PUNE, India, November 13, 2015 /PRNewswire/ --
According to a new market research report "Warranty Management System Market by Types (Claim & Transaction Management, Warranty Analytics, Billing & Administration Management, Warranty Tracking) by Deployment (On Premise, Cloud), by Verticals, by Regions - Global Forecast to 2020", published by MarketsandMarkets, The market is expected to reach USD 1.7 Billion in 2015 and is projected to reach USD 3.4 Billion by 2020, at a Compound Annual Growth Rate (CAGR) of 14.4% from 2015 to 2020.
Browse 82 market data Tables with 49 Figures across 138 Pages and in-depth TOC on "Warranty Management System Market"
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The major driver for the increase in the demand for warranty management software solutions is the lack of automated processes in the warranty management industry. Additionally, stringent regulations, increased customer dissatisfaction, reducing claim costs, operational efficiency issues, and rising warranty expenditure are some of the driving factors that are accelerating the Warranty Management System Market.
Revenue leakage due to the use of paper documents, unstructured files, and singular systems are likely to drive the Warranty Management System Market
On the basis of software, the Warranty Management System Market is segmented into claim management, service contract, warranty intelligence, and administrative management software. Each year, organizations involved in customer contracts and service agreements face revenue leakages, primarily due to the use of paper documents, unstructured files, and singular systems. Installation of service contract software helps these organizations save millions of dollars each year, making it the highest revenue generating software in the Warranty Management System Market. Additionally, warranty management software solutions help in identifying the root cause of product failure and automate lengthy claims processing. These are some of the factors driving the software market for warranty management software.
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Asia-Pacific is expected to be the fastest-growing region during the forecast period
For exhaustive geographic analysis, the Warranty Management System Market is segmented into regions of North America, Europe, Asia-Pacific, Latin America, and Middle-East Africa. North America is estimated to grow from USD 858.2 Million in 2015 to USD 1,576.5 Million by 2020, at a CAGR of 12.9% from 2015 to 2020. The major push factors include a quick adoption of all the new and emerging technologies and strong financial position of the region. Asia-Pacific is the fastest-growing region owing to the substantial growth of manufacturing industries, improved cash flow, large domestic demand, and need for strategic differentiators in the market.
The major market players include IBM Corporation, Oracle Corporation, SAP SE, Astea International, Inc., Tech Mahindra Limited, Wipro Limited, Tavant Technologies Incorporated, Pegasystems, Inc., PTC Incorporated, and Infosys Limited. Due to the accelerated growth of the warranty market start-ups are getting opportunities of venture funding from investors all around the world. Companies such as ServiceMax (U.S.), Coupa Software (U.S.), Samanage (U.S.), Selectica (U.S.), Warrantly (U.S.) and SpiceWorks (U.S.) are some of the companies that have received multi-level venture funding.
The scope of the report covers detailed information regarding the major factors influencing the growth of the security analytics market such as drivers, restraints, challenges and opportunities. A detailed analysis of the key industry players has been done to provide insights into their business overview, products and services, key strategies, new product launches, mergers & acquisitions, partnerships, agreements, collaborations and recent developments associated with the Warranty Management system Market.
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