Customer Self-service Software Market Revenue Forecast to Reach $18.3 Billion by 2026

(I-SoftwareNews.Com, March 06, 2022 ) Customer Self-service Software Market revenue is forecast to reach $18.3 billion by 2026, growing at a CAGR of 15.7% during 2021-2026. Organizations deliver instant information as part of the efforts to increase productivity and operating efficiency is anticipated to drive the growth of the market. In addition the eminent need to develop better relationships with customers and enhance the level of customer experience to retain the existing customers and attract new ones are some of the Customer Self-service Software market trends which are expected to contribute to the growth. Further, the growing demand from customers for efficient services through multiple touch points, such as smartphones and the internet, is particularly expected to prompt enterprises to adopt self-service portals. Furthermore growing demand for several self-service solutions such as intelligent virtual assistants, email management, interactive voice response, mobile self-service, support chat bot and others are analyzed to drive the demand for Customer Self-service Software market outlook in the forecast period 2021-2026.

Customer Self-service Software Market Segment Analysis - By Deployment

In Customer Self-service Software Market Research, Cloud deployment is growing at a highest CAGR of 17.8% in the forecast period as it offers operational flexibility and real-time deployment to the companies compared to on-premises solutions. It also offers numerous benefits, including reduced operational costs, simple deployment process, and higher scalability in terms of connected resources. The cloud-based customer self-service software comprise applications with a set of multiple services that are compliant with the service-oriented architecture and provide robust transformation processes to meet business objectives. Additionally, the cost-effective cloud-based solutions ease installation when compared to the on-premises solutions. Further 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. Furthermore the highest level of data security and reliability offered by the cloud deployment are increasing the share of cloud deployment in the customer self-service software market in the forecast period 2021-2026.

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Customer Self-service Software Market Segment Analysis - By End User

Retail sector is analyzed to witness the fastest growth in the global Customer Self-service Software market, with a CAGR of 17.2% during 2021-2026. To provide a superior consumer experience, many retailers have adopted self-service technologies to save the consumer time spent in checkout queues. The recent trend of AI in the sector is also developing space for technology. According to analytics firm Invoca, more than 45% of the US consumers trusted advice generated by AI technology in the retail category, than any other type analyzed. Similarly, in May 2020, Walmart used the first-ever AI-powered Self-Service Scales to its stores in China. Further several companies have started provided advanced software. For instance US-based Zappix offers cloud-based Digital Self-Service solutions that leverage the speed of Visual IVR and the convenience of Robotic Process Automation (RPA) to provide enhanced customer experiences. Similarly, in 2020, Zebra’s self-service solutions allows to empower the guests with integrated applications for in-store product locations and price checking, digital gift registries and self-checkout kiosks. Hence these factors are analyzed to drive the Customer Self-service Software market growth in the forecast period 2021-2026.

Customer Self-service Software Market Segment Analysis - By Geography

In Customer Self-service Software Market analysis, North America had dominated the global Customer Self-service Software market share in 2020 with a share of around 32.5% and is analyzed to maintain a significant growth during 2021-2026. Factors such as advancements in digital technologies, growing popularity of social media and the rising demand for cloud-based deployment of self-service solutions is particularly driving the growth of the regional market. The strong enterprises in North America are 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. Further 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 in the forecast period 2021-2026.

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Customer Self-service Software Market Drivers

Growing adoption of self-service software in BFSI sector owing to digital banking strategies is analyzed to drive the market:

The adoption of self-service solutions as part of the digital banking strategies for managing finances is driving the demand for customer self-service software in BFSI. The rising demand for self-service platforms, such as ATMs, vending machines, and kiosks from financial institutions is creating significant opportunities for customer self-service software in BFSI sector. Further in recent times banking 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 growing preference for digital financial transactions and smart and high-touch customer services coupled with the company’s focus on developing self-service solutions that can cater to all such requirements are anticipated to drive the growth of the BFSI. In 2019, Salesforce Inc., launched Einstein Analytics, a customizable analytics solution that offers AI-enabled business intelligence for retail bankers and wealth advisors. Hence these factors are analyzed to drive the Customer Self-service Software Market Size in the forecast period 2021-2026.

Growing R&D and collaboration between companies is analysed to drive the market growth:

Customer self-service software companies are investing aggressively in research and development activities to develop new technologies and to upgrade the existing offerings. For instance, Avaya Inc. invested $204 million in research and development activities. Adding to this several companies are making collaborations and acquisitions for advancements in this software. In 2019, SAP SE completed the acquisition of Qualtrics International Inc., a provider of experience management software to deliver employee, customer, and brand experiences to businesses. Similarly, in August 2019, Salesforce.Com, Inc. acquired Tableau Software, Inc., a provider of self-service analytics platforms to expand its offerings in the self-service market. Hence these factors are analysed to drive the market in the forecast period 2021-2026.

Customer Self-service Software Market Challenges

Lack of awareness and Security concerns are hampering the market growth:

Lack of awareness among customers and employees toward the adoption of self-service software is anticipated to restrain the growth of the market to a certain extent. Vendors of self-service solutions often rely on various third parties to provide data hosting services to their clients, which means any interruptions in these services could affect the operations of the organizations using the self-service solutions. Enterprises also deliberate before investing in self-service solutions as any potential security breaches in the information systems and servers of their third-party service providers, which can put the confidential data of their customers at risk. Hence these factors will hamper the Customer Self-service Software Market growth in the forecast period 2021-2026.

Customer Self-service Software Market Landscape

Technology launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Customer Self-service Software market. Customer Self-service Software top 10 companies include

Avaya Inc.,

BMC Software, Inc.,

HappyFox Inc.

Oracle Corporation

Microsoft Corporation,

Nuance Communications, Inc.

Salesforce.Com, Inc.

SAP SE

Verint Systems Inc.

Zendesk, Inc.

Acquisitions/Product Launches

In January 2020, Accenture signed an agreement to acquire maihiro to create solutions for clients to innovate and transform marketing, sales and customer services.

In December 2019, SAP partnered with Accenture to launch a multi-channel customer engagement platform to help utility companies to enhance their customer experience through multi-channels and self-service tools.

Key Takeaways

Factors such as advancements in digital technologies, growing popularity of social media and the rising demand for cloud-based deployment of self-service solutions is particularly driving the Customer Self-service Software market growth in North America.

Cloud deployment is growing at a highest CAGR of 24.2% in the forecast period as it offers operational flexibility and real-time deployment to the companies compared to on-premises solutions. It also offers numerous benefits, including reduced operational costs, simple deployment process, and higher scalability in terms of connected resources.

The rising demand for self-service platforms, such as ATMs, vending machines, and kiosks from financial institutions is creating significant opportunities for customer self-service software in BFSI sector.

Customer Self-service Software companies are strengthening their position through mergers & acquisitions and continuously investing in research and development (R&D) activities to come up with solutions to cater to the changing requirements of customers.

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Customer Self-service Software Market Revenue Forecast to Reach $18.3 Billion by 2026