The global Customer Self-service Software market size is expected to be worth around US$ 32.21 billion by 2028, according to a new report by Vision Research Reports.
The global Customer Self-service Software market size was valued at US$ 7.14 billion in 2020 and is anticipated to grow at a CAGR of 22.3% during forecast period 2021 to 2028.
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 web self-service segment dominated the market in 2020 with a market share of over 20%. Based on solutions, the market has been further segmented into mobile self-service, web self-service, social media and community self-service, email management, intelligent virtual assistants, IVR & ITR, and others. The growing demand for digital support mechanisms that can allow employees and consumers to self-assist themselves by providing relevant inputs and performing routine tasks over the internet is anticipated to drive the demand for web self-service solutions over the forecast period. Web self-service solutions ensure a seamless service experience for customers across various channels of information.
The social media and community self-service segment is anticipated to register significant growth over the forecast period. The rising smartphone penetration and the continued rollout of high-speed internet networks coupled with the rising preference of individuals to approach social media channels for obtaining information are expected to drive the growth of the social media and community self-service segment. Organizations across the globe are undergoing a digital transformation and are hence widening the scope of their client service interactions to include digital channels, such as social media, virtual assistants, and chat.
The professional services segment dominated the market in 2020 with a market share of over 60%. Growing adoption of analytics and Artificial Intelligence (AI) in automation to enhance the efficiency of the workforce is anticipated to drive the demand for professional services. Professional services can ease the deployment and configuration of self-service solutions for both cloud and on-premise deployment.
Professional services can potentially help clienteles in ensuring that their project stays on track and focusing on the business outcomes, and subsequently in enhancing operational efficiency. Market players are particularly putting a strong emphasis on offering professional services and helping their clientele in addressing their pre- and post-purchase queries regarding self-service solutions.
The cloud segment dominated the market in 2020 with a market share of over 54%. Organizations are focus on modernizing their customer engagement operations by adopting cloud-based architectures that can facilitate the sharing of data across various functions. Organizations are particularly under pressure to accommodate the sudden rise in call volumes amid the outbreak of the COVID-19 pandemic and are hence deploying AI-based virtual agents to assist their clients.
The on-premise deployment segment is anticipated to register considerable growth over the forecast period. On-premise deployment offers various benefits, such as easy customization of software according to the clients’ business processes. The on-premise deployment also offers the ability to custom code the in-house operations and guarantee complete control and ownership to the customer.
The BFSI segment dominated the market in 2020 with a market share of over 20%. While the number of fintech startups shown no signs of abating, customers are also gradually developing a digital mindset, which is contributing significantly to the digitalization of banking systems worldwide. The adoption of self-service solutions as part of the digital banking strategies for managing finances is anticipated to drive the growth of the BFSI segment. Based on end-use, the market has been further segmented into manufacturing, BFSI, retail & e-commerce, media & entertainment, IT and telecommunication, healthcare, government, and others.
The rising demand for self-service platforms, such as ATMs, vending machines, and kiosks from financial institutions is driving the demand for self-service software and is subsequently opening opportunities for both established and new entrants. Financial institutions are confronting a rapid change in the industry landscape in line with the continued introduction of the latest consumer technologies designed to help people in saving and investing money.
The strong emphasis enterprises in North America are putting on making timely and informed business decisions by accessing information in real-time is expected to drive the demand for self-service solutions in the region. As a result of the outbreak of the COVID-19 pandemic, the overall call volumes at the contact centers have been rising significantly. Contact centers in the region are responding to the situation by deploying AI-based and machine learning-based self-service software to ensure automated support for their customers. This is expected to open significant opportunities for the market players in the region.
BMC Software, Inc.
Nuance Communications, Inc.
Verint Systems, Inc.
Intelligent Virtual Assistants
Social Media & Community Self-service
IVR & ITR
Retail & E-commerce
Media & Entertainment
IT & Telecommunication
Middle East & Africa (MEA)
The Customer Self-service Software market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Customer Self-service Software market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Customer Self-service Software market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Customer Self-service Software market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Customer Self-service Software market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Customer Self-service Software capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Customer Self-service Software by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Customer Self-service Software market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Customer Self-service Software market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Customer Self-service Software market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Customer Self-service Software industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Customer Self-service Software market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Customer Self-service Software market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Customer Self-service Software market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Customer Self-service Software market. These factors have benefited the growth of the global market for Customer Self-service Software. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Customer Self-service Software. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Customer Self-service Software are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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