Customer self-service software market size is expected to reach USD 23.51 billion at a CAGR of 18.8%, by 2026
Customer self-service software market size – USD 5.93 billion in 2018, market growth – CAGR of 18.8%, trends – Cloud-based deployment of customer self-service.
NEW YORK, NY, USA, May 12, 2022 /EINPresswire.com/ — The growing availability of various customer service touchpoints is propelling the growth of the market.
The Global Customer Self-Service Software Market is expected to reach $23.51 billion by 2026, according to a new report from Reports and Data. Customer self-service software provides access to the information a customer needs without depending on a customer representative. Various organizations use it to increase their reach to customers and give them the support they needed. It also allows the customer to take the fastest service through various information channels. It is widely used in customer relationship management and employee relationship management. Moreover, it helps to increase the revenue of the business by reducing major costs and expenses. The customer self-service software market is influenced by the rise of the BFSI industry.
The factors mentioned above create opportunities for market growth while factors such as low adoption of CSS technologies by organizations and less awareness among customers pose limitations in the market. However, each factor would have a definite impact on the market over the forecast period. Steady progress in the customer self-service software market through innovative efforts has improved the efficiency of customer self-service.
The Asia-Pacific region is expected to witness the highest growth during the forecast period. This is due to the adaptation of customer self-service solutions in various organizations in the region to meet the need of a dynamic customer base.
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Other key findings from the report suggest
• The web-based self-service segment held a 34.5% market share in 2018. It is used as a computer-based support mechanism by many businesses, allowing customers and business representatives to self-help providing access to information. and perform routine web tasks.
• The professional services segment is expected to grow with a higher CAGR of 19.2% during the forecast period. Professional Services are services such as planning, design and integration, deployment, implementation, consulting, training and support services that are essential for effective implementation and support of platform or customer self-service solution.
• By type of deployment, the cloud-based segment held a larger market share of 58.9% during the forecast period. The main advantage of deploying cloud-based solutions is that they reduce internal storage costs due to on-premises arrangements, which would require a large number of servers to store and process the information needed for analysis.
• The banking, financial services and insurance (BFSI) sector held the largest market share of 34.1% in 2018. The growth of fintech startups, combined with the customer mindset digital, has gradually added to the digitization of banking systems in the world.
• Major 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 .
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For the purposes of this report, the reports and data have been 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-based self-service
• Mobile self-service
• Smart virtual assistants
• Social media and community self-service
Service Outlook (Revenue, USD Billion; 2016-2026)
• Professional services
• Managed Services
Deployment Type Outlook (Revenue, USD Billion; 2016-2026)
• On the site
End-Use Industry Outlook (Revenue, USD Billion; 2016-2026)
• Banking, financial services and insurance (BFSI)
• IT and telecommunications
• Health and life sciences
Regional Outlook (Revenue, USD Billion; 2016-2026)
• North America
• Asia Pacific
• Latin America
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