What is Warranty Management Software Market?
Manufacturers utilize warranty management software to handle all of the bookkeeping and process management connected with their goods' warranties. Inspections, claims, returns, and registration are examples of requests. This includes requests such as inspections, claims, returns, and registration. Companies can handle all processes related to warranties from a singular solution, consolidating all relevant information and improving customer satisfaction. The New Zealand warranty management software market is expected to grow at a healthy pace during the forecast period, according to the AMA study. The increasing warranty expenditure and the growing demand for automation across different sectors are expected to be some of the major factors aiding the growth of the market. However, the market is expected to witness a decline in growth during FY 2020 but it is again expected to rise at a healthy pace after the COVID-19 pandemic is over.
The market study is being classified, by Application (Contract Management, Eligibility Verification, Policy Management, Product Registration, Repair Management, Return Management, Service Management, Warranty Tracking and Others) and major geographies with country level break-up.
Astea International Inc (United States), Brill App Software and Solutions Pvt Ltd (India), FieldEZ Technologies Inc. (India), IBM (United States), Infosys (India), IFS AB (Sweden), Oracle (United States), Pegasystems (United States), PTC Inc. (United States), SAP SE (Germany), Tavant Technologies (United States), Tech Mahindra (India) and Wipro Technologies Limited (India) are some of the key players profiled in the study.
The vendors in this market are majorly focusing on developing innovative products and solutions in order to cater to the market's demands to remain competitive in the global market. According to the recent global industry crisis due to the outbreak of COVID-19 is expected to be one of the major challenges for the vendors of this market as the production and markets of different industries have been shut down for an ambiguous period of time.
Segment Analysis
Analyst at AMA have segmented the market study of Global Warranty Management Software market by Type, Application and Region.
On the basis of geography, the market of Warranty Management Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Rising Demand for Automation Different Industries
- Increasing Competition Across Different Industry Verticals
Market Trend
- Implementation of AI in Warranty Management Software
Restraints
- Availability of Open Source Platforms
Opportunities
- Opportunities in the Asia Pacific Region Propelled by Increasing Competition Across the Manufacturing Sector
Challenges
- Lack of Awareness Among End Users
Stringent Government Regulations Regarding Shutting Down of Operations Across Different Industries Worldwide Due to the COVID-19 Pandemic is Impacting the Demand for Warranty Management Software
Analyst Comment
Since the COVID-19 virus outbreak in December 2019, the disease has spread to more than 200 countries across the world along with the World Health Organization declaring it a public health emergency. The impact of the COVID-19 has already hit many industries and will affect the New Zealand warranty management software market in FY 2020. The outbreak of COVID-19 has brought effects on many aspects, like scheduled public transportation cancellations; downfall in the real estate sector; travel bans and quarantines; closed operations across hotels & restaurants; banning of public gatherings & events; large slow-down in the supply chain of different markets; stock market unpredictability; declining business assurance, and uncertainty in the future market dynamics.