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Customer Service Applications Market – Research and Development to Innovating Latest Products

, 10 January 2019 -- Customer Service Applications Market – Start Focusing a Share of Revenue in Research and Development to Innovating Latest Products

Customer service involves all the processes to ensure efficient customer satisfaction. Most of the customer service takes place while carrying out a transaction, during sale, or while returning an item. Companies provide customer service in different forms including in-person interaction, phone calls, and self-service systems. An efficient customer service strategy helps in maintaining and strengthening client relationships, thereby directly impacting the company’s revenue. It is one of the major factors helpful in establishing a company’s reputation and brand. For this reason, companies work hard to enhance their customer satisfaction levels. Many of the popular enterprises know the importance of outstanding customer service as it is one of the key differentiators between retaining and losing a customer. When problems happen, customers should receive timely attention on the issue. Rapid responsiveness to phone calls and emails is essential in maintaining good relations with the customers.

With the explosion in adoption of smartphones, customer service will progressively be positioned on the mobile experience. The key to meet the changing needs and demands of customers will be customer service focused on mobile applications. Thus, a customer need not leave an application in order to interact with customer service. It also involves providing support through multiple channels the customer uses including social media, telephone, live chat, or text. Also, companies need to be active in engaging with potential unhappy and frustrated customers. Today’s clients and stakeholders demand accurate, fast, and reliable responses from organizations and they clearly express their displeasure if those expectations are not met. This can be achieved by communicating with customers through live chat to discuss their problem areas by using data analytics and AI to detect possibly low engaged or dissatisfied customers. Emergence of chatbots and low cost cloud based solutions for SMEs are also creating huge revenue opportunities for vendors in the customer service applications market.

The global customer service applications market can be segmented based on component, solution type, end-use industry, and region. In terms of component, the customer service applications market can be classified into software, and services. The services segment can further be bifurcated into professional and managed services. Professional services include consulting, integration & implementation services, and training & support services. On the basis of software type, the global customer service applications market can be classified into on premise, cloud based, and hybrid solutions. Based on solution type, the customer service applications market can be divided into customer care solutions, customer relationship management (CRM) and others.

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On the basis of customer care solutions, the customer service applications market can further be segmented into email and chat support, lead generation, telemarketing, customer helpdesk, and others. On the basis of customer relationship management (CRM), the customer service applications market can further be segmented into social monitoring and social listening, social mapping, social middleware, social management, social measurement, and others. In terms of end-use industry, the global customer service applications market can be segmented into government; IT and telecom; banking, financial services and insurance (BFSI); oil and energy; healthcare; utilities; education; retail and ecommerce; automotive; transportation and logistics; hospitality; and more. In terms of region, the global customer service applications market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.

Major players operating in the global customer service applications market include Amdocs Limited, Zendesk Inc., SAP SE,, Inc., Oracle Corporation, Verint Systems Inc., Microsoft Corporation, Acquia, Jive Software, Netsuite Inc., and Pegasystems Inc. These companies invest considerably in research & development to incorporate new technologies in their solutions and develop new products. Additionally, players engage in strategic partnerships with other players to expand their presence and gain market share in different regions across the globe.

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Submitted by K Singha on Thursday, 10 January 2019 at 6:41 PM
Category: Science & Research
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