Warranty Management Systems Market Boosted by Rising Count of Manufacturing Facilities

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.

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A new Transparency Market Research report states that the global warranty management systems market stood at US$10.55 bn in 2013 on the basis of revenue and is anticipated to expand at a CAGR of 12.80% from 2014 to 2020. The title of the report is “Warranty Management Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 -2022.”

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.

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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.

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This release was published on openPR.