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.
They help businesses maintain warranty records for customers and vendors, track part usage and repairs, and generate necessary reports. This ensures efficient warranty claim processing and increases customer satisfaction.
Market key trends:
ne of the key trends in the warranty management system market is the increasing adoption of cloud-based warranty management solutions. Cloud deployment offers benefits such as reduced infrastructure and IT costs, improved scalability, easy accessibility, and lower maintenance. It allows enterprises to access warranty management systems from any location using internet-enabled devices. This flexibility aids companies in remotely managing warranty operations and claims processing. The demand for cloud-based warranty management is growing with the rising trend of cloud computing.
Segment Analysis
The Global Warranty Management System Market Sizeet is segmented by solution type, deployment type, organization size, vertical, and geography. Based on solution type, the market is segmented into claims management, warranty analytics, configuration & pricing management, administrative management, and others. Claims management is estimated to dominate the market in 2023 as it helps manage and process warranty claims efficiently while minimizing operational costs.
Key Takeaways
The global warranty management system market size is expected to reach US$ 36255.81 Bn in 2023, exhibiting a CAGR of 14.% over the forecast period. The growing need to improve operational efficiency and reduce warranty costs is expected to drive the demand for warranty management systems.
Regional analysis: North America is expected to dominate the warranty management system market during the forecast period. Presence of key players and early adoption of advanced technologies are factors driving the growth of warranty management system in the region. The Asia Pacific region is expected to witness the fastest growth over the forecast period due to the growing automotive and manufacturing industries in countries like China and India.
Key players: Key players operating in the warranty management system market are Zafire Ltd., PTC, Inc., SAP SE, Simply Warranty, Snap-On Business Solutions, Inc., Oracle Corporation, Pegasystems, Inc., Tavant Technologies, Inc., Astea International, Inc. PTC, Inc. and Zafire Ltd. are identified as prominent players owing to their expanded product portfolios and global presence.
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