Leveraging Advanced Technologies Such as Artificial Intelligence (AI), Blockchain, Machine Learning is Anticipated to Boost the North America Warranty Management Market During the Forecast Period 2020-2025. North America Warranty Management market is analysed to grow at a CAGR of 8.3% during the forecast period 2021-2026 to reach $1155.8 Million by 2026.
With the increasing warranty claim processing issues, organizations or enterprises lose thousands of dollars in revenue leakage every year. This has been resulted as a major factor which drives the demand for warranty management system in North America. Moreover, with the emergence of newer technologies and rising competition in the automotive and manufacturing industries, the requirement to automate warranty claim management processes has increased significantly and this is set to push the market growth. Warranty management solutions, through the automation of warranty claim handling and installed base asset tracking, primarily enable service organizations in order to create, administrating campaigns, track, product registrations, contract management, warranty and contract tracking, part return and supplier cost recovery, and process warranties, claims, and assets throughout their lifecycles. With the convergence of analytics and warranty intelligence, the market has a huge opportunity to grow during the forecast period.
The warranty management software assists 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. The adoption of blockchain technology for warranty management is trending in the insurance sector. It has the potential to streamline the industry by securing supply chains and providing track-and-trace capabilities for products under warranty. Blockchain-enabled warranty software offers 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.
North America holds a major share of North America Warranty Management market owing to presence of some of the prominent market vendors, namely Tavant Technologies, Service Central Technologies, International Business Machines (IBM) Corporation, Oracle Corporation, Pegasystems, Inc and others. And thus, there is rising demand for cloud-based warranty management software in the region. Factors such as competitive manufacturing industry, need of strategic differentiators in the market, large domestic demand, and focus on improving customer relationships, improved cash flow, and reduction in claims cost have led the development of warranty management solutions in North America. Furthermore, increase in investments in electric vehicles due to stringent regulations drive the North America warranty management market in the future.
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North America Warranty Management Market Growth Drivers:
Adoption of Warranty Management in North America in the Cloud Deployment
Deployment of warranty management system on the cloud offers a high intensity of scalability, flexibility, and sharing capabilities with defined authority. The players in the North America are leveraging this opportunity in order to penetrate the warranty management market further. Adoption of connected or smart devices and sensors that comprise the Internet of Things (IoT), and the amounts of metadata generated by different machine-to-machine (M2M) communications networks offer manufacturers a new level of insight needed to intelligently update the warranty claims process and deliver a seamless customer experience. With advancements in the global manufacturing sector with Industry 4.0 and concepts, such as the Industrial Internet of Things (IIoT), the service providers have a massive opportunity to expand their business over the forecast period. The convergence of various technologies in the manufacturing sector, such as predictive analytics, Big Data, cloud computing, digital twin, and smart factories, may also drive the adoption of cloud-based warranty management systems. Companies are preferring to migrate their data to the cloud, and industry players are offering cloud-based solutions, which set to boost the market growth over the forecast period.
Adoption of advanced technologies
Adoption of advanced technologies such as artificial intelligence, machine learning is set to drive the warranty management market growth in North America. Next generation warranty management systems (WMS) are integrated with artificial intelligence (AI) and machine learning (ML) capabilities in order to ensure customer satisfaction. For instance, U.S. based software company Tavant Technologies has been promoting its end-to-end warranty management system that helps organizations in reducing warranty costs and improving aftermarket experience. End user industries can create a dynamic framework with the assistance 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. Therefore, AI and ML innovations in warranty lifecycle management solutions is set to propel the market growth.
In 2020, MSX International has planned to invest in artificial intelligence (AI) for the application of warranty management in automotive and other industries. The company has planned to increase its revenue by investing in R&D expenditure of advanced technologies.
The Major Players in this Market Include
The major companies in the North America Warranty Management market include Tavant Technologies, Service Central Technologies, International Business Machines (IBM) Corporation, Oracle Corporation, Pegasystems, Inc, PTC Incorporated, Astea International, Inc, MSX International, After Inc and among others.
In June 2020, IBM had partnered with SAP SE in order to develop multiple new offerings that are designed to create a more predictable journey for businesses to become data driven intelligent enterprises.
In July 2020, IBM had made agreement with EY in order to assist organizations in accelerating their digital transformation and improve client outcomes, that includes leveraging the hybrid cloud capabilities of IBM Blockchain, IBM Watson, and IBM's 5G and edge technologies and others. This kind of agreements drive the North America warranty management companies market share.
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