Warranty Management Systems Market
Warranty Management Systems Market (By Solution - Service and Software; By Service Type - System Integration and Consulting, Business Process Outsourcing (BPO) and Application Maintenance, By Application - Automotive, Industrial Equipment, Heavy Machinery and Equipment, HVAC, Aerospace and Defense, Food and Beverages, Healthcare, Communication Equipment and Others (Office Equipment, Furniture, and Apparel)) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 -2022
Press Release :
Increased demand for processes to improve product life cycle management and increase overall revenue of companies has led to the demand for improved warranty management systems. Rising technological awareness has encouraged population worldwide to automate their warranty claim management processes. In addition, technological vendors entering this market to fulfill the nature specific demands have increased the popularity of warranty management systems. Warranty management systems enable providers to offer services at the convenience of customers through its wide range of offerings.
Warranty vendors offer solutions through services and software. Manufacturers are at liberty to choose the option that suits best to their business requirement. With the increased penetration of Internet worldwide, the cloud based warranty management systems have gained increased adoption, globally. In addition, manufacturers benefit as they reduce losses on fraudulent claims and work towards improved product quality through efficient warranty management systems. External factors such as new entrants and increasing number of manufacturing firms across the world are expected to drive the growth of WMS market during the forecast period.
Warranty management systems can be accessed either through on-premise or cloud based software. Cloud based warranty management software have found increased penetration with ease of installation, saving on infrastructure cost, and ease of use. The on-premise warranty management software market held the largest share of the overall WMS market in 2013. With provisions for enhanced security and complete control options to the customer, on-premise warranty management systems strive to remain competitive in the market.
Warranty management systems, by deployment, can be segmented into private, public and hybrid cloud. and by application - automotive, industrial equipment, heavy machinery and equipment, HVAC, aerospace and defense, food and beverages, healthcare, communication equipment and others (office equipment, furniture, and apparel). In 2013, healthcare industry held the largest share in the overall warranty management systems market. Increasing demands for healthcare services and increasing number of aging population worldwide has led to increases transactions within this market segment. Aerospace and defense seem to be gaining momentum with increasing demand for efficient ways to manage scheduling and streamlining tracking of inventory within this volatile industry. Automotive industry has found increased demand over the forecast period pertaining to the rise in disposable income and changing life style of people worldwide. This increase in production of automobile has led OEMs to incorporate WMS in order to balance supply and demand and meet customer specific quality of products.
Warranty management is widely adopted by small and large scale industries across the world in order to increase top-line revenue and bottom-line profits. Favorable condition such as availability of Internet access at user’s convince has encouraged manufacturers to opt for cloud based warranty management systems. Moreover factors such as enhanced customer experience, improved customer retention, shortening of bill cycle and improved cash flow have increased OEMs confidence to opt for automating warranty claims management processes. Furthermore, warranty management systems guarantee on-time delivery and production to balance supply with demand and have contributed to the growth of WMS market, globally. Increased investment by WMS providers towards rapid development of applications for warranty management systems and increased adoption of system integration, BPO services and cloud based WMS by OEMs has increased the demand for WMS worldwide.
North America led the overall warranty management systems market in terms of revenue in 2013 on account of increased spending by manufacturers on warranty management systems in order to enhance product quality and customer satisfaction in this region. Asia Pacific held the second largest revenue share of the overall warranty management systems market in 2013 due to the strong presence of manufacturing industries in this region. Warranty management systems market in Asia Pacific is expected to achieve significant growth during the forecast period from 2014 to 2022. Opportunities from other regions including Middle East and Africa and Latin America are expected to further drive the growth of the warranty management systems market during the forecast period 2014 to 2022.
Some of the key players in the warranty management systems market include PTC, Inc., Oracle Corporation, SAP SE, Tavant Technologies, Inc., Astea International, Inc., Pegasystems, Inc., Zafire Ltd., Snap-On Business Solutions, Inc., and Simply Warranty among others.
