Market Research Report
Global Customer Self-service Software Market By Component, By Deployment Type, By End User, By Region, Industry Analysis and Forecast, 2020 - 2026
|Published by||KBV Research||Product code||978775|
|Published||Content info||351 Pages
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|Global Customer Self-service Software Market By Component, By Deployment Type, By End User, By Region, Industry Analysis and Forecast, 2020 - 2026|
|Published: December 15, 2020||Content info: 351 Pages||
The Global Customer Self-Service Software Market size is expected to reach $24.9 billion by 2026, rising at a market growth of 24.2% CAGR during the forecast period. Customer self-service software provides electronic support to consumers to access data and gets online solutions without having to interact with a service or customer representative. Several organizations use the customer self-service software to give 24*7 supports to their customers, employees, and visitors to access information. Substantially, customer self-service software let customers manage their own service experience. Customer self-service has innate abilities and assists customers to resolve issues rapidly on their own. It assists customers in achieving a feeling of achievement and pride when they come into contact with a company that utilizes customer self-service software.
The market of customer self-service software is anticipated to rise owing to growing need among the several companies for enhancing their overall customer satisfaction. Most of the companies are choosing the customer self-service software due to its various benefits. The majority of customers require solutions to their problems rapidly and commonly would rather find the solutions on the web instead of waiting on the phone. A company can attracts their customers with the assistance of self-service software and transform them into genuine customers who continue to utilize their software.
Moreover, communities and online product-based forums can be created by consumers. This is done to help one another to realize how to use products. Organizations can utilize the existing forums to the maximum advantage by creating self-service resources around the discussions in this kind of forums. There are ideal practices in deploying customer self-service software that empowers companies to get the highest benefits. The ideal practices include examining several customers to check what they truly want from a self-service initiative from the company. Besides, by consolidating the self-service software solution with the existing CRM, we can get updated & pertinent information.
Based on Component, the market is segmented into Solution and Services. Solution segment is further bifurcated across Web Self-service, Mobile Self-service, Intelligent Virtual Assistants, Social Media & Community Self-service, Email Management, and Others. Services segment is further segmented into Professional Services and Managed Services. The market was dominated by the web self-service segment in 2019 with a significant share of the market. The segment of social media and community self-service is expected to observe major development over the forecast period.
By Deployment Type
Based on Deployment Type, the market is segmented into Cloud and On-premise. In 2019, the market was dominated by the cloud segment with a major share of the market. Companies are concentrating on updating their customer engagement operations by deploying cloud-based architectures that can ease the data sharing across several functions. The segment of on-premise deployment is expected to observe significant development over the forecast period.
By End User
Based on End User, the market is segmented into BFSI, Retail & Consumer Goods, Government & Defense, Healthcare, Telecom & IT, Manufacturing and Others. In 2019, the market was dominated by the BFSI segment with a significant market share. While there are no signs of a reduction in fintech startups, customers are also slowly developing a digital mindset, which is adding majorly to the modernization of banking systems globally.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The customer self-service software market was dominated by North America in 2019 with a major market share. Big software vendors like Microsoft Corporation, Salesforce.com, Verint Systems, Inc, Avaya Inc, and Nuance Communications, Inc.
The major strategies followed by the market participants are Product Launches and Partnerships. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation is the major forerunner in the Customer Self-service Software Market. Companies such as Zendesk, Inc., Verint Systems, Inc., Nuance Communications, Inc., Aspect Software, Inc., Avaya Holdings Corporation, BMC Software, Inc., SAP SE, Salesforce.com, Inc., and Oracle Corporation are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Microsoft Corporation, Nuance Communications, Inc., Oracle Corporation, SAP SE, Salesforce.com, Inc., Avaya Holdings Corporation, Verint Systems, Inc., Zendesk, Inc., BMC Software, Inc. (KKR & Co., Inc.) and Aspect Software, Inc. (Vector Capital).
Recent strategies deployed in Customer Self-Service Software Market
Partnerships, Collaborations, and Agreements:
Dec-2020: Microsoft announced its partnership with Bankwest. The partnership aimed to design and build the appointment booking system and provide a complete set of natively integrated components such as portals, scheduling, workflow, calendaring, and reporting.
Nov-2020: Zendesk came into partnership with WhatsApp. This partnership expanded Zendesk's offerings in service-first CRM solutions, which provides companies with real-time support across messaging channels on the web, social, and mobile.
Sep-2020: Nuance came into a partnership agreement with Rakuten Mobile. The partnership added Nuance Intelligent Engagement AI Services to the Rakuten Communications Platform (RCP), which deliver Rakuten Group companies the ability to support Conversational AI Services, Engagement AI Services, and Nuance Mix Rapid AppDev Environment.
