Warranty management has emerged in recent years as a crucial part of a company’s revenue stream and the market for the same has thus increased in prominence. Warranties are a major part of customer satisfaction endeavors for any company that sells a product and the costs incurred thereon are thus accepted as an inevitable cost of opening a business. However, many companies are starting to realize that effective management of the process of offering warranties can result in a better bottom line. As a result, the warranty management systems market is rising at a steady pace.
The global warranty management systems market is expected to exhibit a robust 12.8% CAGR from 2014 to 2022, according to a report recently added to the market intelligence database of Market Research Reports Search Engine (MRRSE). The market was worth more than US$10.5 bn in 2013.
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What Does Warranty Management Consist of?
Warranty management is a field of managing the duration, valuation, and the implementation of the warranty on offer. Warranty management starts with resolving a warranty figure that makes customers trust the product, but doesn’t burn a hole in the pocket of the manufacturer. Since the warranty offered for a product is a crucial part of gaining consumer confidence, warranty management systems are rising in demand.
Further, warranty management systems also comprise the means of reimbursement in case a warranty is availed. The financial dynamics of offering a replacement or carrying out repairs, analysis of the customer confidence gained by either, and the effective implementation of the process are the crucial components of dealing with warranty claims. Warranty management systems also include the means to test and monitor a warranty claim, to reduce the amount of money paid out to fraudulent claims.
Rising Awareness, Expanding Manufacturing Sector Drive Warranty Management Systems Market
The primary driver propelling the global warranty management systems market is the rapid expansion of the manufacturing sector. The increasing demand for consumer goods such as automobiles and various electronics has boosted the warranty management systems market by leaps and bounds. Since the majority of consumers use consumer goods for a long period once they are bought, the warranty claims take on an important role in deciding which brand to opt for. For those who frequently replace their consumer goods, the warranty period becomes an important factor in determining the resale price of the goods, thus making warranty management a crucial part of any manufacturing industry.
The high costs of advanced warranty management systems are the main restraint acting on the global warranty management systems market at present. However, this is expected to be resolved with the rising outsourcing of warranty management services to third-party service providers.
Browse the full Press Release of Global Warranty Management Systems Market at http://www.mrrse.com/global-warranty-management-systems-market
North America Leads Global Warranty Management Systems Market
In 2013, North America emerged as the leading regional segment of the global warranty management systems market, with a 38% share. The strong presence of the healthcare and food and beverage industries, two of the largest applications segments of the warranty management systems market, is responsible for the dominance of the North America warranty management systems market. The application of warranty management systems in food and beverage equipment, in particular, is expected to rise substantially over the forecast period owing to the strict regulations governing the industry.