New York, Aug. 02, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Customer Service Software Global Market Report 2023" - https://www.reportlinker.com/p06479933/?utm_source=GNW
, Kayako Infortech Ltd., SAP SE, SolarWinds Worldwide LLC, Verint Systems Inc., HubSpot Inc., Quality Unit LLC., Agile CRM Inc., and Yekaliva.ai.
The global customer service software market is expected to grow from $6.59 billion in 2022 to $7.92 billion in 2023 at a compound annual growth rate (CAGR) of 20.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, and affecting many markets across the globe. The market is expected to reach $15.80 billion in 2027 at a CAGR of 18.9%.
The customer service software market consists of revenues earned by entities by providing services such as ticket management, communication tools, knowledge management, customer data management, analytics, and reporting services.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.The customer service software market also includes sales of support & help desk software, shared inbox software, knowledge-based and other software that is used in providing customer services.
Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
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.
North America was the largest region in the customer service software market in 2022.Asia-Pacific is expected to be the fastest-growing region in the 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 and Africa.
The main types of components in customer service software are software and services.Software refers to a set of instructions or programs that are designed to perform specific tasks on a computer system or other electronic device.
It included such deployments as cloud-based and on-premise. These are used for several applications, including large enterprises and small and medium-sized enterprises (SMEs), and the main end-users are government, manufacturing, financial, internet and telecom, and others.
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 of 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.
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.
In February 2022, Meta Platforms Inc., an American multinational technology company acquired Customer Inc. for an undisclosed amount. With this acquisition, Meta Platforms Inc. aimed to enable businesses to utilize WhatsApp and Messenger for customer assistance as well as provide consumers and businesses with quicker and easier communication experiences. Kustomer is a US-based customer service software company that provides a wide range of customer service software.
The countries covered in the customer service software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The customer service software market research report is one of a series of new reports that provides customer service software market statistics, including customer service software industry global market size, regional shares, competitors with a customer service software market share, detailed customer service software market segments, market trends and opportunities, and any further data you may need to thrive in the customer service software industry. This customer service software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06479933/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
