A new Transparency Market Research report states that the global warranty management systems market stood at US$10.55 bn in 2013 on the basis of revenue and is anticipated to expand at a CAGR of 12.80% from 2014 to 2020. The title of the report is “Warranty Management Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 -2022.”
Warranty management refers to the effectual creation as well as implementation of warranties for different businesses. Though this kind of work is majorly carried out by product manufacturing companies, any other company wanting to offer warranties might show an interest in the services offered by warranty management professionals. Warranty management systems effectively automate the warranty management process including administrating campaigns, warranty coverage, contract management, supplier cost recovery, and contract and warranty tracking.
Warranty Management Systems Market in Asia Pacific to Expand at 16.5% CAGR between 2014 and 2022
The warranty management systems market in North America led the global industry in 2013, occupying around 38% of the market on account of the superior technological support to the market in the region. However, the market for warranty management systems in Asia Pacific is poised to develop at a rapid pace with the increase in the uptake of WMS across various end-use industries and the rise in the awareness about the benefits of these systems.
As new players are entering the WMS market, the number of manufacturing units in economies such as Japan, China, and, India is rising. This is expected to lead to enormous growth of the warranty management systems market in Asia Pacific, at a CAGR of 16.5% from 2014 to 2022.
Global Warranty Management Systems Market: Key Players
The global warranty management systems market consists of a huge base of market participants offering a wide array of products and services. As the demand for WMS is rising on a regular basis, major players are coming up with innovative ideas to fulfill the customers’ requirements.
Key participants of the market for warranty management systems across the globe are Oracle Corp., PTC, Inc., SAP SE, Astea Int. Inc., Tavant Technologies, Inc., Pegasystems, Inc., Zafire Ltd., Snap-On Business Solutions, Inc., and Simply Warranty.