A new report revealed that the customer self-service (CSS) software market was valued at more than $5 billion last year, and is expected to grow to $13 billion by 2023.
According to Global Customer Self-Service Software Market — Growth, Trend and Forecasts (2018 – 2023), many companies are utilizing self-service portals to deliver instant information to their customers and clients on a variety of channels, including mobile phones, personal digital assistants, laptops and more. With that in mind, the market is expected to grow at a CAGR of 16.7 percent during 2018 – 2023, and is eventually expected to reach $13 billion by 2023.
The report cites two of the major recent developments in the market: Salesforce’s May 2018 acquisition of MuleSoft, a provider of platforms for building application networks, which will boost Salesforce’s digital transformations, such as software and cloud applications; and Oracle’s 2017 collaboration with Healthx, a leader in cloud-based digital engagement solutions for healthcare payers, which includes end-to-end core administration capabilities, including membership management, enrollment, authorizations, claims adjudication, value-based payments, claims analytics, digital self-service, digital payer/provider/patient collaboration and mobile member engagement.
In addition, cloud-based deployment will continue to play a major role in the self-service software market.
“The main advantage of deploying cloud based solutions is the shift of the cost and burden of on-premise software to the hosting provider/vendor, leveraging the hardware and networks from the vendor’s economies of scale,” the report notes. “Further, these solutions also reduce in-house storage costs that are incurred due to on-premise solutions which would require a large number of data centers to store and process the data required for analysis. This is particularly advantageous to small organizations that can gain a competitive edge using the latest search, analytics or review software without the difficulties of supporting it, while eliminating the middleman, thus achieving cost reduction without sacrificing defensibility. All these factors have been instrumental in driving the adoption of cloud based CSS software.”