Which region held the largest market share in the Warranty Management System market?

Warranty management software or also referred to as a warranty management system helps to process, track, and manage warranties and related claims through their lifecycle. This information plays a crucial role in warranty claims and to reorganize the established warranty management system present in the PLM system.

The global warranty management system market is estimated to account for US$ 62,582.8 Bn in terms of value by the end of 2027.

Market Dynamics- Drivers

Increased output of manufacturing industries is expected to drive growth of the global warranty management system market during the forecast period
Expansion of global warranty management systems market is directly proportional to the output of manufacturing industries, i.e. how much products they yield annually. Furthermore, the automotive industry is the most lucrative sector for WMS solutions. According to Coherent Market Insights’ analysis, the global motor vehicle production (car and commercial) increased to 84,100,167 units in 2012 from 61,791,868 in 2009 at a CAGR of 10.8%. This increase in production of vehicles has led to significant growth of finances across this industry. Hence, these factors are expected to drive growth of the global warranty management system market in the near future.

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Cost optimization is expected to propel the global warrant management system market growth over the forecast period
Warranty management system offers numerous over manual warranty management including enhanced cash flow, cost-saving, improved quality, and increased customer satisfaction. Besides, manual warranty management is labor-intensive and time-consuming. It is observed that those companies using manual processes for its warranty management make 12 to 15 different documents and enters redundant information multiple times. This process requires about 2.5 hours to 2.75 hours to make a single invoice. On the contrary, warranty management system reduces the time to around 30 minutes. Furthermore, it reduces expenses related to warranty claims and processing by around 25%. Hence, these factors are expected to propel the market growth over the forecast period.

Statistics:

North America held dominant position in the global warranty management system market in 2019, accounting for 37.1% share in terms of value, followed by Europe, Asia-Pacific and RoW respectively.

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