysis By Deployment Market 2023-2030 ($M)
19.1 On-Premise Market 2023-2030 ($M) - Regional Industry Research
19.2 On-Demand Market 2023-2030 ($M) - Regional Industry Research
20.Europe Warranty Management System Market Analysis By Vertical Market 2023-2030 ($M)
20.1 Manufacturing Market 2023-2030 ($M) - Regional Industry Research
20.2 Automotive Market 2023-2030 ($M) - Regional Industry Research
20.3 Healthcare Market 2023-2030 ($M) - Regional Industry Research
20.4 Supply Chain & Logistics Market 2023-2030 ($M) - Regional Industry Research
20.5 Food & Beverages Market 2023-2030 ($M) - Regional Industry Research
21.APAC Warranty Management System Market Analysis By Software Market 2023-2030 ($M)
21.1 Claim Management Market 2023-2030 ($M) - Regional Industry Research
21.2 Service Contract Market 2023-2030 ($M) - Regional Industry Research
21.2.1 Contract Management Market 2023-2030 ($M)
21.2.2 Warranty & Contract Tracking Market 2023-2030 ($M)
21.2.3 Warranty Transaction Management Market 2023-2030 ($M)
21.3 Warranty Intelligence Market 2023-2030 ($M) - Regional Industry Research
21.3.1 Warranty Analytics Market 2023-2030 ($M)
21.3.2 Interactive Dashboards & Reporting Market 2023-2030 ($M)
21.4 Administration Management Market 2023-2030 ($M) - Regional Industry Research
21.4.1 Campaign & Product Registration Market 2023-2030 ($M)
21.4.2 Billing Management Market 2023-2030 ($M)
21.4.3 Customer Experience Market 2023-2030 ($M)
22.APAC Warranty Management System Market Analysis By Service Market 2023-2030 ($M)
22.1 Professional Service Market 2023-2030 ($M) - Regional Industry Research
22.2 Deployment & System Integration Services Market 2023-2030 ($M) - Regional Industry Research
22.3 Customization Service Market 2023-2030 ($M) - Regional Industry Research
23.APAC Warranty Management System Market Analysis By Deployment Market 2023-2030 ($M)
23.1 On-Premise Market 2023-2030 ($M) - Regional Industry Research
23.2 On-Demand Market 2023-2030 ($M) - Regional Industry Research
24.APAC Warranty Management System Market Analysis By Vertical Market 2023-2030 ($M)
24.1 Manufacturing Market 2023-2030 ($M) - Regional Industry Research
24.2 Automotive Market 2023-2030 ($M) - Regional Industry Research
24.3 Healthcare Market 2023-2030 ($M) - Regional Industry Research
24.4 Supply Chain & Logistics Market 2023-2030 ($M) - Regional Industry Research
24.5 Food & Beverages Market 2023-2030 ($M) - Regional Industry Research
25.MENA Warranty Management System Market Analysis By Software Market 2023-2030 ($M)
25.1 Claim Management Market 2023-2030 ($M) - Regional Industry Research
25.2 Service Contract Market 2023-2030 ($M) - Regional Industry Research
25.2.1 Contract Management Market 2023-2030 ($M)
25.2.2 Warranty & Contract Tracking Market 2023-2030 ($M)
25.2.3 Warranty Transaction Management Market 2023-2030 ($M)
25.3 Warranty Intelligence Market 2023-2030 ($M) - Regional Industry Research
25.3.1 Warranty Analytics Market 2023-2030 ($M)
25.3.2 Interactive Dashboards & Reporting Market 2023-2030 ($M)
25.4 Administration Management Market 2023-2030 ($M) - Regional Industry Research
25.4.1 Campaign & Product Registration Market 2023-2030 ($M)
25.4.2 Billing Management Market 2023-2030 ($M)
25.4.3 Customer Experience Market 2023-2030 ($M)
26.MENA Warranty Management System Market Analysis By Service Market 2023-2030 ($M)
26.1 Professional Service Market 2023-2030 ($M) - Regional Industry Research
26.2 Deployment & System Integration Services Market 2023-2030 ($M) - Regional Industry Research
26.3 Customization Service Market 2023-2030 ($M) - Regional Industry Research
27.MENA Warranty Management System Market Analysis By Deployment Market 2023-2030 ($M)
27.1 On-Premise Market 2023-2030 ($M) - Regional Industry Research
27.2 On-Demand Market 2023-2030 ($M) - Regional Industry Research
28.MENA Warranty Management System Market Analysis By Vertical Market 2023-2030 ($M)
28.1 Manufacturing Market 2023-2030 ($M) - Regional Industry Research
28.2 Automotive Market 2023-2030 ($M) - Regional Industry Research
28.3 Healthcare Market 2023-2030 ($M) - Regional Industry Research
28.4 Supply Chain & Logistics Market 2023-2030 ($M) - Regional Industry Research
28.5 Food & Beverages Market 2023-2030 ($M) - Regional Industry Research
LIST OF FIGURES
1.US Warranty Management System Market Revenue, 2023-2030 ($M)2.Canada Warranty Management System Market Revenue, 2023-2030 ($M)
3.Mexico Warranty Management System Market Revenue, 2023-2030 ($M)
4.Brazil Warranty Management System Market Revenue, 2023-2030 ($M)
5.Argentina Warranty Management System Market Revenue, 2023-2030 ($M)
6.Peru Warranty Management System Market Revenue, 2023-2030 ($M)
7.Colombia Warranty Management System Market Revenue, 2023-2030 ($M)
8.Chile Warranty Management System Market Revenue, 2023-2030 ($M)
9.Rest of South America Warranty Management System Market Revenue, 2023-2030 ($M)
10.UK Warranty Management System Market Revenue, 2023-2030 ($M)
11.Germany Warranty Management System Market Revenue, 2023-2030 ($M)
12.France Warranty Management System Market Revenue, 2023-2030 ($M)
13.Italy Warranty Management System Market Revenue, 2023-2030 ($M)
14.Spain Warranty Management System Market Revenue, 2023-2030 ($M)
15.Rest of Europe Warranty Management System Market Revenue, 2023-2030 ($M)
16.China Warranty Management System Market Revenue, 2023-2030 ($M)
17.India Warranty Management System Market Revenue, 2023-2030 ($M)
18.Japan Warranty Management System Market Revenue, 2023-2030 ($M)
19.South Korea Warranty Management System Market Revenue, 2023-2030 ($M)
20.South Africa Warranty Management System Market Revenue, 2023-2030 ($M)
21.North America Warranty Management System By Application
22.South America Warranty Management System By Application
23.Europe Warranty Management System By Application
24.APAC Warranty Management System By Application
25.MENA Warranty Management System By Application
26.Oracle Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Pegasystems Inc., Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.PTC Inc., Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.SAP SE, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.Infosys Limited, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.Tech Mahindra Limited, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.Wipro Limited, Sales /Revenue, 2015-2018 ($Mn/$Bn)