Aug-2020: Nuance expanded its partnership with Genesys. The partnership helped to bring an amazing range of innovations Genesys and Nuance to work together to deliver enterprises the infrastructure and solutions that future proof enterprise customer engagement investment.
Jul-2020: Salesforce partnered with Amazon Web Services (AWS). The partnership aimed to deliver Amazon Connect for pre-integrated, out of the box telephony so companies can digitize their call centers fast and offer flexible phone support from the home or office.
Jun-2020: Avaya collaborated with Mashreq. Under this collaboration, Mashreq has installed Avaya's automated customer care service solutions on its platform. It helped the bank's browser-based chat session took client queries to a virtual agent, validated customers, used native-language processing, and interface with the bank's backend systems.
Apr-2020: Zendesk collaborated with Finn AI. The collaboration provided banks to easily access a proven, out-of-the-box banking chatbot to offer digital self-service options.
Mar-2020: Microsoft collaborated with Enghouse Systems Limited for the Microsoft Teams Connected Contact Center certification program. It offers cloud and on-premise contact center options for Microsoft Teams For customers deploying Teams that provided Contact Center as a Service (CCaaS), and Enghouse Interactive Communications Center (CC) V11.0.
Feb-2020: Avaya came into collaboration with Afiniti. With this collaboration, Avaya AI Routing with Afiniti AiRo to add a new offering in the Avaya IX Contact Center portfolio that allowed companies of all sizes and industries to improve customer interactions and employee engagement by pairing customers optimally with contact center agents using artificial intelligence.
Acquisition and Mergers:
Oct-2020: BMC acquired ComAround. The acquisition focused on transforming the customer experience with self-service, and AI and NLP-based advanced knowledge management technology.
Oct-2019: Microsoft took over Mover. This acquisition provided customers with fast and reliable migrations to the cloud with best practices and security, more connectors to more source systems that ultimately make the move into Microsoft 365 as seamless and cost-effective as possible.
Aug-2019: Salesforce acquired Tableau Software. The acquisition aimed to deliver powerful AI-driven insights over all types of data and use cases for people of every skill level.
May-2019: Zendesk took over Smooch Technologies. This acquisition helped Zendesk to deliver the best omnichannel experiences by connecting conversations between businesses and customers on any messaging channel from websites and mobile apps like WhatsApp and Facebook Messenger.
Dec-2017: Verint Systems took over the Next IT Corporation. The acquisition expanded Verint's self-service portfolio and accelerated Verint's cloud and automation capabilities.
Product Launches and Product Expansions:
Oct-2020: Oracle introduced its Oracle Banking Virtual Account Management Cloud Service. It helped in quickly deploying a broad range of banking services that assisted their corporate customers to easily access their cash position and manage working capital at any time.
Oct-2020: SAP introduced the SAP Customer Data Platform. The platform enabled organizations to create individual but anonymized 360-degree customer profiles using data from multiple sources within and outside of a company that includes online sources and social channels.
Oct-2020: BMC launched BMC Helix Control-M. It is a SaaS application workflow orchestration solution that delivers a highly accessible, end-to-end, single view orchestration platform for application, file transfer, and data pipeline workflows.
May-2020: Oracle unveiled its Oracle Analytics for Cloud HCM. It offered HR executives, analysts, and business people better insights into workforce management by providing a comprehensive view into data from across the organization.
Apr-2020: Nuance unveiled Nuance Mix. It is an open enterprise-grade, software-as-a-service (SaaS) tooling suite for making advanced conversational experiences that power Virtual Assistants (VA) and IVR using Nuance's industry-leading and cloud-agnostic Conversational AI.
Oct-2019: Aspect Software launched its new version of its Cloud Contact Center, v19. Cloud Contact Center v19 allows agents and supervisors to offer better customer experiences by supporting a broad range of real-time insights into an agent's skill set, comparing initial agent skills to the actual competencies required for each contact, then offering up the best fit for that customer engagement.
Oct-2019: Zendesk introduced Gather. This product enabled companies to offer trusted and transparent support to customers through online community forums.
Jun-2019: Zendesk launched the new capabilities for its Guide Enterprise knowledge management product. The new capabilities helped customer experience teams in providing automation and AI to develop, maintain, and manage more complex knowledge needs across multiple brands, products, and services. Zendesk also expanded Answer Bot across all web and mobile channels.
Market Segments Covered in the Report:
Intelligent Virtual Assistants
Social Media & Community Self-service
By Deployment Type
By End User
Rest of North America
Rest of Europe
Rest of Asia Pacific
Rest of LAMEA
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