Warranty Management System Market is predicted to grow at a CAGR of 13.8 percent from 2021 to 2026


 

Companies have historically seen warranty management as a cost of doing business. Warranty management costs were determined to be between 4 and 5 percent of the company's total sales income per year, and were regarded a cost of giving customer happiness as well as an opportunity to create customer relationships.

However, many firms have understood the underlying value that may be realised in this sector in recent years. Warranty Management is now viewed as a distinct revenue stream. Over time, the Warranty Management method has evolved. Benchmarking best practises has resulted in a decrease in the cost of service delivery of components, as well as an improvement in customer satisfaction and an increase in revenue.:

Segmentation:

Type (On-premise, Cloud), Software Type (Warranty Intelligence, Claim Management, Service Contract, Administration Management), Component (Solutions, Services), End-user Industry (Industrial Equipment, Automotive and Transportation, Consumer Durables, Construction/Building Materials, Medical Devices, Aerospace and Defense), and Geography are all categories within the Warranty Management System.

Market Overview

The Warranty Management System Market was valued at USD 2.87 billion in 2020, and is predicted to grow at a CAGR of 13.8 percent from 2021 to 2026, to reach USD 6.24 billion. Every year, enterprises throughout the world lose thousands of dollars in income due to escalating warranty claim processing challenges. This has been a significant driving force for the demand for warrants. Furthermore, as newer technologies develop and the automotive and manufacturing industries become more competitive, the demand to automate warranty claim management processes has grown dramatically.

  • Warranty management systems primarily help service businesses to generate, administer, track, and process warranties, claims, and assets across their complete lifecycles by automating warranty claim handling and installed base asset tracking.
  • As a result, third parties can submit and earn credit for genuine claims. Field technicians can track asset history and replace in-warranty parts, while customer service may validate coverage and initiate recovery. These technologies cut warranty costs to the bone, automate warranty claims, simplify the warranty management system, and maximise service income. This software benefits all stakeholders, including manufacturers, service providers, suppliers, dealers, and end-users.
  • The automobile industry's increasing production is a major element driving market expansion, as the automotive and supply chain industries account for the majority of warranty software adoption. After a sales downturn the previous year, the global car sector is anticipated to rebound this year. Over the projection period, a favourable growth trend is expected. Furthermore, customer willingness to adopt connected vehicles is likely to influence global demand for automobiles, consequently propelling the market forward.
  • Additionally,  autonomous vehicles are projected to hit the road far sooner than most forecasts, with the International Energy Agency (IEA) projecting 125 million electric vehicles on the road globally by 2030, up from 3.1 million units in 2017.
  • Demand for warranty management system market is projected to be fueled by a number of government programmes. The German government's recent plans, for example, to have six million electric vehicles on the road by 2030 and one million by 2020, are increasing demand in the automotive sector.
  • The use of blockchain technology for warranty management is becoming increasingly popular in the insurance industry. By protecting supply chains and enabling track-and-trace capabilities for products under warranty, it has the potential to assist streamline the sector.A closed-loop claims management procedure is provided by blockchain-enabled warranty software, which administers processes. It keeps track of all warranties throughout their duration in order to boost customer happiness, lower servicing costs, and improve product quality.
  • Several marketplaces have undergone significant transformations in recent months. The recent breakout of the COVID-19 pandemic was the primary cause of these changes. Due to the rapid spread of the sickness, numerous countries throughout the world have imposed lockdowns in an attempt to preserve social distance and slow the disease's spread. Various industries were compelled to shut down as a result of the nationwide lockdowns. Furthermore, there have been limits imposed on cross-border trading within the countries and states. The trading conditions in numerous places have been impacted as a result of these circumstances. Countries across the globe are also facing economic crises, thus, affecting the major markets, including the warranty management system market, in the world.

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