A new Transparency Market Research report states that the global warranty management systems market stood at US$10.55 bn in 2013 on the basis of revenue and is anticipated to expand at a CAGR of 12.80% from 2014 to 2020. The title of the report is “Warranty Management Systems Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 -2022.”
Warranty management refers to the effectual creation as well as implementation of warranties for different businesses. Though this kind of work is majorly carried out by product manufacturing companies, any other company wanting to offer warranties might show an interest in the services offered by warranty management professionals. Warranty management systems effectively automate the warranty management process including administrating campaigns, warranty coverage, contract management, supplier cost recovery, and contract and warranty tracking.
As stated in the report, the rising count of manufacturing industries and the rising awareness about the benefits of warranty management systems are amongst the prime factors fuelling the growth of the market for warranty management systems. In addition, the cost optimization is also a key factor impacting the market positively. Furthermore, the integration of customized offerings or Big Data within warranty management systems and the increasing demand for cloud-based solutions and mobiles are amongst the two major trends seen in the market. On the other hand, the soaring cost of installation is a major factor that may impede the growth of the market in the coming years.
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On the basis of solution¸ the report segments the market into software and service. In terms of service type, the market is segmented into consulting and system integration, application maintenance, and business process outsourcing (BPO). By software type, the market is segmented into cloud-based solutions and on-premise solutions. Amongst these, the on-premise warranty management software led the market in 2013 owing to its benefits such as complete control options and enhanced security. This segment is poised to maintain its superiority all through the forecast horizon. On the other hand, cloud-based warranty management software is also being greatly utilized due to its ease of utilization, easy installation, and savings on infrastructure cost.
By deployment, the report segments the market into public, private, and hybrid warranty management systems. By application, the market is segmented into heavy machinery and equipment, automotive, industrial equipment, aerospace and defense, HVAC, food and beverages, communication equipment, healthcare, and others including furniture, apparel, and office equipment. Amongst these, the healthcare industry led the market in 2013. On the other hand, the aerospace and defense industry is also gaining momentum owing to the rising demand for enhanced ways to streamline the tracking of inventory within this industry.
Geographically, the report segments the market into Europe, North America, Asia Pacific, the Middle East and Africa, and Latin America. Amongst these, in 2013, North America held the largest share in the market due to the rising expending by manufacturers on warranty management systems for enhancing product quality. In the same year, Asia Pacific trailed North America and constituted the second-largest share in the market on the basis of revenue owing to the presence of manufacturing industries within this region.
Oracle Corporation, PTC, Inc., Tavant Technologies, Inc., Simply Warranty, Pegasystems, Inc., and Snap-On Business Solutions, Inc., among others are the major players dominant in the market, as per this study.
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