ALBANY, New York, November 16, 2015 /PRNewswire/ --
According to a new market report published by Transparency Market Research "Warranty Management Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 -2022", the global warranty management systems market was valued at US$ 10,553.6 Mn in 2013 in terms of revenue and is slated to expand at a CAGR of 12.8% during the forecast period from 2014 to 2022. The high cost saving opportunity, improved product quality and customer satisfaction, and increasing number of manufacturing industries within the warranty management systems market are some important factors driving the expansion of global warranty management systems. Additionally, increasing Internet penetration and increasing number of manufacturing firms automating their warranty claim processes are further expected to propel the expansion of WMS market during the estimated period.
Full Research Report on Global Warranty Management Systems Market with detailed figures and segmentation at: http://www.transparencymarketresearch.com/warranty-management-systems-market.html
Warranty management services market seized a share of around 79% in terms of revenue in 2013. Warranty management systems market can be segmented by type of solutions offered into: service and software. The services segment in warranty management systems market is the fastest growing as increasing demand from OEMs for adoption of BPO and system integration services to better manage warranty claims processes. Warranty management systems for service slated to expand at good pace within the period from 2014 to 2022. Factors like rise in number of manufacturers outsourcing their activities and increased efforts by warranty vendors towards application development and maintenance are projected to compel the expansion of warranty management services. Enhanced logistical infrastructure for Internet and rise in the number of Internet providers striving towards enhancement of broadband network for Internet are all responsible for the expansion of warranty management software solutions.
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By application, healthcare segment held the largest market share of around 21% of the entire warranty management systems market in 2013. With the growing emphasis on delivering mission critical products that match the level of customer demand, this segment is projected to dominate the global warranty management solutions market over the projected period 2014 - 2022. Moreover, increased demand for these healthcare products worldwide and objective of the companies to supply as per demand while maintaining the product quality are all responsible for the rising popularity of warranty management systems in this industry. Moreover, demand for warranty management solutions in food and beverages equipment industry is gaining momentum as manufacturers in this sector comply with numerous government regimes and require instant traceability in order to improve overall product performance.
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North America is one of the developed markets for WMS and led with the share of nearly 38% of the total warranty management systems market in 2013. The strong presence of automotive and aerospace and defense manufacturing firms in this region was the major factor responsible for the growth of warranty management solutions market in North America region. With the rising adoption of warranty management systems across various industries and growing awareness pertaining to benefits of warranty management systems, the market for WMS in Asia Pacific region is slated to expand through the estimated period. Due to the new players entering the market, and growing number of manufacturing firms in countries like China, Japan and, India, the APAC warranty management systems market is slated to expand at CAGR of 16.5% through the projected time 2014 to 2022.
The global market for warranty management systems comprises a large number of players contributing to a wide range of offerings across various OEMs. With rising demand, improved modes of deployment and specific product demands, key players propose host of warranty management systems to fit customer specific requirements. Some key players in the WMS market are PTC, Inc., Oracle Corporation, SAP SE, Tavant Technologies, Inc., Astea International, Inc., Pegasystems, Inc., Snap-On Business Solutions, Inc., Zafire Ltd., and Simply Warranty among others.
The global warranty management systems market has been segmented as follows:
Warranty Management Systems Market, by Solution
Warranty Management Systems Market, by Service Type
- System integration and consulting
- Business process outsourcing (BPO)
- Application Maintenance
Warranty Management Systems Market, by Software Type
- On-premise solutions
- Cloud based solutions
Warranty Management Systems Market, by Cloud based Software Deployment
Warranty Management Systems Market, by Application
- Industrial Equipment
- Heavy Machinery and Equipment
- Aerospace and Defense
- Food and Beverages
- Communication Equipment
- Others (office equipment, furniture, and apparel)
Warranty Management Systems Market, by Geography
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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