Vendors Establish Coronavirus Response with Remote Working Resources to Ensure Business Continuity
Companies in the warranty management system market are fulfilling business continuity plans amidst the COVID-19 (coronavirus) outbreak. They are maintaining operational readiness to address challenges created by the pandemic. In order to ensure employee and partner safety, companies in the warranty management system market are adhering to guidelines issued by local governments and health organizations to successfully contain the spread of the coronavirus.
Seamless and robust remote working environments are being established for employees to ensure secure collaboration between teams. Companies are adopting tools and resources that facilitate remote working so that employees can address the issues and requests of their partners and customers. They are establishing a highly distributed workforce to deliver the highest level of support and services to partners. Employees are closely monitoring all logged calls and support requests from its customers, while working remotely amidst the coronavirus pandemic.
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AI and ML Warranty Intelligence Deploys Actionable Insights for Product Improvement
Next-gen warranty management systems (WMS) are integrated with artificial intelligence (AI) and machine learning (ML) capabilities to ensure customer satisfaction. For instance, California-based software company Tavant Technologies is promoting its end-to-end warranty management system that helps organizations reduce warranty costs and improve aftermarket experience. Thus, AI and ML innovations in warranty lifecycle management solutions are contributing toward a robust CAGR of ~13% for the market during the assessment period.
AI and ML deliver actionable insights about a product’s warranty lifecycle. Vendors in the warranty management system market are increasing efforts to provide customized warranty solutions to end users by feeding key intelligence outputs back into the supply chain. End users are able to create a dynamic framework with the help of the warranty lifecycle management software that deploy continuous improvements in products. Software developers are focusing on robust data management is an important aspect for continuous improvements in products.
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Data Science Helps Deliver Accuracy in Claims Made in Automotive OEM Sector
Intelligent warranty management systems are witnessing high demand in the market landscape. Hence, MSX International— a provider of technology-enabled business process outsourcing (BPO) services to OEMs has identified pain points of automotive companies and harnessed the advantages of AI to reinvent the warranty management software. It has been found that automotive companies spend several billion dollars on warranty claims most of which are misdiagnosed or fraudulent. Hence, vendors in the warranty management system market are using AI to deploy accuracy and transparency in warranty claims by customers.
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Software developers are increasing efforts to solve the issue of fraudulent claims made by customers in the automotive OEM sector. Vendors in the warranty management system market are combining the capabilities of AI and ML to intelligently apply data science for prioritizing each claim.
Manufacturing Industries in Asia Pacific Adopt WMS to Effectively Collaborate with OEMs
The warranty management system market is projected to climb a revenue of US$ 11.1 Bn by 2030 from US$ 3.2 Bn in 2020. The increased output of manufacturing industries in countries of Asia Pacific, such as China and India, are contributing toward exponential market growth. For instance, an Indian multinational technology company Tech Mahindra has adopted an integrated warranty management system provided by the U.S. software company Pegasystems Inc. to improve productivity in the company and increase profitability. Thus, manufacturing industries are able to eliminate time-consuming manual efforts associated with warranty management, and deploy integration among OEM warranty systems and dealer management systems.
Companies in the warranty management system market are helping manufacturing companies replace outdated legacy systems with integrated warranty management solutions to effectively collaborate with OEMs. Warranty management systems help to deal with significant fluctuations in inventory levels.
Lack of Technological Improvements in Cloud-based WMS Affect LIMS Architectures
Cloud-based warranty management systems are playing a pivotal role in laboratory information management. Though warranty management is only a part of the overall laboratory information management system (LIMS), it helps to effectively collaborate with other partners in the value chain. However, traditional cloud-based solutions tend to be less configurable as compared to on-premise solutions. Hence, companies in the warranty management system market are improving the technology of cloud-based warranty management systems that make it desirable in big and small laboratory information management operations.
Warranty management systems are growing popular in web-based LIMS architectures. As such, the demand for WMS is rising with the need for fast claims management and for reducing warranty costs in the warranty management system market. Cloud-based warranty management systems are delivering performance-oriented operations and catering toward customer-focused warranty services.
IT, Telecom, and Medical Equipment Companies Demand Online Support for Warranty Management
Integrated warranty management systems are capturing the market with increasing demand for safe and secure warehouse support. For instance, Inspirisys Solutions Limited – an Indian information technology services company, is increasing its portfolio in integrated warranty management systems to cater to IT, telecom, and medical equipment companies. Companies in the warranty management system market are expanding their business streams in sectors of security surveillance platforms and home automation solutions.
