The need to protect brand reputation and raise consumer satisfaction and increase in requirement for automated workflow and streamlining of complaint management operations drive the global complaint management software market
PORTLAND, Oregon, Feb. 11, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Complaint Management Software Market by Component (Software and Service), Type (Integrated and Standalone), Deployment (Cloud and On-premise), and Industry Vertical (BFSI, Retail, Government & Public Sector, IT & Telecom, Hospitality, Healthcare, and Others): Global Opportunity Analysis and Industry Forecast, 2019-2026." According to the report, the global complaint management software market garnered $1.93 billion in 2018, and is estimated to reach $8.28 billion by 2026, registering a CAGR of 11.2% from 2019 to 2026.
Drivers, restraints, and opportunities
The need to protect brand reputation and raise consumer satisfaction, increase in requirement for automated workflow and streamlining of complaint management operations, and implementation of consumer-centric strategies drive the global complaint management software market. However, insufficiency of useful insights on consumer complaints hinder the market growth. On the other hand, integration of novel technologies including AI and NLP create new opportunities in the market.
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The software segment to maintain its dominant position during the forecast period
Based on component, the software segment held more than three-fifths of the total share of the global complaint management software market in 2018, and is expected to maintain its dominant position during the forecast period. This is due to reduction in number of recurring complaints and implementation of a global approach for handling of complaints with multilingual capabilities, regional reporting requirements, and unlimited security levels. The services segment is expected to grow at the largest CAGR of 12.4% from 2019 to 2026, owing to effective functioning of software and platforms throughout the process offered by them.
The integrated segment to lead in terms of revenue by 2026
Based on type, the integrated segment held the highest market share in the global complaint management software market in 2018, contributing for nearly three-fourths of the total share, and will continue to lead in terms of revenue by 2026. Moreover, this segment is expected to register the highest CAGR of 12.6% from 2019 to 2026. This is due to need to integrate the outputs from various systems to generate most relevant and useful insights for resolving the customer complaint efficiently. The research also analyzes the standalone segment.
North America to continue its leadership position during the forecast period
Based on region, North America accounted for the highest market share in terms of revenue, contributing to nearly two-fifths of the global complaint management software market in 2018, and is expected to continue its leadership position during the forecast period. This is due to surge in number of market players using visual effects. However, Asia-Pacific is expected to grow at the highest CAGR of 12.4% from 2019 to 2026, owing to rapid growth of the services industry.
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Leading Market Players
- AssurX, Inc.
- Equiniti
- ETQ, LLC,
- Freshworks Inc.
- MasterControl, Inc.
- Oracle Corporation
- Quantivate, LLC
- Salesforce.com, Inc.
- Sparta Systems, Inc.
- Zendesk, Inc.
- Zoho Corporation Pvt. Ltd.
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