Rising Use Of AI/ ML To Boost Warranty Management System Market Growth

Warranty Management System Market
Warranty Management System Market

Warranty Management System Market is segmented by Deployment Type (On-premise and Cloud), Software Type (Warranty Intelligence, Claim Management, Service Contract, and Administration Management), Component (Solutions and Services), End-user Industry (Industrial Equipment, Automotive and Transportation, Consumer Durable, Construction/Building Materials, Medical Devices, and Aerospace and Defense) and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2023 – 2030

The global Warranty Management System Market is estimated to be valued at US$ 3681.42 million in 2022 and is expected to exhibit a CAGR of 16.2 % over the forecast period, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Warranty Management System automatically traces and regulates warranties of the commodities through its lifecycle. Warranty Management System provides business customers whole data regarding the quality of product, warranty assurance data and supplier claim that is recurring cost and inveterate damaged goods to suppliers.

The main properties of the software comprises parts, bonds, returns, and claims supervision. The current warranty management system comes with BI properties that can analyze and prevent warranty scam. By utilizing warranty management system, stakeholders consist service suppliers, suppliers, end-user clients, and producers can cooperate to enhance standard of the product, enhance customer experience, and decrease warranty cost.

Competitive Landscape:

Key players involved in the growth of the global Warranty Management System Market are Oracle Corporation, Pegasystems Inc., IBM Corporation, Tavant and Wipro Limited.

Market Key Drivers:

The rising use of smart devices, IoT, AI and ML is expected to augment the growth of global Warranty Management System for Market. For instance, around 35% of companies are using AI. As per Gartner, the global AI market is known to reach $266.92 billion by 2027.

Rising investment in cloud computing is projected to propel the growth of global Warranty Warranty Management System Market. For instance, as per the Platform9 report, in 2022, single public (32.1%), hybrid (29.8%), and on-premises clouds (14.1%) were companies’ dominant settings to run their jobs.

Covid-19 Impact Analysis:

The COVID-19 outbreak has positively impacted the growth of the warranty management system for market as industrial operations were provisionally closed across several regions to curb the spread of virus. This rose the necessity for more warranty management systems in the market, occurred by less production of consumer electronic appliances.

Key Takeaways:

The global Warranty Management System Market is anticipated to exhibit a CAGR of 16.2 % during the forecast period rising mergers and acquisitions. For instance, In November 2022, Tavant, collaborated with Daimler Truck AG, to offer warranty and claim management solutions for its European brands.

Among regions, North America, Europe and Asia Pacific are expected to witness robust growth in the global Warranty Management System for Market due to mergers and acquisitions, product expansions and rising use of AI/ML, increasing demand of smart devices, rising IoT. For instance, In May 2022, moving forward in change strategy for WMS Group Ltd (UK), Opteven announced it’s highly manageable and market-leading online rights platform for WMS dealers and rebuilders.

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