Vendors in the warranty management system market are increasing their capabilities to assimilate new technologies and processes in systems, owing to the ever-evolving nature of the WMS technology. They are increasing efforts to boost their credibility as reliable partners for after-sales services in order to gain a competitive edge over other service and software providers. Vendors are eyeing new clients and customers by providing online warranty support and many customers prefer the convenience of online operations.
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Warranty Management System Market: Overview
- The global warranty management system market is expected to reach US$ 11.1 Bn by 2030 from US$ 3.2 Bn in 2020, expanding at a CAGR of ~13% from 2020 to 2030
- The global warranty management system market is currently driven by increased output of manufacturing industries and increasing awareness about benefits of warranty management system (WMS)
- The warranty management system market in Asia Pacific is projected to expand at a high CAGR during the forecast period. WMS is helping manufacturers to take timely decisions by building stronger relationship with suppliers, channel partners, and customers in the region.
- China is the biggest warranty management system market in Asia Pacific due to the adoption of mass production strategies in manufacturing
Warranty Management System Market: Definition
- The warranty management system market report provides analysis of the global warranty management system market for the period 2018 – 2030, wherein 2019 is the base year, 2020 is the estimated year, and 2021 to 2030 is the forecast period. Data for 2018 has been included as historic information.
- Warranty management system is a component of product life cycle management (PLM) systems, used to capture and analyze detailed historical production data. This data includes when and where specific parts/products were assembled, which machine was used, and who was the operator on the machine. This information plays an important role in warranty claims, and to restructure the established warranty management system present in the PLM system.
- In this report, we analyze the factors expected to aid the growth of the warranty management system market. The report further aims to identify various factors expected to hinder the growth of the warranty management system market across all regions worldwide.
North America Warranty Management System Market Snapshot
- The warranty management system market in North America is anticipated to expand at a rapid pace during the forecast period, followed by Europe. North America remains the leading market for warranty management systems, with revenue in 2020 estimated at US$ 1 Bn.
- Strong presence of well-established and technologically advanced players in the region has played a crucial factor in market growth. High growth rate of gross domestic product (GDP) and good economic stability of countries in the region, especially the U.S., supports the manufacturing sector and product development across various industries. With increase in production, original equipment manufacturers (OEMs) work toward maintaining the balance between supply and demand whilst maintaining product quality. Hence, OEMs are increasingly adopting warranty management systems across their supply chain.
Key Growth Drivers of Warranty Management System Market
- Increasing Output of Manufacturing Industries – Growth in the warranty management system market is directly dependent on the output of manufacturing industries i.e. how much products/units they produce yearly. Output of manufacturing sectors is increasing steadily with improving global economic conditions, which represents a positive outlook for warranty management solutions. The automotive industry is the most attractive industry for warranty management solutions (pertaining to parts recovery, management of bill of materials, etc.). Increase in production of vehicles has led to significant growth of finance across this industry. With increased annual budgets, automotive manufacturers are increasing their yearly budgets for incorporation of WMS to improve the overall product quality. Growing production of motor vehicles is thus, expected to spur the demand for warranty management solutions in the future.
- Increasing Awareness about Benefits of WMS – Warranty management is a promotional tool used by manufacturers across various industries to market their products. WMS providers help manufacturers to better focus on functionality that provides visibility into the warranty lifecycle of a product and helps in expansion of the customer base. WMS helps manufacturers to take timely decisions by building stronger relationships with suppliers, channel partners, and customers. All of the above ensures customer satisfaction and enhancement of product quality, which are the key factors that drive the growth of the warranty management system market worldwide.
Key Challenges Faced by Warranty Management System Market Players
- Adoption of warranty management systems across different verticals is slow due to its high initial investment. The cost of implementation and license of warranty related process management solutions ranges as high as US$ 1 Mn, starting from US$ 150 Thousand. The overall infrastructure required is still costly, though cost varies based on the depth and scope of the integration process. Lack of skilled operators and high cost of installation are the primary reasons for slow adoption of these solutions worldwide. Moreover, OEMs have to invest in training of operators to perform timely operations related to inventory and warranty claims management.
Warranty Management System Market: Competition Landscape
- The research study includes the profiles of key players operating in the global warranty management system market, such as
- PTC Inc.
- SAP SE
- Oracle Corporation
- IFS World Operations AB
- Pegasystems Inc.
- Tavant Technologies, Inc.
- Zafire Limited
- Mize, Inc.
- Snap-on Business Solutions (Snap-on Incorporated), ServiceMax, Inc., and Turn Key Web Solutions
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