The Increasing Need Among the Companies to Enhance their Overall Customer Experience, and Decrease the Customer Churn Out Rate are the Major Factors Which are Driving the Demand for Customer Self-Service Software Solutions and Services.
Customer self-service (CSS) is a combination of customer and service interaction solutions, which are intended to empower customers to provision themselves. Self-service is a convenient way to meet the growing customer expectations. Enhancing the customer service through self-service tools empowers companies to increase customer satisfaction and loyalty, thus gaining a competitive advantage and decreasing the churn out rate. However, employees in many organizations are hesitant to adapt to new self-service technologies, and there is still less awareness among customers about CSS, this can be seen hindering the growth of the market, but is expected to be impactful for only a short period. MarketsandMarkets expects the global CSS software market size to grow from USD 4.33 Billion in 2016 to USD 9.38 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 16.7% from 2016 to 2021.
Companies such as Microsoft Corporation, Nuance Communications, Inc., Oracle Corporation, SAP SE, Salesforce.com, Inc., Aspect Software, Inc., Avaya, Inc., BMC Software, Inc., Verint Systems, Inc., and Zendesk, Inc. have created leading CSS solutions and platforms to cater to the needs and demands of the market. These players adopted various growth strategies, such as acquisitions, agreements, partnerships, and new product launches.
The key players in this market are engaging in collaborations and partnerships to provide innovative offerings and increase profitability. Some of these companies include Microsoft Corporation, Nuance Communications, Inc., Oracle Corporation, SAP SE, and Salesforce.com. Microsoft Corporation adopted the strategies of partnerships, collaborations, alliances, acquisitions, and new product launches. In January 2017, Microsoft acquired Parature, a cloud-based customer engagement solutions provider, for USD 100 million to incorporate CSS capabilities in the Microsoft Dynamics CRM suite and help the organizations in delivering amazing customer experiences.
Nuance Communications Inc. adopted the strategies of partnerships & collaborations, acquisitions, new product launches, and business expansions. In August 2016, Nuance Communications, Inc. partnered with IP Australia to deploy its Nina virtual assistant technology on their website, which is expected to help IP’s customers in registering the trade marks, thus simplifying interactions, resolving customer inquiries, and ultimately improving the overall customer service.
Related Reports:
Customer Self-Service Software Market by Solution (Web Self-Service, Mobile Self-Service, Intelligent Virtual Assistants, and Social Media and Community Self-Service), Service, Deployment Type, Vertical, and Region - Global Forecast to 2021
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