Rapid Growth Forecasted: Customer Service Software Market to Reach $18.64 Billion by 2028 at 18.4% CAGR

The customer service software market size has grown rapidly in recent years. It will grow from $7.92 billion in 2023 to $9.48 billion in 2024 at a compound annual growth rate (CAGR) of 19.8%. The growth in the historic period can be attributed to rise of e-commerce and online businesses, growing customer expectations, globalization and business expansion, integration with corm systems, increasing complexity of customer inquiries.

The customer service software market size is expected to see rapid growth in the next few years. It will grow to $18.64 billion in 2028 at a compound annual growth rate (CAGR) of 18.4%. The growth in the forecast period can be attributed to increasing adoption of AI and automation, data analytics for customer insights, emphasis on omnichannel customer experience, focus on proactive customer service, cybersecurity considerations. Major trends in the forecast period include advancements in technology, AI-powered automation, omnichannel support, personalization and customer insights, self-service portals.

Market Overview -
Customer service software refers to a set of computer programs and tools that businesses use to manage and improve their customer support operations. It is mainly used to enhance the overall customer experience by providing fast, effective, and personalized support to customers.

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The Impact Of Customer Experience On The Growth Of The Customer Service Software Market
The growing importance of customer experience is driving the customer service software market. Customer experience refers to the overall perception used to describe how a customer feels about all the ways they interact with a business or brand. Customer service software can be very useful in improving customer experiences as it helps companies improve communication and enhance customer engagement processes. It can also help businesses collect feedback from customers, allowing them to make data-driven decisions about how to improve the customer experience and develop unique strategies for their business. For instance, in June 2022, according to a survey conducted by Verint Systems, a US-based customer engagement solutions company, more than 2,000 people participated in this survey, ranging in age from 18 to 75. 39 percent of the respondents agreed that they would tell their friends and family not to purchase goods from a company if they had a bad customer experience with that brand and 64 percent of the respondents had already stopped doing business with such companies. 79 percent of the respondents under the age of 45 agreed that it was very important to have a good experience on digital platforms. Therefore, the growing importance of customer experience is driving the customer service software market forward.

Competitive Landscape -
Major companies operating in the customer service software market report are Oracle Corporation, SAP SE, Salesforce Inc., Yekaliva.ai, Atlassian Corporation, Atlassian Corporation plc, Genesys Telecommunications Laboratories Inc., BMC Software Inc., HubSpot Inc., Zendesk Inc., Nuance Communications Inc., Zoho Corporation Pvt. Ltd., Verint Systems Inc., SolarWinds Worldwide LLC, Freshworks Inc., Intercom Inc, Microsoft Corporation, Kayako Infortech Ltd., LiveChat Software Inc., Help Scout PBC, Amphora Inc, Eka Software Solutions, Agile CRM Inc., Quantifi Inc., HappyFox Inc., Quality Unit LLC., FocalScope, PhaseWare Inc., Tracker Software Technologies Ltd, LiveAgent, Hiver Inc., Vivantio Ltd., Habla Inc.

Major Companies' Strategies In The Evolving Customer Service Software Landscape
Technological advancements are a key trend gaining popularity in the customer service software market. Major companies in the market are introducing advanced technology-based software technologies to sustain their position in the market. For instance, in June 2021, Yellow.ai, a US-based enterprise-grade conversational AI platform company, launched new voice bots to improve the consumer experience. The uniqueness of the new solution is that it has a self-learning NLP (natural language processing) engine and sophisticated voice models in over 100 languages to help brands automate their customer experience. Additionally, it has multichannel voice experiences, text-to-speech (TTS) features that support a range of emotions, and a speech-to-text (STT) engine that continuously learns to increase accuracy over time. In addition, it has built-in customization engines with sentiment analysis, intent comprehension, contextual awareness, and human agent transfer.

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Key Segments -
The customer service software market covered in this report is segmented -
1) By Component: Software, Services
2) By Deployment Type: Cloud-Based, On-Premise
3) By Application: Large Enterprises, Small And Medium-Sized Enterprises (SMEs)
4) By End-User: Government, Manufacturing, Financial, Internet And Telecom, Other End-Users

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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