As the manufacturing sector churns out large volumes of complex products equipped with advanced technologies, warranty management has become increasingly challenging. Warranty management systems help automate various tasks involved in tracking warranty claims, reconciling invoices, and implementing claims resolution procedures.
The global Warranty Management System Market is estimated to be valued at US$ 36255.81 Bn in 2024 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Warranty management systems provide manufacturers with centralized control over warranty administration. These systems enable product registrations, claims processing, contract and pricing administration, and return merchandise authorizations. They assist enterprises in effectively managing service obligations and maintaining profitability. With the integration of artificial intelligence and machine learning capabilities, warranty management systems can now intelligently analyze failure patterns, predict parts requirements, and optimize claim resolutions.
Market key trends:
The growing adoption of AI-powered warranty analytics is a major trend in the warranty management system market. AI helps identify failure trends, assess risks proactively, and recommend actions to improve product quality and reduce costs. For instance, AI-based predictive maintenance identifies impending equipment failures and schedules repairs to minimize downtime. Likewise, AI-powered fraud detection analyzes claims data to spot anomalies and flag potentially fraudulent activities. The integration of AI is allowing warranty managers to move from reactive to proactive strategies and optimize business performance.
Segment Analysis
The global warranty management system market is dominated by the commercial sub segment. The commercial sub segment includes field services, construction equipment and transportation sectors which see high volume of equipment sales and warranties. These sectors require robust warranty management systems to effectively process large warranty claims and ensure smooth after sales customer experience.
Key Takeaways
The global warranty management system market is expected to witness high growth over the forecast period of 2023 to 2030. Regional analysis shows that North America currently dominates the market due to presence of major warranty management vendors and early adoption among corporate and manufacturing sectors. The Asia Pacific region is expected to grow at the fastest rate during the forecast period due to growing manufacturing industries and sale of durable goods in countries like China, India and Japan.
Key players operating in the warranty management system market are IBM, Oracle, SAP, Astea, Tech Mahindra, Wipro, Tavant Technologies, Pegasystems, PTC, and Infosys.
The global warranty management system market size for 2024 is US$ 36255.81 Billion as per our estimates. The market is expected grow at a CAGR of 5.4% during the forecast period. The growing need to optimize operational costs and improve customer retention are prime factors driving adoption of warranty management systems across industries.
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