Market Size – USD 5.93 Billion in 2018, Market Growth – CAGR of 18.8%, Market Trends – Cloud-based deployment of customer self-service.
The global customer self-service market is forecast to reach USD 23.51 Billion by 2026, according to a new report by Reports and Data. Customer self-service software offers access to the information needed by a client without depending on a customer representative. Various organizations use it to increase their reach to the clients and give them the support they needed. It also enables the client to take the quickest service across various channels of information. It is broadly used in customer relationship management and employee relationship management. Furthermore, it helps to increase the revenue of the company by chopping down the major costs and expenses. The market for Customer self-service software is influenced by the rising BFSI industry.
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The above-mentioned factors create opportunities for market growth while factors such as low adoption of CSS technologies among organizations, and less awareness among customers pose limitations in the market. However, each factor would have a definite impact on the market during the forecast period. Consistent advancements in the customer self-service software market owing to innovative efforts have enhanced the efficiency of customer self-service.
The Asia Pacific region is anticipated to have the highest growth during the forecast period. This is due to the adaptation of customer self-service solutions across various organizations in the region in order to fulfill the need for a dynamic customer base.
Further key findings from the report suggest
- The web self-service segment held a market share of 34.5% in the year 2018. It is used as a computerized support mechanism by many companies, which enables the clients and representatives in the companies to self-assist themselves by giving access to information and perform routine assignments over the web.
- The professional service segment is forecasted to grow with a higher CAGR of 19.2% during the forecast period. Professional services constitute services such as planning, designing, and integration, deployment, implementation, consulting, and training and support services which are vital for effective implementation and backing of customer self-service platform or solution.
- By deployment type, the cloud-based segment held a larger market share of 58.9% during the forecast period. The major advantage of deploying cloud-based solutions is that they reduce in house storage costs that are caused due to on-premise arrangements, which would require a large number of servers to store and process the information required for analysis.
- The Banking, Financial Services, and Insurance (BFSI) industry held the largest market share of 34.1% in the year 2018. The growth in fin-tech startups, combined with the digital customer mindset, has progressively added to the digitalization of banking systems over the world.
- Key participants Oracle Corporation, Salesforce.Com Inc., SAP SE, Nuance Communications Inc., BMC Software Inc., Microsoft Corporation, Verint Systems Inc., Avaya, Inc., Aspect Software Inc., and Zendesk, Inc. among others.
For the purpose of this report, Reports and Data have segmented into the global Customer Self-Service Software market on the basis of solution, service, deployment type, end-use industries, and region:
Solution Outlook (Revenue, USD Billion; 2016-2026)
- Web Self-Service
- Mobile self-service
- Intelligent virtual assistants
- Social media & community self-service
Service Outlook (Revenue, USD Billion; 2016-2026)
- Professional Services
- Managed services
Deployment Type Outlook (Revenue, USD Billion; 2016-2026)
End-use Industry Outlook (Revenue, USD Billion; 2016-2026)
- Banking, financial Services, and Insurance (BFSI)
- It & telecommunication
- Healthcare & life sciences
Regional Outlook (Revenue, USD Billion; 2016-2026)
- North America
- Asia Pacific
- Latin America
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/customer-self-service-software-market
The research report answers the following key questions:
- What is the growth rate of the market during the forecast period between 2019 to 2026?
- What are the crucial drivers and restraints that will impact the Customer Self-Service Software market in the future?
- What is the market size and share speculated to be in the forecast period?
- Who are the key industry players and which executive strategies will they employ that can substantially impact the growth of the Customer Self-Service Software market globally?
- What are the most notable trends observed in the historical data that can be expected to influence the CAGR of the Customer Self-Service Software market?
- What are the predictions for the Customer Self-Service Software industry in the forecast period based on the detailed analysis of its critical aspects?
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