The customer self-service software market was valued at USD 7.20 billion in 2019, and it is expected to register a CAGR of 20.94% during the forecast period (2020 - 2025), to reach USD 21.91 billion by 2025. As customers expect faster services and access through multiple channels like the Internet and mobile phones, many companies have adopted self-service portals as a means to deliver instant information to users on multiple channels.
- The customer servicing involves queuing and routing technologies, customer relationship management (CRM) technologies, and workforce optimization technologies, the market for these services are mature, leading to vendors within each category looking to offer end-to-end solutions from each of these three software categories.
- Moreover, with companies outsourcing their customer services to multiple contact centers, the dependence on the human interface and high costs have augmented the burden on expenditures, while the quality of customer service has continued to drop. Thus, owing to the above-mentioned factors, coupled with the need to avoid excessive costs and reduce the customer churn rate, companies are striving to adopt CSS software.
- BFS industry is expected to be one of the biggest beneficiaries of these solutions, as the growth in Fintech startups, coupled with the digital customer mindset has increasingly contributed to the digitalization of banking systems across the world. Moreover, the most notable aspect of it is the incorporation of self-service, which is emerging as a new way of managing finances, connecting with financial institutions, among various others.
- The risks of theft, fraud, and losing a touch-point with the customer at the POS are expected to challenge the deployment of self-service solutions in the retail industry.
Scope of the Report
Customer self-service (CSS) software enable users to secure answers to their inquiries, through an automated interview, instead of traditional search approaches. The software also allows companies to address customer support needs in an on-demand fashion. Self-service solutions have evolved into a user-centric platform approach, which enables an anywhere anytime access model with data integration from multiple sources supported through an open architecture. The scope of the market covers the solutions and services offered by various vendors of the market.
Key Market Trends
Cloud Based Deployment to Hold a Major Share of the Customer Self-Service Software Market
- The main advantage of deploying cloud-based solutions is the shift of the cost and burden of on-premise software to the hosting provider/vendor, leveraging the hardware and networks from the vendor’s economies of scale.
- Further, these solutions also reduce in-house storage costs that are incurred due to on-premise solutions which would require a large number of data centers to store and process the data required for analysis.
- This is particularly advantageous to small organizations that can gain a competitive edge using the latest search, analytics, or review software without the difficulties of supporting it, while eliminating the middleman, thus achieving cost reduction without sacrificing defensibility. All these factors have been instrumental in driving the adoption of cloud-based CSS software.
- According to Cisco, the global cloud traffic growth is increasing since 2015 from 3.5 zettabytes to 14.1 zettabytes expected in 2020. The major reason is the rapid cloud deployment across the globe which will lead to 92 % of the traffic will be handled by cloud account only.
- Moreover, depending upon the need of the businesses, the organization can deploy from public, private hybrid & community cloud which all have different features catering to different needs.
North America Contributes to Maximum Market Share
- North America is the largest market share and dominates the customer self-service software market due to the rising social media penetration, presence of the significant self-service software vendors, and higher cloud-based deployment of self-service solutions.
- The increasing penetration of web self-service solutions and mobile among consumers is also estimated to encourage the growth of the North America market in the next few years. Also, the presence of several leading customer self-service software players is anticipated to supplement the development of the market.
The customer self-service software market is fragmented due to the rise in self-service like ATMs, Kiosk, Vending machine the need for the software is also increasing that makes the market attractive for many companies to enter with their product offering. Moreover, many players are offering many solutions catering to the need of the consumers. Some of the key players in the market are Oracle Corporation, Salesforce.Com Inc., SAP SE, Microsoft Corporation, BMC Software Inc., Verint Systems, Inc., among others.
- May 2019 - Salesforce, the global leader in CRM, announced Einstein Analytics for Financial Services, a customizable analytics solution that provides AI-augmented business intelligence for wealth advisors, retail bankers, and managers. Banks and wealth management institutions are facing a rapidly changing industry landscape, as new fintech entrants and consumer technologies are simplifying how people save and invest their money. Customers now expect the majority of their financial transactions to be digital but are also demanding smart, high-touch experiences with their advisors when needed.
- January 2019 - SAP SE completed its acquisition of Qualtrics International Inc. Qualtrics is the global pioneer of the experience management (XM) software category that enables organizations to thrive in today’s experience economy. SAP AND Qulatrics will offer businesses the means to deliver exceptional customer, employee, product and brand experiences.
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