Press release
Customer Service Software Market Size, Share, Growth by 2034
Customer Service Software
As the significance of customer experience continues to rise, it's propelling the customer service software market. The term 'customer experience' denotes the collective perception that encapsulates how a customer views their interactions with a business or brand. Utilizing customer service software can greatly enhance customer experiences, as it enables companies to ameliorate their communication and endorse customer engagement processes. It can assist businesses in gathering feedback from their customers, thereby facilitating them to make decisions that are driven by data on how to refine the customer experience and devise bespoke strategies for their venture. For instance, a survey conducted by Verint Systems, a firm based in the US that provides customer engagement solutions, in June 2022, garnered participation from over 2,000 individuals aged between 18 to 75. The findings revealed that 39 percent of the participants concurred that they would dissuade their friends and family from procuring goods from a company if they'd had a negative experience with the brand, with 64 percent having already ceased transacting with such firms. Furthermore, 79 percent of those under 45 concurred that having a positive experience on digital platforms was of great importance. Consequently, the escalating importance of customer experience is acting as a catalyst for the growth in the customer service software market.
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What is the projected compound annual growth rate (CAGR) of the customer service software market from 2025 to 2034, and what factors influence it?
The market size of customer service software has seen a significant expansion in the past few years. It is foreseen to escalate from $9.29 billion in 2024 to $11.01 billion in 2025, marking a compound annual growth rate (CAGR) of 18.6%. The development during the historical time frame was propelled by the emergence of e-commerce and online businesses, escalating customer expectations, the thrust of globalization and business augmentation, the amalgamation with corm systems, and an upsurge in the complexity of customer inquiries.
Advancements in the customer service software sector are projected to witness a surge in the near future. The market is slated to swell to $22.47 billion in 2029, with a compound annual growth rate (CAGR) of 19.5%. This expansion during the forecast duration can be credited to the amplified use of AI and automation, analytics providing customer insights, prioritization of omnichannel customer experiences, proactive customer service, and cybersecurity provisions. Key trends during this forecast period comprise technological improvements, automation driven by AI, omnichannel support, customization, attaining customer insights, and self-service portals.
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How are the latest trends influencing the growth of the customer service software market?
The surge in technological developments is a major trend in the customer service software sector. Major players are launching cutting-edge technology-driven software to maintain their market position. As an example, SuperOffice, a Norway-based software firm that caters to the B2B market, unveiled a new version of its cloud-based service software in April 2023. This update improves request management by offering a streamlined platform where customer-facing teams can effortlessly access all customer interactions, purchase histories, and service requests. Prominent features consist of tabbed navigation for handling multiple requests at the same time, and customizable views for enhancing productivity. The aim is to simplify communication, minimize context-switching, and boost collaboration among teams, ultimately enhancing customer experiences and nurturing long-lasting relationships.
What are the major segments of the customer service software market and their role in driving growth?
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
Subsegments:
1) By Software: Cloud-Based Software, On-Premises Software
2) By Services: Consulting Services, Integration Services, Support And Maintenance Services
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Which regions are key players in the growth of the customer service software market?
North America was the largest region in the customer service software market in 2024. Asia-Pacific is expected to be the fastest-growing region in the global customer service software market forecast period. The regions covered in the customer service software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the key firms paving the way for growth in the customer service software market?
Major companies operating in the customer service software market include 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, Agile CRM Inc., HappyFox Inc., FocalScope, PhaseWare Inc., LiveAgent, Hiver Inc., Vivantio Ltd.
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What Is Covered In The Customer Service Software Global Market Report?
•Market Size Forecast: Examine the customer service software market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the customer service software market for a structured understanding.
•Key Players Overview: Analyze major players in the customer service software market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the customer service software market.
•Segment Contributions: Evaluate how different segments drive overall growth in the customer service software market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the customer service software market.
•Industry Challenges: Identify potential risks and obstacles affecting the customer service software market.
•Competitive Landscape: Review strategic developments in the customer service software market, including expansions, agreements, and new product launches.
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