Warranty Management Software Market Growth Forecast by 2030
- Warranty management software or platform is specifically designed to overcome the challenges faced by manufacturers regarding warranty claims processing. Warranty management software enables processing, administration, and tracking of entire warranties throughout the product lifecycle. The software improves customer satisfaction and also significantly reduces service cost as well as enhances product quality.
- Warranty management software incorporates various features such as claim management, warranty intelligence, administration management, and service contract. These features are helpful in eliminating warranty claim cycle period and removing claim errors as well.
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Impact of Coronavirus (COVID-19) on the Warranty Management Software Market
Lockdowns across major regions (Europe, Asia, and North America) due to an increase in the spread of Coronavirus (COVID-19) has a negative impact on the warranty management software market. Lockdowns have forced most enterprises to shut down their manufacturing or operations due to the growing demand to enforce social distancing because of the highly contagious nature of Coronavirus (COVID-19).
Increasing Focus on Quality Management among Manufacturers Driving the Global Warranty Management Software Market
- Competitive environments worldwide encourage enterprises and manufacturers to produce better quality products at reasonable cost. Manufacturers become successful only when they produce or manufacture quality products instead of focusing on quantity, thus attracting customer loyalty recurrently and increasing their productivity.
- The numerous quality management systems and models makes it easy for manufacturers to handle & manage product quality concerns efficiently. Six Sigma or Total Quality Management (TQM) helps produce and manufacture high quality products by removing deficiencies in systems or processes in manufacturing units. Therefore, quality is a crucial parameter for manufacturers to stand apart from competitors in the market. Quality establishes differences in systems & processes, and helps manufacturers to produce better quality products. Some of the significant features of quality management includes innovative quality process planning, inventory inspections and statistical process control, cost of product quality, customer & material supplier analysis, and audit trails.
- According to the Product and Service Innovation Survey, 2019, nearly 38% of manufacturers focus more on service life-cycle management (SLM) to increase service-related revenue, capture & undertake best practices, and access service knowledge, to ensure quick response to maintain product quality & customer complaints.
- Rising adoption of cloud–based solutions rather than on-premise solutions among enterprises is driving the warranty management software market.
Lack of Awareness Regarding Advanced Technologies, Specifically across Developing or Underdeveloped Economies Expected to Hamper the Market
- In developing or underdeveloped economies, manufacturers are still working and implementing traditional warranty management tools instead of advanced platforms due to lack of proper infrastructure and ignorance about novel technologies.
- Therefore, lack of awareness regarding advanced technologies across developing or underdeveloped economies is expected to hamper the global warranty management software market.
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North America to Account for Major Share of the Global Warranty Management Software Market
- In terms of region, the global warranty management software market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa
- North America is anticipated to account for major share of the global warranty management software market during the forecast period due to major presence of leading players and rising demand for cloud-based warranty management software in the region, indicating potential growth of the market. Europe is expected to be the second largest market for warranty management software from 2020 to 2030.
- Asia Pacific is projected to be a rapidly growing market for warranty management software during the forecast period due to increasing automation in industrial sectors such as automotive, and food & beverages, specifically in India, Japan, and China.
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Key Players Operating in the Global Warranty Management Software Market Include:
- Astea International, Inc.
- Industrial and Financial Systems (IFS) AB
- Infosys Limited
- International Business Machines (IBM) Corporation
- Oracle Corporation
- Pegasystems Inc.
- PTC Inc.
- SAP SE
- Tavant Technologies, Inc.
- Wipro Limited
- Others
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