Warranty Management System Market worth USD 3.4 Billion by 2020

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MarketsandMarkets Presents
Warranty Management System Market worth USD
3.4 Billion by 2020 https//www.marketsandmarkets
.com/Market-Reports/warranty-management-system-mar
ket-121693448.html
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According to new market research report
 "Warranty Management System Market by Types
(Claim Transaction Management, Warranty
Analytics, Billing Administration Management,
Warranty Tracking) by Deployment (On Premise,
Cloud), by Verticals, by Regions - Global
Forecast to 2020", The market for warranty
management system is expected to reach USD 1.7
Billion in 2015 and is projected to reach 3.4
Billion by 2020, at a Compound Annual Growth Rate
(CAGR) of 14.4 from 2015 to 2020.
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Browse 82 market data tables with 49 figures
across 138 pages and in-depth TOC on Warranty
Management System Market - Global Forecast to
2020" https//www.marketsandmarkets.com/Market-
Reports/warranty-management-system-market-12169344
8.html Early buyers will receive 10
customization on this report .
 
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Warranty Management System
Market  Revenue leakage due to the use of paper
documents, unstructured files, and singular
systems are likely to drive the warranty
management system market On the basis of
software, the warranty management system market
is segmented into claim management, service
contract, warranty intelligence, and
administrative management software. Each year,
organizations involved in customer contracts and
service agreements face revenue leakages,
primarily due to the use of paper documents,
unstructured files, and singular systems.
Installation of service contract software helps
these organizations save millions of dollars each
year, making it the highest revenue generating
software in the warranty management system
market. Additionally, warranty management
software solutions help in identifying the root
cause of product failure and automate lengthy
claims processing. These are some of the factors
driving the software market for warranty
management software.

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Asia-Pacific is expected to be the
fastest-growing region during the forecast
period For exhaustive geographic analysis, the
warranty management system market is segmented
into regions of North America, Europe,
Asia-Pacific, Latin America, and Middle-East
Africa. North America is estimated to grow from
USD 858.2 Million in 2015 to USD 1,576.5 Million
by 2020, at a CAGR of 12.9 from 2015 to 2020.
The major push factors include a quick adoption
of all the new and emerging technologies and
strong financial position of the region.
Asia-Pacific is the fastest-growing region owing
to the substantial growth of manufacturing
industries, improved cash flow, large domestic
demand, and need for strategic differentiators in
the market.
 
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The major market players include IBM
Corporation, Oracle Corporation, SAP SE, Astea
International, Inc., Tech Mahindra Limited, Wipro
Limited, Tavant Technologies Incorporated,
Pegasystems, Inc., PTC Incorporated, and Infosys
Limited. Due to the accelerated growth of the
warranty market start-ups are getting
opportunities of venture funding from investors
all around the world. Companies such as
ServiceMax (U.S.), Coupa Software (U.S.),
Samanage (U.S.), Selectica (U.S.), Warrantly
(U.S.) and SpiceWorks (U.S.) are some of the
companies that have received multi-level venture
funding. The scope of the report covers detailed
information regarding the major factors
influencing the growth of the security analytics
market such as drivers, restraints, challenges
and opportunities. A detailed analysis of the key
industry players has been done to provide
insights into their business overview, products
and services, key strategies, new product
launches, mergers acquisitions, partnerships,
agreements, collaborations and recent
developments associated with the warranty
management systems market.

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The warranty management software solutions
effectively automate the warranty management
process which includes warranty coverage,
administrating campaigns and product
registrations, contract management, warranty and
contract tracking, part return and supplier cost
recovery. The service contract software segment
is expected to hold the largest market share and
dominate the market from 2015 to 2020. The main
driver encouraging organizations to install
service contract are the revenue leakages due to
the use of paper documents, unstructured files,
and singular systems. Warranty intelligence
software is expected to grow at the highest rate
in the warranty management system market during
the forecast period. The software helps to track
error patterns and project accurate warranty
trends, thereby saving 2-3 of the claims cost
that the company spends in claims settlements.
Claim management software is also one of the
software solutions holding a major market share,
as it develops a seamless claim processing
infrastructure, which automates the process of
claim processing and reduces duplication and
fraud.

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