The User retention software market is set to witness steady growth during 2021-2031. One of the major growth drivers for the user retention software market happens to be the rising demand for enhanced customer service experience.
Customer retention involves the sum of customers a company is able to retain over a period of time. Customer retention software helps in minimizing the loss of these customers.Organizations and businesses often struggle to keep up customer retention rates for various reasons. Studies show that, increasing customer retention rates by 5% increases profits of an organization by 25% to 95%. Hence, there is an upsurge in demand for user retention software across different industries.
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What is Driving Demand for User Retention Software?
Customer retention software collects scattered, siloed customer data at every touchpoint and transforms them into a unified, cross-functional data which can be put to better use. The organizations can make use of this valuable information in order to consistently provide a personalized and delightful experience for their customers.
Primary features of any user retention software includes offering access to data with a customer data platform., multi-channel marketing automation & campaigns, real-time website & email personalization, and customer insight using ‘train-of-thought’ analytics, among others.
Cloud Based Deployment is Expected to Hold the Largest Share of the Market for User Retention Software by Deployment
The cloud based deployment segment is anticipated to hold the largest share of the global market. The segment is also expected to grow at a significant rate registering the highest CAGR over the forecast period.
The growth of the segment can be attributed to the increasing demand for cloud based solutions owing to its flexibility and easy accessibility to the users.
US and Canada User Retention Software Demand Outlook
U.S. happens to be one of the largest markets for user retention software across the globe. The growth in U.S. is attributed to the presence of established players such as NGDATA, Inc., Zendesk Connect, Mixpanel, Qualtrics, and Loyaltygator, among others in the region. Moreover, US happens to be the most rapidly changing and competitive market across the globe. Besides, the region is also expected to adopt new technologies at a faster pace as compared to other countries in the world.
Europe Demand Outlook for User Retention Software
The growing demand for enhanced customer service experience happens to be one of the key factors driving the demand for user retention software across the region.
Furthermore, the rising need to maintain customer data and offer personalized services to the customers across different industry verticals in the countries like Germany, Italy, France, and UK in the Europe region has enabled the user retention software market to grow at a substantial rate over the forecast period.
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Who are the Key Manufacturers and Suppliers of User Retention Software?
Some of the leading providers of user retention software include
- NGDATA, Inc.
- Zendesk Connect
- Mixpanel
- Qualtrics
- Loyaltygator
- BlueVenn
- Questback, among others.
The companies operating in the market are focused on acquisitions, partnerships, and new product launches in order to strengthen their presence and enhance their product portfolio in the market.
- For instance, NGDATA, Inc. is offering Customer Data Platform (CDP), which is an innovative customer retention software solution that carefully plots each data source into a typical data model in order to build a customer profile. The company’s CPD provides a 360-degree view of customers that proves to be essential in increasing customer retention rates.
- Smiles entered into a partnership agreement with Zendesk to scale support on Messenger as soon as it learned that customers used and favored Facebook Messenger over other channels for contacting customer service. In the less than a month of pilot program, messenger conversations soared from 100 to 1,000 contacts on an average. Moreover, more than 50% of customers who were using Messenger stayed with the former company, Smiles. Hence, the messenger support helped the company to retain customers.
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Key Segments
By Solution:
- User Retention Software
- Cloud-Based
- On-premise
- Services
- Professional Services
- Managed Services
By Enterprise Size:
- SMEs
- Large Enterprises
By Industry:
- BFSI
- IT & Telecom
- Aerospace and Defense
- Automotive
- Healthcare
- Manufacturing
- Retail
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
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