Customer Self-Service Software Market Size

Customer Self-Service Software Market Analysis

The customer self-service software market is poised to register a CAGR of 20.94% during the forecast period. Organizations are increasingly implementing customer self-service software to expand their customer base and provide 24/7 help. Customer self-service software solutions allow businesses to respond efficiently to the ever-changing needs of their clients, increasing customer happiness and aiding in client retention. Customer self-service software can assist organizations in managing employee relationships and customer connections. As a result, businesses may be able to save the expenditures associated with purchasing separate software for managing employee and customer interactions. These are a few crucial elements anticipated to fuel market expansion for the foreseeable future.

• An increasing number of organizations now understand the benefits of reliable and dedicated self-service portals for enhancing the company's overall brand image. Self-service portals provide customers instant access to information, allow personalization, and save valuable time and organizational resources. According to SuperOffice, 70% of customers now expect a company's website to include a self-service application. The customized knowledge-based self-service portal plays a significant role in bringing in more website traffic. According to Salesforce, 39% of millennials check a company's FAQ when they have a question, showing a strong preference for finding answers.
• Some of the significant features of customer self-service software are it provides information to users without human interaction, assists end-users in completing familiar tasks, and provides continuous support to end-users seeking assistance. Most of the company helpdesks fail to deliver the required expectations, either due to being short-staffed or a lack of knowledge to answer a question immediately. Hence companies adopt these self-services, which help users find solutions themselves, often through a knowledge base or automated task management platform.
• The adoption of digital assistants is one of the significant trends emerging in the market. In the Retail and BFSI industry, chatbots have become a primary self-service feature. The companies utilize digital virtual assistants to enhance the customer experience. More companies are implementing AI- and ML-enabled chatbots and virtual assistants to leverage vital competitive advantages and improvise customer experiences. Further, chatbot technology is gaining much interest, with several companies investing significantly in Customer Relationship Management (CRM).
• However, it is projected that a potential lack of customer awareness and employee reluctance to implement self-service software will somewhat constrain market growth.
• The COVID-19 pandemic-related economic downturn led to a strategic shift in the purchasing criteria used by businesses, as they began putting business stability ahead of investing in new products and services. Before investing in self-service solutions, most companies think twice since any potential security holes in their third-party service providers' servers and information systems can jeopardize their clients' privacy. However, in the post-COVID-19 market scenario, owing to the benefits associated with customer self-service software, the demand for the software will increase throughout the forecast period.