A warranty management system enables businesses to automate warranty registrations, claims processing and maintenance of service records. It helps business owners streamline warranty operations by integrating myriad data points collected from IoT-enabled smart products. Warranty management systems facilitate real-time tracking of the warranty status and service history of individual products. They capture diagnostics, usage patterns and maintenance activities data from connected devices and leverage analytics to detect anomalies, predict failures and determine root causes. This helps companies proactively resolve issues, reduce claims expenditure and optimize service operations.
The global Warranty Management System Market is estimated to be valued at US$ 41766.7 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends
IoT has been significantly driving the adoption of warranty management systems by manufacturers across industries. Connection of products to cloud networks enables continuous transmission of operational and performance metrics. Leveraging predictive analytics on such operational big data helps companies implementing predictive maintenance strategies. This assists in minimizing downtime and associated costs. Furthermore, IoT connectivity facilitates deployment of remote diagnostics using smart sensors. Remote diagnosis reduces turnaround time for repairs, thus enhancing customer satisfaction. Increase in deployment of smart, connected devices coupled with growth of digitalization trend is expected to continue boosting demand for cloud-based predictive warranty management platforms integrated with advanced analytics and IoT technologies over the forecast period.
Threat of new entrants: Low capital requirement and expertise makes threat of new entrants moderate in the warranty management system market.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of numerous players providing warranty management systems.
Bargaining power of suppliers: Availability of alternative component suppliers keeps bargaining power of suppliers low in the warranty management system market.
Threat of new substitutes: Low threat of substitutes due to absence of close substitute products for warranty management systems.
Competitive rivalry: Intense competition due to presence of numerous regional and global players providing innovative warranty management solutions.
The global Warranty Management System Market Share is expected to witness high growth. The global warranty management system market is estimated to be valued at US$ 41766.7 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024 to 2031.
North America is expected to dominate the warranty management system market during the forecast period owing to stringent regulations regarding warranty policies in the region. Asia Pacific is expected to grow at the fastest pace during the forecast period due to growing automotive production and sales in China and India.
Key players comprise- Key players operating in the Warranty Management System market are Ceec Trucks Industry, Dongfeng Motor, Cheng Li, Curbtender, Cnhtc, Zoomlion, Foton car, Fujian Longma sanitation, Dennis Eagle, Labrie Enviroquip, Faun, McNeilus Truck & Manufacturing, EZ Pack, and Bridgeport Manufacturing.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it