PUBLISHER: The Business Research Company | PRODUCT CODE: 1425369
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425369
Customer Self-Service Software Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on customer self-service software market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for customer self-service software? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The customer self-service software market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Customer self-service software comprises a set of instructions or programs designed to enable customer-initiated technology, allowing customers to access information about a product or service without direct involvement from a support agent. This software assists clients in finding solutions independently.
The primary offerings in customer self-service software are solutions and services. Cloud solutions involve pay-for-use software provided by a third party to collect, store, and manage data on behalf of organizations. The deployment options include cloud-based and on-premise solutions. Various end-users, such as BFSI, healthcare, retail, government, IT, telecommunications, and others, benefit from customer self-service software.
The customer self-service software market research report is one of a series of new reports from The Business Research Company that provides customer self-service software market statistics, including customer self-service software industry global market size, regional shares, competitors with a customer self-service software market share, detailed customer self-service software market segments, market trends and opportunities, and any further data you may need to thrive in the customer self-service software industry. This anomaly detection market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The customer self-service software market size has grown exponentially in recent years. It will grow from $15.53 billion in 2023 to $18.64 billion in 2024 at a compound annual growth rate (CAGR) of 20.0%. The growth observed in the historical period can be attributed to efforts in cost reduction and efficiency, the escalation of customer expectations, accessibility through mobile and online platforms, continuous availability 24/7, scalability to accommodate growing businesses, and the improvement of overall customer experience.
The customer self-service software market size is expected to see exponential growth in the next few years. It will grow to $40.55 billion in 2028 at a compound annual growth rate (CAGR) of 21.4%. The anticipated growth in the forecast period can be attributed to the adoption of multichannel self-service, an increased focus on personalization and user context, advancements in voice and natural language processing technologies, a commitment to data security and privacy, and efforts in customer education and training. Major trends expected in this period include the rise of AI-powered self-service solutions, optimization of knowledge bases, the development of mobile self-service applications, the implementation of voice-activated self-service features, continuous improvement through customer feedback mechanisms, and increased integration with Customer Relationship Management (CRM) systems.
The expansion in the accessibility of customer service touchpoints is anticipated to drive the growth of the customer self-service software market. Customer service touchpoints encompass real-time interactions between consumers and an organization's representatives, website, application, or advertisement, aiming to enhance the customer's purchasing and problem-solving experience. Companies are increasingly adopting customer self-service software to meet customer expectations for instant problem resolution, bypassing the need to search the web or endure lengthy phone waits. In 2022, Emplify Inc. reported that around 52% of customers expect brands to respond within one hour, with 75% emphasizing the importance of a fully self-service customer care option. This trend underscores the significance of enhanced accessibility to customer service touchpoints, driving the growth of the customer self-service software market.
The growing prevalence of smartphones is poised to propel the customer self-service software market forward. Smartphones, characterized by advanced features and capabilities, integrate self-service software through dedicated mobile applications and mobile-optimized websites. These applications empower customers with a wide array of self-service options directly accessible from their smartphones. As of February 2023, Uswitch Limited reported a substantial increase in mobile connections in the UK, reaching 71.8 million, signifying a 3.8% growth over 2021. With the UK's population projected to reach 68.3 million by 2025, an estimated 95% of individuals, or around 65 million, are expected to own smartphones. This surge in smartphone usage is a key driver behind the escalating adoption of customer self-service software, fueling market growth.
The prevailing trend of technological advancement is gaining prominence in the customer self-service software market. Leading companies in the market are dedicating efforts to developing cutting-edge products, aiming to provide superior solutions and fortify their market position. In December 2021, Wolken Software, a US-based player in self-service customer software, unveiled Wolken Care, an advanced customer self-service tool integrating cloud computing and omnichannel technologies. Wolken Care empowers organizations across various sectors, including automotive, semiconductor, and manufacturing, by leveraging a cloud-native SaaS application. This solution enables enterprises to operate independently, eliminating the overhead costs associated with coding operations. Wolken Care strives to deliver top-notch, feature-rich service desks at reduced costs for both internal and external clients.
Major companies in the customer self-service software market are actively developing innovative solutions, such as generative AI-integrated solutions, to maintain their market standing. Generative AI integrated solutions leverage advanced algorithms to autonomously create dynamic and context-aware responses, enhancing the efficiency and personalization of customer interactions. In May 2023, Sprinklr, a US-based customer experience management software company, introduced a self-service version of its social media management service, Sprinklr Social. This solution, integrated with OpenAI's generative AI models, provides publishing, interaction, and reporting capabilities. It aims to assist business social media teams in producing better content faster and with fewer resources. The Sprinklr Social Advanced Plan offers comprehensive insights into customers, competitors, and the market through AI-powered social listening, converting unstructured data into actionable insights. Furthermore, it includes OpenAI GPT connectors, enhancing the productivity of social media teams.
In September 2021, Verint Systems, a US-based customer engagement company, acquired Conversocial Solutions for an undisclosed amount. This strategic acquisition is expected to enhance Verint Systems' capabilities in conversational artificial intelligence (AI) and redefine the customer experience in third-party messaging. Conversocial Solutions, the acquired company, is a US-based developer of conversational artificial intelligence-powered customer service solutions.
Major companies operating in the customer self-service software market report are Oracle Corporation, Salesforce.com Inc., SAP SE, Microsoft Corporation, BMC Software Inc., Verint Systems Inc., Zendesk Inc., Nuance Communications Inc., Zoho Corporation Private Limited, Avaya Holdings Corp., HappyFox Technologies LLP, Aspect Software Inc., Zappix Inc., Freshworks Inc., AnswerDash Inc., LogMeIn Inc., SolarWinds MSP UK Ltd., Moxie Software Solutions India Private Limited, Software Advice Inc., Creative Virtual Limited, eGain Corporation, Nanorep Technologies Ltd., SugarCRM Inc., Inbenta Holdings Inc., Aptean Asia-Pacific Ltd., HubSpot Inc., Pegasystems Inc., ServiceNow Inc., Genesys Telecommunications Laboratories Inc., Kustomer Inc., Helpshift Inc., UJET Inc., Ada Support Inc., HappyFox Inc., HelpCrunch Inc., Intercom Inc., Slovakian company.
North America was the largest region in the customer self-service software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the customer self-service software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the customer self-service software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The customer self-service software market includes revenues earned by entities by providing consultancy services, frequently asked questions, chatbot, online recorded discussion services, automated call center services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.