According to the report published by Allied Market Research, the complaint management software market was estimated at $1.93 billion in 2018 and is expected to hit at $8.28 billion by 2026, registering a CAGR of 11.2% from 2019 to 2026. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and changing market trends.
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Rise in need to protect brand reputation and elevate consumer satisfaction, surge in requirement for automated workflow, and enactment of consumer-centric stratagems fuel the growth of the global complaint management software market. On the other hand, inadequate insights on consumer complaints curb the growth to some extent. However, assimilation of novel technologies including AI and NLP is expected to create multiple opportunities in the near future.
By component, the software segment contributed to more than three-fifths of the total market share in 2018, and is expected to rule the roost by 2026. The services segment, on the other hand, is anticipated to portray the fastest CAGR of 12.4% throughout the forecast period.
By type, the integrated segment accounted for nearly three-fourths of the total market revenue in 2018, and is projected to lead the trail from 2019 to 2026. The same segment is also predicted to grow at the fastest CAGR of 12.6% during the estimated period. The standalone segment is also analyzed in the report.
By geography, North America garnered the highest market share in 2018, holding nearly two-fifths of the global market. Simultaneously, Asia-Pacific would manifest the fastest CAGR of 12.4% by 2026. The other regions assessed through the report include Europe and LAMEA.
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The key market players analyzed in the global complaint management software market report include Equiniti, ETQ, LLC, Freshworks Inc., Sparta Systems, Inc., Zoho Corporation Pvt. Ltd., MasterControl, Inc., AssurX, Inc., Oracle Corporation, Quantivate, LLC., Salesforce.com, Inc., and Zendesk, Inc. These market players have incorporated different strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their status in the industry.
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