The rising demand for procedures enhancing the lifecycle of a product has led to the demand for warranty management systems. In 2013, the global warranty management systems market stood at US$10,553.6 million. Driven by the increase in the overall revenue of companies, the market is poised to develop at a CAGR of 12.8% during the period from 2014 to 2022.In 2013, based on solutions, the services segment of the global WMS market held nearly 79% of overall industry. The segment is expected to report the highest growth owing to increased demand from original equipment manufacturers (OEMs). The rising number of OEMs outsourcing their processes and raised efforts of warranty vendors for the development and maintenance of the application are also estimated to boost growth prospects of the warranty management services segment. The warranty management software segment is expected to rise on the back of improved Internet infrastructure and increase in the number of Internet providers working towards improving broadband networks.
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Healthcare WMS Market to Lead Global Industry in Future
Based on application, the healthcare WMS market occupied the leading position in the global warranty management systems market in 2013 with a 21% share of the overall warranty management systems market. The increasing focus on the delivery of crucial products on time, matching the customer’s demand, is expected to drive this market segment. Thus, healthcare WMS is projected to lead the global warranty management systems market in the coming years.
Apart from this, the increase in the demand for advanced healthcare products across the globe and rising competition among enterprises to deliver as per the demand while maintaining the quality of the product are fueling the demand for warranty management systems in the medical and healthcare industry.
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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.
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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.