[FURL=https://www.industryarc.com/Research/Warranty-Management-System-Market-Research-500929?utm_source=briefingwire&utm_medium=pressrelease&utm_campaign=paidpressrelease]Warranty Management System Market[/FURL] is analysed to grow at a CAGR of 9.9% during the forecast period 2021-2026 to reach $4.5 billion by 2026. 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. Adoption of advanced technologies such as blockchain-enabled warranty software provides a closed-loop claims management process, which administers, processes. It tracks all warranties throughout their lifecycle to improve customer satisfaction, reduce service costs, and increase product quality. This kind of development sector is set to propel the Warranty Management System Market growth.Key Takeaways
Adoption of advanced technologies such as artificial intelligence and machine learning (ML) is set to drive the warranty management system market.
Healthcare sector is poised to provide opportunities to the Warranty Management System Market during the forecast period 2021-2026 owing to increase in investments in healthcare sector.
Presence of high number of players in the U.S. and adoption partnerships, acquisition or expansion strategies have helped in boosting its growth across North American market.
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Warranty Management System Market Segment Analysis - By Geography
North America had accounted for the largest share of $524.2 million in 2020, analysed to grow with a CAGR of 8.0% for the Warranty Management System Market during the forecast period 2021-2026, followed by Canada and Mexico. The U.S. is the largest producer of manufactured goods in the world as the demand for domestic goods and services are rising continuously. The warranty management system provides the software to automate and standardize the warranty allied processes in the Manufacturing sectors. The entrance of new players in the US market such as the auto manufacturers and car dealerships are driving the increased competition in Warranty Management System Market. These auto manufacturers have become important players in extended warranty industry.
Warranty Management System Market Drivers
Penetration of Advanced Technologies to Bring a Paradigm Shift in Growth of Warranty Management System
Growing automotive sector in this region
Warranty Management System Market Landscape
The key players in the Warranty Management System Market include Tavant Technologies, ServiceCentral Technologies, International Business Machines (IBM) Corporation, Oracle Corporation, Pegasystems, Inc, PTC Incorporated, Astea International, Inc, MSX International, After Inc and among others.
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