Warranty Management System Market Key Market Opportunities In the To 2020–2030
Vendors Establish Coronavirus Response with Remote Working Resources to Ensure Business Continuity
Companies in the warranty management system market are fulfilling business continuity plans amidst the COVID-19 (coronavirus) outbreak. They are maintaining operational readiness to address challenges created by the pandemic. In order to ensure employee and partner safety, companies in the warranty management system market are adhering to guidelines issued by local governments and health organizations to successfully contain the spread of the coronavirus.
Seamless and robust remote working environments are being established for employees to ensure secure collaboration between teams. Companies are adopting tools and resources that facilitate remote working so that employees can address the issues and requests of their partners and customers. They are establishing a highly distributed workforce to deliver the highest level of support and services to partners. Employees are closely monitoring all logged calls and support requests from its customers, while working remotely amidst the coronavirus pandemic.
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AI and ML Warranty Intelligence Deploys Actionable Insights for Product Improvement
Next-gen warranty management systems (WMS) are integrated with artificial intelligence (AI) and machine learning (ML) capabilities to ensure customer satisfaction. For instance, California-based software company Tavant Technologies is promoting its end-to-end warranty management system that helps organizations reduce warranty costs and improve aftermarket experience. Thus, AI and ML innovations in warranty lifecycle management solutions are contributing toward a robust CAGR of ~13% for the market during the assessment period.
AI and ML deliver actionable insights about a product’s warranty lifecycle. Vendors in the warranty management system market are increasing efforts to provide customized warranty solutions to end users by feeding key intelligence outputs back into the supply chain. End users are able to create a dynamic framework with the help of the warranty lifecycle management software that deploy continuous improvements in products. Software developers are focusing on robust data management is an important aspect for continuous improvements in products.
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Data Science Helps Deliver Accuracy in Claims Made in Automotive OEM Sector
Intelligent warranty management systems are witnessing high demand in the market landscape. Hence, MSX International— a provider of technology-enabled business process outsourcing (BPO) services to OEMs has identified pain points of automotive companies and harnessed the advantages of AI to reinvent the warranty management software. It has been found that automotive companies spend several billion dollars on warranty claims most of which are misdiagnosed or fraudulent. Hence, vendors in the warranty management system market are using AI to deploy accuracy and transparency in warranty claims by customers.
The warranty management system market is projected to climb a revenue of US$ 11.1 Bn by 2030 from US$ 3.2 Bn in 2020. The increased output of manufacturing industries in countries of Asia Pacific, such as China and India, are contributing toward exponential market growth. For instance, an Indian multinational technology company Tech Mahindra has adopted an integrated warranty management system provided by the U.S. software company Pegasystems Inc. to improve productivity in the company and increase profitability. Thus, manufacturing industries are able to eliminate time-consuming manual efforts associated with warranty management, and deploy integration among OEM warranty systems and dealer management systems.
Companies in the warranty management system market are helping manufacturing companies replace outdated legacy systems with integrated warranty management solutions to effectively collaborate with OEMs. Warranty management systems help to deal with significant fluctuations in inventory levels.
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