Europe Warranty Management System Market Size

Europe Warranty Management System Market Analysis

The Europe Warranty Management System Market size is estimated at USD 1.47 billion in 2024, and is expected to reach USD 2.72 billion by 2029, growing at a CAGR of 13.07% during the forecast period (2024-2029).

• A crucial part of every service business is warranty management. The capacity to view, access, and automatically track client asset warranty coverage and data is critical. With warranty management, companies may be protected by loss of sales and customer displeasure.
• The warranty management system enables service businesses to design, administer, track, and process warranties, claims, and assets by automating warranty claim handling and installed base asset tracking. Innovative warranty management systems (WMS) are linked with AI and machine learning capabilities to guarantee customer satisfaction, driving the European market.
• The automobile sector's management of warranties is complex because the abundance of data, which spans the entire process from suppliers to dealers to final consumers, increases the probability of errors at different levels. Although each dealer and manufacturer has unique procedures for handling warranty claims and data, the traditional systems frequently do not produce reliable or consistent results, fuelling the adoption of warranty management systems in Europe, supported by the region's industrial development in automating.
• The warranty management system improves the accuracy and quality of warranty information by validating all privilege features using broad business rules and immediately incorporating information streams from diagnostic and mobile devices into warranty claim forms. The application handles the authorization of returns, tracking of returns, and creation of RGA/RMA or approvals for returns of material. By managing supplier warranties for parts and components, the warranty tracker enables suppliers and manufacturers to work together to cut warranty costs, fueling market adoption.
• However, due to the increasing competition and the increase in the Price sensitivity in the European warranty management system, providers are limiting the market growth because end users could compromise service features over price while choosing the warranty management system for their business due to the high price sensitivity in the market. Additionally, inaccurate diagnosis, excessive maintenance, fraud, and overcharging resulting from a lack of understanding of the warranty and repair procedure hamper the market growth rate during the forecast period.
• With the COVID-19 pandemic, the shift toward automated technologies has been significant across the region. Considerable advantages like enhanced productivity, data reliability, enhanced claim data validity, quality, etc., are luring customers into adopting automated warranty management systems with AI and ML, contributing to the market's growth rate.