Customer Self-service Software Market Growth & Trends
The global customer self-service software market size is expected to reach USD 32.19 billion by 2027, according to a new study by Grand View Research, Inc. It is anticipated to register a compound annual growth rate (CAGR) of 22.1% from 2020 to 2027. Efforts to enhance the level of customer satisfaction and encourage customer loyalty are anticipated to propel the market growth over the forecast period. The continued rollout of a large number of customer service touchpoints is also expected to contribute to market growth.
Enterprises have realized that understanding the changing consumer behavior can help them in enhancing their offerings. At the same time, both small and medium-sized enterprises and large enterprises have started adopting automated customer self-service software. This is opening opportunities for the market players to introduce innovative customer self-service software solutions integrated with the latest technologies, such as big data and Artificial Intelligence (AI).
The outbreak of the COVID-19 pandemic and the growing preference for working from home and maintaining social distancing are particularly prompting communications service providers to adopt self-service capabilities. Furthermore, customer service centers are confronting a sudden rise in call volumes as the pandemic continues to disrupt corporate operations, workplace schedules, and travel plans worldwide. The situation is particularly driving the need for AI-enabled self-service solutions.
The growing preference for digital transactions to pay bills and for accessing 24-hour online support and other interactive online services through the internet shows no signs of abating. Hence, enterprises are scouting for self-service solutions that can ensure adequate flexibility while enhancing the speed and effectiveness of their customer support service. Prompt after-sales maintenance service is also emerging as a decisive factor for enterprises while selecting a vendor for procuring customer self-service software.
Customer Self-service Software Market Report Highlights
- The social media and community self-service segment is anticipated to register a considerable CAGR over the forecast period as organizations are rapidly switching to social media channels, which can potentially support communities and discussion forums, as part of the efforts to curb customer support costs
- The managed services segment is expected to register a significant CAGR over the forecast period as managed services allow end-users to run their operations effectively and increase business intelligence.
- The cloud segment is expected to register a significant CAGR over the forecast period as cloud deployment allows enterprises to save on the costs incurred on having a dedicated infrastructure to host on-premise solutions
- The healthcare segment is expected to register a significant CAGR over the forecast period owing to the growing adoption of self-service apps that allow patients to schedule appointments, fill forms, update their profile, and pay bills
- The Asia Pacific regional market is anticipated to register a significant CAGR over the forecast period in line with the increasing number of small & medium enterprises looking forward to implementing customer self-care applications