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Advent of cloud computing in customer success, and the demand for advanced solutions to monitor customer scores and reduce churn to drive the adoption of customer success platforms across the retail and eCommerce industry vertical
MarketsandMarkets estimates the global customer success platforms market to grow from USD 854 million in 2019 to USD 2,664 million by 2024, at a Compound Annual Growth Rate (CAGR) of 25.5% during the forecast period. The customer success platforms market is growing rapidly with the advent of cloud computing in customer success, the demand for advanced solutions to monitor customer scores and reduce churn, and the rise in the data volume due to increased digitalization. However, difficulty in data aggregation and synchronization from multiple tools would limit the growth of the market.
Customer service application to grow at the highest CAGR during the forecast period
Customer service plays a crucial role in driving better customer engagement and personalized customer experiences. Enterprises utilize analytics to improve and optimize their customer service operations. With the advanced service analytics capabilities, organizations can identify the causes of customer service issues in real time. Service analytics enables customer service managers to monitor and analyze Key Performance Indicators (KPIs), such as average response time, best agent to issue, distribution of workload, and agent performance assessment.
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Customer success platforms market in APAC to grow at the highest CAGR during the forecast period
The significant advancement of the market in Asia Pacific (APAC) is attributed to high growth potential, growing adoption of advanced technologies such as Artificial Intelligence (AI) and Machine Learning (ML), and increasing digitalization in the region with the rising need of businesses to remain globally competitive. Furthermore, growing significance of big data and advanced analytics is also expected to fuel the growth of the customer success platforms market. However, difficulties in data aggregation and synchronization from multiple sources remain the biggest hurdle in the customer success platforms adoption across the region. The cloud-based customer success platforms present an optimal solution for these countries by minimizing integration complexities.
SMEs to hold the highest market share during the forecast period in the customer success platforms market
Organizations have been gradually recognizing the importance of customer success solutions, and have started deploying them, as per their needs and available resources. The availability of Software-as-a-Service (SaaS) based customer success solutions has gained popularity among Small and Medium-sized Enterprises (SMEs). These enterprises have started to deploy such solutions to generate a 360? view of customers and identify patterns, trends and gather insights to improve business performance. The SMEs segment is expected maintain its dominance in terms of revenue generation throughout the forecast period.
In-depth interviews were conducted with Chief Executive Officers (CEOs), Chief Technology Officers (CTOs), Chief Operating Officers (COOs), Vice Presidents (VPs), Managing Directors (MDs), technology and innovation directors, and related key executives from various key companies and organizations operating in the customer success platforms market.
- By Company: Tier 1–10%, Tier 2–25%, and Tier 3–65%
- By Designation: C-Level–25%, Director Level–50%, and Others–25%
- By Region: North America–40%, Europe–30%, APAC–20%, and RoW – 10%
The customer success platforms market comprises major solution providers, such as Gainsight (US), Salesforce (US), Natero (US), Totango (US), Amity (Canada), Strikedeck (US), ChurnZero (US), ClientSuccess (US), Bolstra (US), Salesmachine (US), UserIQ (US), Planhat (Sweden), AppsForOps (Australia), Catalyst (US), Armatic Technologies (US), CustomerSuccessBox (US), Clientshare (England), Wootric (US), Komiko (US), and Akita (Ireland). The study includes an in-depth competitive analysis of these key players in the customer success platforms market with their company profiles, recent developments, and key market strategies.
- The customer success platforms market revenue is primarily classified into revenues from solutions and services. Solutions revenue is associated with software/platform offerings while services’ revenue is associated with support and maintenance services and consulting services.
- The market is also segmented on the basis of application, deployment model, organization size, industry vertical, and region.
Key benefits of the report
- The report would help the market leaders/new entrants in this market with the information on the closest approximations of the revenue numbers for the overall customer success platforms market and the subsegments.
- This report would help stakeholders understand the competitive landscape and gain insights to better position their businesses and plan suitable go-to-market strategies.
- The report also helps stakeholders understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.