The ‘Global Customer Success Platform Market Share, Size, Report and Forecast 2024-2032’ by Expert Market Research gives an extensive outlook of the global customer success platform market, assessing the market on the basis of its segments like applications, components, deployment models, organisation sizes, industry verticals, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.
Customer Success Platform Market Price, Trends, Growth, Industry Report, Key Player, Major Segments and Forecast
The key highlights of the report include:
Market Overview (2018-2032)
• Historical Market Size (2023): Around USD 1351.6 Million
• Forecast CAGR (2024-2032): 26.10%
• Forecast Market Size (2032): Nearly USD 5434.24 Million
A major factor driving the global customer success platform market is the growing adoption of customer experience management solutions among companies to improve their profitability. There is a shift from product-centric strategies to customer-centric strategies in the business landscape as a loyal customer base leads to higher growth.
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Market players also adopt this strategy to stand out from their competitors as satisfied customers can improve their brand image and increase their profitability. Furthermore, businesses are increasingly using customer success platforms to gain data-driven insights and better understand customers’ behaviour and usage patterns, hence aiding the customer success platform market demand.
Customer success platforms typically utilise cloud-based solutions that are accessible through the internet. However, various enterprises also use on-premises platforms due to privacy concerns. On-premises model also offers better flexibility for customisation and integration, benefitting enterprises that have specific integration requirements.
Besides, the flourishing telecommunications and IT sector is another crucial factor that drives the growth of the global customer success platform market. The IT sector oftentimes offers complex products and services that require step-by-step guidance and training material for better understanding. Hence, such platforms offer updates about new features, schedule maintenance, and make new changes through emails, messaging, or even in-app notifications. Moreover, the platform also monitors the key metrics and indicators to assess the health and service performance for taking proactive measures accordingly.
The adoption of customer success platforms improves the patients’ journey and provides various benefits to the healthcare and life sciences sector. They also provide an improved experience to patients while offering personalised care and constant communication between the doctors and the patients. By improving patient-doctor relationships, such platforms reduce the hassle of travelling long distances and making appointments. Therefore, their increased usage in hospitals and clinics positively influences the global customer success platform market.
With companies attempting to improve their conversion rates, customer satisfaction, and long-term customer loyalty, the demand for customer success platforms is expected to considerably rise in the forecast period.
Customer Success Platform Industry Definition and Major Segments
A customer success platform is software that assists businesses in customer relationship management by focusing on customer onboarding, user growth, engagement, and reviews. This ensures that the customers achieve the desired results on the usage of the vendor’s products and services, and it builds a mutually beneficial relationship between the customer and vendor.
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On the basis of application, the market is classified into:
• Customer Experience Management
• Sales and Marketing Management
• Risk and Compliance Management
• Customer Service
Based on component, the market is segmented into:
• Solution
• Services
o By Type
Professional Services
Managed Services
On the basis of deployment model, the market is divided into:
• On-Premises
• Cloud
Based on organisation size, the market is segmented into:
• Small and Medium-Sized Enterprises
• Large Enterprises
On the basis of industry vertical, the market is classified into:
• Banking, Financial Services, and Insurance
• Retail and eCommerce
• Telecommunications and IT
• Healthcare and Life Sciences
• Government and Public Sector
• Others
Based on region, the market is divided into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Customer Success Platform Market Trends
A key trend propelling the growth of the global customer success platform market is the integration of IoT and AI to improve the customer experience and facilitate seamless payments. These platforms also enable organisations to enhance their UX (user experience) with the use of analytics to enhance the customer engagement.
Cloud services are gaining popularity owing to their scalability, dependability, efficiency, and flexibility benefits. Market players are also combining real-time analytics with cloud-based customer service platforms to provide higher scalability and ease of data storage while driving automation. Moreover, market players, especially startups, are implementing innovative solutions to increase customer satisfaction, which is expected to drive the customer service platforms market growth in the coming years.
The growing emphasis on improving customer experience in the retail and e-commerce sector is boosting the requirement for effective customer solutions. Retailers implement customer success strategies to increase customer loyalty and improve overall customer satisfaction. User engagement, activity, satisfaction, and retention data are some of the factors that decide the efficiency of the customer success platform.
Surging attempts by key players to gain real-time insights for boosting customer engagement are expected to provide lucrative growth opportunities to the customer success platform market. For instance, in June 2023, Amberflo, a cloud metering and billing platform, launched a salesforce app, e Amberflo Salesforce App, which provides real time insight into customer behaviour. This includes customers interaction with cloud applications and service to empower to effectively engage with customers on a daily, weekly, or even monthly basis.
Region-wise, North America accounts for a substantial share of the customer success platform market due to the wide presence of key players in the region. Large and medium-sized companies are providing multi-channel services so the customer can have a seamless experience. This is boosting the adoption of business tools such as sentiment analytics, speech analytics and text analytics to improve the understanding of unstructured data collected from customer interaction.
Key Market Players
The major players in the global customer success platform market report are:
- Gainsight, Inc.
- Salesforce.com, Inc. (NYSE: CRM)
- Natero
- Totango
- ClientSuccess
- Strikedeck
- ChurnZero
- Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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