The Customer Self-Service Software Market has been valued at USD 5.09 billion in 2017 and is expected to grow at a CAGR of 16.7% during the forecast period (2018 – 2023), to reach USD 13.00 billion by 2023. The scope of the market covers the solutions and services offered by various vendors of the market.
As the customers expect faster services and access through multiple channels like the Internet and mobile phones, many companies have adopted self-service portals as a means to deliver instant information to users on multiple channels. This information is made available to the customer on mobiles, personal digital assistants, laptops and other mediums. Thus, improving services means enhanced customer acquisition and retention.
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Major Players: ORACLE CORPORATION, SALESFORCE.COM, INC., SAP SE, ASPECT SOFTWARE, INC., NUANCE COMMUNICATIONS, INC, BMC SOFTWARE, INC, AVAYA, INC., MICROSOFT CORPORATION and VERINT SYSTEMS, INC., amongst others.
While the customer servicing involves queuing and routing technologies, customer relationship management (CRM) technologies, and workforce optimization technologies, the market for these services are mature, leading to vendors within each category looking to offer end-to-end solutions from each of these three software categories.
Cloud Based Deployment to Hold a Major Share of the Customer Self-Service Software Market
The main advantage of deploying cloud based solutions is the shift of the cost and burden of on-premise software to the hosting provider/vendor, leveraging the hardware and networks from the vendor’s economies of scale. Further, these solutions also reduce in-house storage costs that are incurred due to on-premise solutions which would require large number of data centers to store and process the data required for analysis. This is particularly advantageous to small organizations that can gain a competitive edge using the latest search, analytics, or review software without the difficulties of supporting it, while eliminating the middleman, thus achieving cost reduction without sacrificing defensibility. All these factors have been instrumental in driving the adoption of cloud based CSS software.
Solutions to Hold the Major Share of the Customer Self-Service Software Market
The scope for the types of solutions offered by vendors in the market include mobile and web based solutions. The proliferation of customer touch points has led to a difficulty in maintaining consistency and interconnections across multiple channels among organizations. Thus, there is an increased focus on investing into data management to get a 360-degree view of the customer’s needs. With this data driven and unified customer profile, it would be easier to deliver personalized and relevant web content enabling the best, fastest resolution based on the customers’ requirements. For instance, Big Fish Games uses an automated SmartAssistant that leverages information from the customer’s web session (including keywords searched) to offer the customer a 360-degree personalized service. Using this approach Big Fish Games has increased customer satisfaction to 94%, achieved a Web self-service rate of 96.4% and saved USD 870,000. Moreover, the proliferation of smartphones, and the emergence of these devices as a critical point of contact for customer engagement, has been instrumental in driving the adoption of these CSS solutions for mobiles.
Key Developments in Customer Self-Service Software Market
May 2018 – Salesforce acquired MuleSoft, a provider of platforms for building application networks. This acquisition is aimed at accelerating the company’s digital transformations, softwares and cloud applications to make smarter, faster decisions and create highly differentiated, connected customer experience.
October 2017 – Oracle announced a collaboration with Healthx Inc., a leader in cloud-based digital engagement solutions for healthcare payers and other stakeholders. This solution covers end-to-end core administration capabilities including membership management, enrollment, authorizations, claims adjudication, value-based payments, claims analytics, digital self-service, digital payer/provider/patient collaboration and mobile member engagement.
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This post was originally published on Chief Analyst