This report provides analysis of the warranty management systems market growth forecast and market size during the forecast period from 2014 – 2022. Some of the key factors contributing to the expansion of warranty management systems (WMS) market are: growth of manufacturing industry and process improvement. Awareness among manufacturers regarding opportunities to free up cash with incorporation of efficient warranty management systems has significantly contributed to the expansion of WMS market. Furthermore, enhanced supplier recovery, improved cash flow, reduced fraudulent claims and improvement in product quality have given way to immense popularity of warranty management systems.
This research on warranty management systems market provides a complete understanding of how automating the warranty and claims handling has made it easier for manufacturers to address needs of warranty claims at their convenience. The report covers a complete study of numerous factors like drivers, challenges, and expansion opportunities that affect the market growth. These factors help the study of numerous trends that impact the growth of warranty management systems market during the forecast period from 2014 - 2020. The report includes a widespread coverage of underlying technological factors that affect the growth of warranty management systems market.
Warranty management systems market based on the solutions is segmented into: service and software. Based on factors like the security of access, budget for warranty management systems and business specific demands, manufacturers choose a solution in order to cater to their requirements. Depending on the service type, warranty management systems market is classified into-- system integration and consulting, business process outsourcing (BPO) and application development. With increasing research and development of IT industry, the manufacturers are demanding for customized warranty management systems to suit their nature specific demand. With the help of outsourcing, application development and systems integration warranty management vendors are able to fulfill these demands. Furthermore, warranty management systems based on the software deployment model can be segmented into: on-premise and cloud based software. With the increased penetration of internet across different industry verticals from automotive to food and beverages and others, the popularity for both on-premise and cloud based software is on rise. The ease with which cloud based WMS can be accessed and used has increased its adoption among manufacturers worldwide. On the basis of deployment type, the warranty management systems can be segmented into: private, public and hybrid cloud. Private cloud based WMS are popularly being used by manufacturers whose primary interest is to protect their assets and who can afford the installation cost for a private cloud based WMS. On the other hand, public cloud based WMS is gaining immense popularity among small and medium enterprises (SMEs) due to the flexibility with which it can be installed and low cost of installation. Hybrid cloud based WMS with the potential of both private and public cloud is gaining momentum. Warranty management systems based on application are classified into: automotive, industrial equipment, heavy machinery and equipment, HVAC, aerospace and defense, food and beverages, healthcare, communication equipment and others (office equipment, furniture, and apparel).
The demand for the various offering offered by WMS providers for particular industry differs based on in specific industry requirement. Increased investment by warranty management vendors to penetrate within the warranty management systems market to expand its customer base, enhanced modes of processing warranty claims and safe modes of interaction have all contributed to the growth of warranty management systems market, worldwide The report provides a cross-sectional understanding of the warranty management systems market across the globe which includes North America, Latin America, Europe, Asia Pacific, and Middle East and Africa.
In addition, the report describes a competitive landscape within the warranty management systems market and describes numerous business strategies taken up by the leading warranty management vendors. In addition, report provides competitive analysis of on-premise and cloud-based warranty management systems. It further explains the growth of each of this market segment within various geographies and the reason for the market growth per region. The report also provides iformation about thr key vendors in company profiles section and the strategies used by them to achieve competitive edge and recent developments along with consolidated revenue generated by each of the companies. Some of the companies profiled in the report include PTC, Inc., Pegasystems, Inc., Tavant Technologies, Inc., SAP SE, Oracle Corporation, Astea International Inc., Zafire Ltd., Snap-on, and Simply Warranty among others.
The global warranty management systems market is categorized into the following segments:
Warranty Management Systems Market, by Solution
Warranty Management Systems Market, by Type
- System integration and consulting
- Business process outsourcing (BPO)
- Application Maintenance
Warranty Management Systems Market, by Type
- On-premise solutions
- Cloud based solutions
Warranty Management Systems Market, by Deployment
Warranty Management Systems Market, by Application
- Industrial Equipment
- Heavy Machinery and Equipment
- Aerospace and Defense
- Food and Beverages
- Communication Equipment
- Others (office equipment, furniture, and apparel)
Warranty Management Systems Market, by Geography
- North America
- Asia Pacific
- Latin America
- Middle East and Africa