Warranty management systems provide asset managers with tools to effectively monitor warranties across products and monitor claims documentation. They help improve customer engagement by enabling customers to check warranty status and claims processes online. Warranty management systems automate the cumbersome paper-based processes involved in issuing warranties, claims tracking, and reporting. This improves productivity and saves significant time and resources for companies.
The global Warranty Management System Market is estimated to be valued at US$ 2.4 billion in 2023 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.
Market key trends:
The rapid digitalization of warranty processes across industries has been a key driving factor for the growth of warranty management systems market. With companies offering more online customer services and looking to improve service quality, many are adopting centralized digital warranty platforms. This is enabling them to streamline warranty administration, improve visibility across global operations, and offer customers self-service warranty status checking from anywhere. The digital transformation of warranty management brings cost savings through automation of manual tasks and enhances the customer experience. This rising demand for digitalization is expected to accelerate the demand for warranty management systems during the forecast period.
Segment Analysis
The global warranty management system market is segmented by solution, deployment type, and end-use industry. Based on solution, the services segment currently dominates the market. The management segment offers lucrative opportunities for tracking warranty costs, reducing operational expenses, and increasing customer satisfaction.
Key Takeaways
The Global Warranty Management System Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The global Warranty Management System Market is estimated to be valued at US$ 2.4 billion in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030.
Regional analysis: North America dominates the global warranty management system market currently. This is owing to the high adoption of warranty management software among automotive and industrial equipment manufacturers in the US and Canada. Asia Pacific is expected to be the fastest growing regional market due to the increasing consumption of consumer goods and rising vehicle production in China, India, and Japan.
Key players: Key players operating in the warranty management system market include IBS Software, Tavant Technologies, Infosys, Tech Mahindra, Astea International, Wipro, Oracle, and Industrial and Financial Systems (IFS). IBS Software and Tavant Technologies currently hold the largest market shares in terms of revenue. IBS Software offers extensive warranty management capabilities that help reduce operational costs and enhance customer experience across all industries.
For more Insights, Read –
https://www.marketwebjournal.com/warranty-management-system-market-trends-size-and-share-analysis/
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