ALBANY, N.Y, Aug. 11, 2020 /PRNewswire/ -- The ability of the warranty management systems to reduce inefficiencies and errors in warranty processes may bring extensive growth aspects for the warranty management system market across the forecast period of 2020-2030. The manufacturers in the warranty management system market are harnessing the power of technology to discover and develop novel systems that not just reduce the errors in the process but also offer great convenience to the end-user.
The analysts at Transparency Market Research predict a robust CAGR of ~13 percent for the global warranty management system market throughout the assessment period of 2020-2030. The global warranty management system market is prognosticated to reach a valuation of US$ 11.1 bn by 2030 from US$ 3.2 bn in 2020.
Warranty claim processing issues have led to considerable revenue leakages across numerous companies. An efficient warranty management system with upgraded technologies like cloud computing, Artificial Intelligence (AI), and Machine Learning (ML) may ensure an decrease in frequent errors and will offer uncompromised accuracy and convenience to the users. This factor forms an important growth parameter for the warranty management system market.
Warranty Management System Market: From Analysts' Desk
The TMR analysts highlight the tectonic shift in the mechanism of handling warranty management systems due to the COVID-19 outbreak. They emphasize more on the growing number of training programs offered by the players in the warranty management system market through webinars to its customers for managing the system remotely with full efficiency.
The analysts then shed light on how the stringent Service Level Agreements (SLAs) by various vendors pose a growth obstacle for the warranty management system market. The analysts advise the players in the warranty management system market to become proficient in acquiring forward and reverse logistics to adhere to the strict SLAs.
Warranty Management System Market: Major Revelations
The system integration and applications development segment is extrapolated to hold a dominant position across the forecast period and it also acquired a prominent position in 2019
The cloud segment may expand at a high CAGR throughout the forecast period
The healthcare segment may hold a gigantic share of the warranty management system market between 2020 and 2030 on the basis of application
North America may garner good growth for the warranty management system market and is estimated at US$ 1 bn in 2020
Asia Pacific is predicted to record a robust CAGR in terms of region
Explore 179 pages of cutting-edge research, extensive insights, and detailed projections. Analyze and discover the latest developments in the Warranty Management System Market (Solution: Service and Software; Deployment: On-premise and Cloud; and Application: Automotive, Industrial Equipment, Heavy Machinery & Equipment, HVAC, Aerospace & Defense, Food & Beverages, Healthcare, Communication Equipment, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 - 2030 athttps://www.transparencymarketresearch.com/warranty-management-systems-market.html
Warranty Management System Market: Growth Prospects
The penetration of advanced technologies such as the Internet of Things (IoT) and machine-to-machine communications in the warranty management system market is estimated to bring a transformation in the growth rate.
The diverse features of warranty management systems such as inventory management, fraud detection, extended warranty marketing, supplier recovery, and claims processing and settlement bring considerable growth opportunities
The ability to avoid time-consuming manual efforts associated with manual warranty management attracts substantial preference of the consumer for warranty management systems
Mergers and acquisitions are gathering momentum with the acquisition of Star Tran Software LLC by Trans Track Solutions being one of the recent developments
Analyze global warranty management systems market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
Warranty Management System Market: Key Growth Restraints
The initial investment in the adoption of warranty management systems is relatively high. This factor proves to a major growth dampener for the warranty management system market. Furthermore, the absence of skilled operators also leads to a slowdown in the implementation of warranty management systems. Considering the aspect of the absence of skilled workers to perform operations related to warranty management systems, many organizations have started investing in training programs for the operators.
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