Press release
Customer Service Software Market Size Forecasted To Achieve $22.47 Billion By 2029 With Steady Growth
Customer Service Software
What Is the Expected Customer Service Software Market Size During the Forecast Period?
The market size for customer service software has seen notable expansion in recent years. It is projected to increase from $9.29 billion in 2024 to $11.01 billion in 2025, with a compound annual growth rate (CAGR) of 18.6%. Factors such as the emergence of e-commerce and online businesses, elevated customer expectations, global expansion of businesses, amalgamation with CRM systems, and the escalating intricacy of customer queries, have played a considerable role in the growth during the historic period.
Rapid expansion is anticipated in the customer service software market in the coming years, and it's predicted to rise to $22.47 billion in 2029, with a compound annual growth rate (CAGR) of 19.5%. This projected growth during the forecast period can be credited to a surge in AI and automation adoption, utilization of data analytics for customer insights, prioritization of omnichannel customer experience, emphasis on proactive customer service and cybersecurity considerations. The forecast period also reflects major trends such as technological advancements, AI-enabled automation, omnichannel support, personalization, customer insights and the increase of self-service portals.
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What Are the High-Growth Segments in the Customer Service Software Market?
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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What Key Drivers Are Expected to Influence Future Customer Service Software Market Growth?
The increasing significance of customer experience is propelling the customer service software market. Customer experience pertains to how a customer perceives their interactions with a business or brand. Customer service software is beneficial in enhancing these experiences, as it assists organizations in improving communication and refining customer engagement methods. It can also aid companies in gathering feedback from customers, enabling them to use data to make informed decisions about enhancing customer experience and crafting distinctive strategies. For example, a survey conducted by Verint Systems, a US-based firm focusing on customer engagement solutions, in June 2022 revealed that out of the over 2,000 participants aged between 18 and 75, 39 percent stated that they would discourage friends and family from buying products from a company following a poor customer experience. Additionally, 64 percent declared they had discontinued business with such companies. Most strikingly, 79 percent of respondents under the age of 45 claimed that digital platform experience is of utmost importance. Therefore, the escalating priority of customer experience is steering the customer service software market's growth.
Which Companies Hold the Largest Share Across Different Customer Service Software Market Segments?
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.
What Are the Latest Developing Trends in the Customer Service Software Market?
The emergence of advanced technology is a significant trend gaining traction in the customer service software industry. Leading firms in this market are leveraging cutting-edge software technologies to maintain their competitive edge. For instance, in April 2023, SuperOffice, a software company based in Norway that focuses on solutions for the B2B market, rolled out an updated version of its cloud-based service software. The upgrade enhances request administration by offering a combined interface where customer service teams can effortlessly access comprehensive customer interactions, purchasing histories, and service requests. Notable enhancements include tabbed navigation for handling multiple requests at once and customizable views for boosting task efficiency. The objective is to streamline communications, minimize context-switching and promote teamwork among teams. This ultimately betters customer experience and cultivates lasting relationships.
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What Are the Emerging Geographies for The Customer Service Software Market Growth?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Customer Service Software Market?
2. What is the CAGR expected in the Customer Service Software Market?
3. What Are the Key Innovations Transforming the Customer Service Software Industry?
4. Which Region Is Leading the Customer Service Software Market?
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