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Warranty Management Systems Market Grows due to Rising Demand from Manufacturing Industries

Article Description

A warranty is a statement of assurance or undertaking issued by manufacturers, concerning the performance of a product or parts of a product supplied by a manufacturer to the customer, for a certain period, as stated in the warranty card accompanying the product. In short, a warranty is a guarantee of performance for a product that states that in case there is a defect in the product or the product performance is poor, it will be either replaced or repaired by the manufacturer either free of charge or at minimal charges. Warranty vendors offer solutions through services and software. Manufacturers are free to choose the option that suits them the best, as per the unique requirements of their business.

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Growth of Manufacturing Industry and Process Improvement Boosts Warranty Management Systems Market

Key factors contributing to the expansion of warranty management systems market include the growth of the manufacturing industry and process improvement, high awareness among manufacturers regarding the opportunities to free up cash from warranty management systems, improved flow of cash, enhanced supplier recovery, and improved product quality.

There has been increased investment by warranty management vendors to enter the warranty management systems market and expand their customer base via enhanced and safe modes of processing the warranty claims, which has encouraged the market to grow.

Healthcare Industry Dominates Warranty Management Systems Market

The global warranty management systems market is segmented on the basis of application into heavy machinery and equipment, automotive, HVAC, industrial equipment, aerospace and defense, healthcare, communication equipment, food and beverages, and others. Out of these, the healthcare industry held the largest share in the overall market in 2013 due to the increasing demand for healthcare services and rising geriatric population around the world. The aerospace and defense industry seems to be gaining momentum, with an increase in the demand for efficient ways and management and streamlining of the inventory. Rise in disposable incomes and improvement in the lifestyle of the global population are responsible for the increase in the demand for automobiles, which has led OEMs to incorporate warranty management systems.

Availability of Easy Internet Access Encourages Cloud-based Warranty Management Systems

Warranty management systems can be accessed on-premise or through cloud-based software. The on-premise warranty management software market held the largest share in the overall market in 2013. The on-premise warranty management software market is expected to remain competitive in the market as on-premise software offers enhanced control and security options. Cloud-based warranty management software systems are increasingly being adopted due to their ease of installation, ease of use, and reduction in the total infrastructure cost brought about by their usage.

The easy availability of internet services at the user’s convenience has encouraged manufacturers to opt for cloud-based warranty management systems. Moreover, automated warranty systems enable improved cash flow, shortening of bill cycle, and improved customer retention, which has led to the adoption of automated warranty claims management processes.

Key vendors in the warranty management systems market are Pegasystems, Inc., PTC, Inc., Tavant Technologies, Inc., Oracle Corporation, SAP SE, Astea International Inc., Snap-on, and Simply Warranty, and Zafire Ltd.