Warranty Management Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 -2022
Albany, NY -- (SBWIRE) -- 12/10/2015 -- A research study on the global warranty management systems market has been recently published by Transparency Market Research (TMR), estimating the market to rise at a CAGR of 12.80% between 2014 and 2022 and reach US$30.8 bn by the end of the forecast period.The report, titled "Warranty Management Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2022", states that the global warranty management systems market had reached a value of US$10.5 bn in 2013.
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The global warranty management systems market has been analyzed on the basis of solutions, application, and regional distribution in this market study. Based on solution, the market is classified into software and services. The services segment leads the global market on account of the rising demand from OEMs. In 2013, the market segment accounted for around 79% of the global market. Analysts project it to maintain its dominance over the forecast period.
The warranty management systems software segment is also expected to report healthy growth in the near future. Improvements in the logistic infrastructure for the Internet, coupled with the increasing number of Internet providers working on the advancement of broadband networks, are likely to add to the growth of this segment, reports the study.
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By application, the report segments the global market for warranty management systems into the markets for industrial equipment, automotive, heavy machinery and equipment, defense and aerospace, HVAC, food and beverages, communication equipment, healthcare, furniture, office equipment, and apparel. The healthcare segment dominates the global market at present. It occupied a share of 21% in the overall market in 2013 and is projected to retain its leadership over the forecast period, as per the report.
The global market for warranty management systems is spread across Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa, states the research report. Among these, North America has emerged as the leading regional market. In 2013, the warranty management systems market in North America occupied almost 38% of the market across the globe. The increasing expenditure on warranty management systems in order to improve the quality of the products to meet consumers' demand is attributed to the growth of the North America market for warranty management systems.
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Further, the report says that the Asia Pacific market for warranty management systems is likely to grow at a faster rate over the forecast period on account of the increasing demand for warranty management systems from various end users. With the rising number of production units of warranty management systems in Asia Pacific, this regional market is projected to rise at a CAGR of 16.50% during the forecast period.
The major participants in the global market for warranty management systems are Oracle Corp., SAP SE, Tavant Technologies Inc., Zafire Ltd., Pegasystems Inc., Astea Int. Inc., PTC Inc., Snap-On Business Solutions Inc., and Simply Warranty, notes the market study.
The global warranty management systems market is segmented into:
Cloud based solutions
System integration and consulting
Business process outsourcing (BPO)
Heavy Machinery and Equipment
Aerospace and Defense
Food and Beverages
Others (office equipment, furniture, and apparel)
About Transparency Market Research (TMR)
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR's data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.