PUBLISHER: Allied Market Research | PRODUCT CODE: 1344532
PUBLISHER: Allied Market Research | PRODUCT CODE: 1344532
According to a new report published by Allied Market Research, titled, "Warranty Management System Market," The warranty management system market was valued at $3.7 billion in 2022, and is estimated to reach $16.1 billion by 2032, growing at a CAGR of 16.2% from 2023 to 2032.
Furthermore, with increasing competition in the global market, manufacturers are striving to differentiate their products by offering better after-sales services. This includes providing extended warranty periods, faster claims processing, and better customer support. As a result, manufacturers are heavily investing in warranty management systems to streamline their after-sales service operations and improve customer satisfaction, which leads to the growth of the market. Moreover, surge in adoption of cloud-based solutions has a significant impact on the warranty management system market. With more companies opting for cloud-based solutions, there has been an increase in the demand for warranty management systems that can be accessed and managed from anywhere, anytime, and through any device with internet connection. This has led to increase in adoption of cloud-based warranty management solutions, thereby driving the growth of the warranty management system market. However, resistance to change limits the adoption of new technologies, which affects the growth of the market. In addition, lack of awareness for the warranty management system due to lack of marketing and promotion of these systems acts as the key deterrent factor of the global market. On the contrary, as companies continue to invest in the development of new products, the need for an efficient and effective warranty management system becomes increasingly important. Thus, the emergence of new technologies is expected to present lucrative opportunities for the expansion of the global warranty management system market in the upcoming years.
The global warranty management system market is segmented into component, deployment mode, industry vertical, and region. Depending on component, it is bifurcated into software and service. By deployment mode, it is segregated into on-premise and cloud. On the basis of industry vertical, it is fragmented into manufacturing, automotive, healthcare, supply chain & logistics, food & beverages, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the warranty management system market such as IBM Corporation, IFS, Mize, Oracle Corporation, Pegasystems Inc., PTC, Salesforce, SAP, Tavant, and Wipro Limited. These players have adopted various strategies to increase their market penetration and strengthen their position in the warranty management system industry.