The Customer Service Software Global Market Report 2023 by The Business Research Company, provides customer service software market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Customer Service Software Global Market Report 2023, the global customer service software market size 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 global customer service software market size is expected to reach $15.80 billion in 2027 at a CAGR of 18.9%.
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.
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The customer service software market 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
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.
Top Major Players
Zendesk Inc.,
Freshworks Inc.,
HappyFox Inc.,
LiveChat Software Inc.,
Oracle Corporation
The customer service software market report table of contents includes:
- Executive Summary
- Customer Service Software Market Characteristics
- Customer Service Software Market Trends And Strategies
- Customer Service Software Market – Macro Economic Scenario
- Customer Service Software Market Size And Growth
- Customer Service Software Market Segmentation
- Customer Service Software Market Regional And Country Analysis
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- Key Mergers And Acquisitions In The Customer Service Software Market
- Customer Service Software Market Future Outlook and Potential Analysis
- Appendix
List Of Tables
Table 1: Global Historic Market Growth, 2017-2022, $ Billion
Table 2: Global Forecast Market Growth, 2022-2027F, 2032F, $ Billion
Table 3: Global Customer Service Software Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
Table 4: Global Customer Service Software Market, Segmentation By Deployment Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
Table 5: Global Customer Service Software Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
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Table 47: Zendesk Inc. Financial Performance
Table 48: Freshworks Inc. Financial Performance
Table 49: HappyFox Inc. Financial Performance
Table 50: LiveChat Software Inc. Financial Performance
Table 51: Oracle Corporation Financial Performance
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