The Customer Service Software Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Customer Service Software Global Market Report 2024, The customer service software market size has grown rapidly in recent years. It will grow from $7.92 billion in 2023 to $9.48 billion in 2024 at a compound annual growth rate (CAGR) of 19.8%. The growth in the historic period can be attributed to rise of e-commerce and online businesses, growing customer expectations, globalization and business expansion, integration with corm systems, increasing complexity of customer inquiries.
The customer service software market size is expected to see rapid growth in the next few years. It will grow to $18.64 billion in 2028 at a compound annual growth rate (CAGR) of 18.4%. The growth in the forecast period can be attributed to increasing adoption of AI and automation, data analytics for customer insights, emphasis on omnichannel customer experience, focus on proactive customer service, cybersecurity considerations. Major trends in the forecast period include advancements in technology, AI-powered automation, omnichannel support, personalization and customer insights, self-service portals.
The growing importance of customer experience is driving the customer service software market. Customer experience refers to the overall perception used to describe how a customer feels about all the ways they interact with a business or brand. Customer service software can be very useful in improving customer experiences as it helps companies improve communication and enhance customer engagement processes. It can also help businesses collect feedback from customers, allowing them to make data-driven decisions about how to improve the customer experience and develop unique strategies for their business. For instance, in June 2022, according to a survey conducted by Verint Systems, a US-based customer engagement solutions company, more than 2,000 people participated in this survey, ranging in age from 18 to 75. 39 percent of the respondents agreed that they would tell their friends and family not to purchase goods from a company if they had a bad customer experience with that brand and 64 percent of the respondents had already stopped doing business with such companies. 79 percent of the respondents under the age of 45 agreed that it was very important to have a good experience on digital platforms. Therefore, the growing importance of customer experience is driving the customer service software market forward.
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The customer service software market covered in this report is segmented –
1) By Component: Software, Services
2) By Deployment Type: Cloud-Based, On-Premise
3) By Application: Large Enterprises, Small And Medium-Sized Enterprises (SMEs)
4) By End-User: Government, Manufacturing, Financial, Internet And Telecom, Other End-Users
Major companies operating in the customer service software market are focusing on developing innovative solutions, such as software solutions and services on demand. An software solutions and services on demand involves providing customizable and flexible software solutions and services that can be accessed and utilized as needed by clients. For instance, in September 2023, Valeo, a France-based company that supplies automotive products and services to automakers and the aftermarket, launched Valeo anSWer, a new offer of software as a product and as a service that includes best-in-class applications, middleware, and services for customers. This includes an open, scalable, and modular offer comprising best-in-class applications, middleware, and services for all mobility players, with a focus on innovation in automotive software and tailored support for OEMs. Its significance in the customer service software market lies in addressing the evolving automotive industry's software demands, providing best-in-class applications, middleware, and support services, thus contributing to the advancement of customer service software in the automotive sector.
The customer service software market report table of contents includes:
- Executive Summary
- Customer Service Software Market Characteristics
- Customer Service Software Market Trends And Strategies
- Customer Service Software Market - Macro Economic Scenario
- Global Customer Service Software Market Size and Growth
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- Global Customer Service Software Market Competitive Benchmarking
- Global Customer Service Software Market Competitive Dashboard
- Key Mergers And Acquisitions In Customer Service Software Market
- Customer Service Software Market Future Outlook and Potential Analysis
- Appendix
Top Major Players :
- Oracle Corporation
- SAP SE
- Salesforce Inc.
- ai
- Atlassian Corporation
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People are four times more likely to buy from brands that are referred to them by someone they know.But, what compels people to refer brands to others?Excellent customer support!And what is an essential part of delivering excellent customer support?
The only way to a customer’s heart is by setting up an adept team that provides them a top-notch service and goes the extra mile to solve their queries.Support managers usually find themselves in a pickle to maintain this agent productivity.
This also helps businesses maintain their overall brand image.Do you want to increase your team’s productivity without jeopardizing the quality of support?
Not Multitasking: Focus on One Thing at a TimeEveryone thinks that they can be more productive if they multitask.
Everyone likes to think that they can handle two support queries, a team conference call, and check their mails, all while drinking a cup of coffee.The same goes for support agents as well as managers.
This will also free up your agents’ time so that they can work on more complex tasks.Agents can easily create articles from cases that they encounter frequently.
According to research report "Customer Self-Service Software Market by Solution (Web Self-Service, Mobile Self-Service, Intelligent Virtual Assistants, and Social Media and Community Self-Service), Service, Deployment Type, Vertical, and Region - Global Forecast to 2021", The customer self-service (CSS) software market size is expected to grow from USD 4.33 Billion in 2016 to USD 9.38 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 16.7% during the forecast period.
The peer-to-peer support community software helps in engaging, supporting, and managing the online customer community by identifying their issues and resolving them instantly.Professional Services is expected to hold major market share during the forecast periodProfessional services commands the major share of the customer self-service software services.
Professional services comprise services such as planning, designing, and integration, implementation, deployment, consulting, and training and support services necessary for successful implementation and support of customer self-service platform or solution.
Since the concept of customer self-service is still gaining traction and is in implementation phase, thus the professional services commands the bulk of the market share.North America contributes the maximum market share in the customer self-service software marketNorth America is expected to hold the largest market share and dominate the customer self-service software market in 2016, due to the increased social media penetration, presence of almost all the major self-service software vendors, and higher cloud-based deployment of self-service solutions.
APAC is estimated to grow at the highest rate during the forecast period as the organizations in this region are rapidly adopting mobile self-service solutions to meet the demands of the dynamic customer base.
Better economic growth, young population, and cloud-based solutions for SMEs, are other factors responsible for the rapid growth of customer self-service software market in this region.Speak to Our Expert Analyst: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=212836723 The major vendors covered in the customer self-service software market for the study are Microsoft Corporation, Nuance Communications, Inc., Oracle Corporation, SAP SE, Salesforce.com, Inc., Aspect Software, Avaya, Inc., BMC Software, Verint Systems, Inc., and Zendesk, Inc.About MarketsandMarketsMarketsandMarkets is the largest market research firm worldwide in terms of annually published premium market research reports.
