LONDON, Nov. 25, 2015 /PRNewswire/ -- Rise in
warranty claims costs expected to drive the warranty management
system market.
The warranty management system market size is estimated to grow
from USD 1.7 billion in 2015 to
USD 2.4 billion by 2020, at a CAGR of
14.4% from 2015 to 2020. The warranty management system market is
driven by factors such as operational efficiency issues, lack of
automate claim processes, rising warranty claims cost, stringent
warranty regulations, and product improvement scope.
Service contract to gain maximum traction during the forecast
period
The service contract is expected to hold the largest market share
duing the forecast period. Furthermore, revenue leakages because of
the use of paper documents, unstructured files, and singular
systems, service contract software is expected to gain traction and
grow at the highest CAGR during the forecast period. The warranty
management software market is also projected to witness growth in
the manufacturing and automotive sectors, with the manufacturing
vertical expected to hold the largest market share during the
forecast period. Professional services are expected to grow at the
highest rate from 2015 to 2020. However, managed customization
services are expected to hold the largest market share during the
forecast period.
In the process of determining and verifying the market size for
several segments and sub-segments gathered through secondary
research, extensive primary interviews were conducted with key
people in Tier 1 (35%), Tier 2 (45%), and Tier 3 (20%) companies.
The interviews were conducted with various key people such as
C-level (75%), and Manager level (25%) operating in the warranty
management system marketplace. The primary interviews were
conducted worldwide covering regions such as North America (40%), Europe (30%), APAC (20%), and RoW (10%).
As the role of warranties and contracts is evolving for enhanced
customer service, the warranty system management market offers
tremendous upcoming opportunites for growth in the next five years.
There exists a futuristic approach of combining the Internet of
Things (IoT) technology with warranty management solutions as there
is a significant rise and traction for connected warranty
management solutions for multiple industrial applications. With the
increasing connected product ecosystem, manufacturers need remote
monitoring and centralized management or configuration of software.
Furthermore, the organizations are also turning towards customized
services to ensure a balanced and integrated warranty
standpoint.
The various key warranty management system vendors and service
providers profiled in the report are as follows:
1. International Business Machines (IBM) Corporation
2. Oracle Corporation
3. Pegasystems, Inc.
4. PTC Incorporated
5. SAP SE
6. Astea International, Inc.
7. Industrial And Financial Systems (IFS) AB
8. Infosys Limited
9. Tavant Technologies, Inc.
10. Tech Mahindra Limited
11. Wipro Limited
The report will help the market leaders/new entrants in this
market in the following ways:
1. This report segments the warranty management system market
comprehensively and provides the closest approximations of the
revenue numbers for the overall market and the subsegments across
the different verticals and regions.
2. The report helps stakeholders to understand the pulse of the
market and provides them information on key market drivers,
restraints, challenges, and opportunities.
3. This report will help stakeholders to better understand the
competitor and gain more insights to better their position in the
business. The competitive landscape section includes competitor
ecosystem, newproduct developments, partnerships, mergers, and
acquisitions.
Download the full report:
https://www.reportbuyer.com/product/3397885/
About Reportbuyer
Reportbuyer is a leading industry intelligence solution that
provides all market research reports from top publishers
http://www.reportbuyer.com
For more information:
Sarah Smith
Research Advisor at Reportbuyer.com
Email: query@reportbuyer.com
Tel: +44 208 816 85 48
Website: www.reportbuyer.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/warranty-management-system-market-by-types-by-deployment-by-verticals-by-regions---global-forecast-to-2020-300184751.html
SOURCE ReportBuyer