According to a new report by Expert Market Research titled, “Global Customer Success Platform Market Share, Size, Report and Forecast 2024-2032″, the global customer success platform market size reached a value of USD 1704.37 million in 2023. Aided by introduction of cloud computing for customer satisfaction and the need for innovative solutions to track customer scores and lower turnover, the market is projected to further grow at a CAGR of 26.1% between 2024 and 2032.
A customer success platform primarily facilitates businesses in ensuring their clients attain desired outcomes while utilising their products or services. As a fusion of technology and customer-centric strategies, these platforms play an essential role in client onboarding, support, engagement, and retention. Beyond its evident functional attributes, the customer success platform seamlessly integrates analytics, artificial intelligence, and automation tools, rendering it a must-have in the modern-day corporate toolkits.
The growing adoption of client-centric operational models by businesses is the major driving force behind the customer success platform market growth. As businesses across the globe recognise the incontrovertible link between customer satisfaction and long-term profitability, a shift towards customer-centric strategies is pivotal. Consequently, there is an amplified demand for tools and platforms that can assist businesses in understanding, assisting, and retaining their clients, which in turn has led to the rise in demand for customer success platforms.
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One of the significant customer success platform market trends is the rising inclination towards the integration of machine learning and AI in these platforms. Such integrations allow businesses to predict potential customer issues and proactively address them, thus enhancing the overall user experience. Moreover, real-time analytics provided by these platforms offer actionable insights, enabling businesses to fine-tune their strategies and foster stronger client relationships.
The diverse applications facilitated by the platform significantly contributes to the growing customer success platform market demand. From e-commerce enterprises and software-as-a-service (SaaS) providers to traditional brick-and-mortar businesses transitioning online, the utility of these platforms is rising. Especially in industries with subscription-based models, these platforms are instrumental in reducing customer churn and increasing lifetime value.
Moreover, the customer success platform market size is likely to benefit from the growing shift towards cloud-based solutions. With the availability of cloud services and the increasing need for real-time customer analytics, businesses are leaning towards cloud-hosted customer success platforms. Such solutions not only offer scalability and flexibility but also ensure cost-effectiveness, thereby enhancing their appeal to businesses of all sizes.
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Market Segmentation
The market can be divided based on application, component, deployment model, organisation size, industry vertical, and region.
Market Breakup by Application
• Customer Experience Management
• Sales and Marketing Management
• Risk and Compliance Management
• Customer Service
Market Breakup by Component
• Solution
• Services
o Professional Services
o Managed Services
Market Breakup by Deployment Model
• On-Premises
• Cloud
Market Breakup by Organisation Size
• Small and Medium-Sized Enterprises
• Large Enterprises
Market Breakup by Industry Vertical
• Banking, Financial Services, and Insurance
• Retail and eCommerce
• Telecommunications and IT
• Healthcare and Life Sciences
• Government and Public Sector
• Others
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global customer success platform market. Some of the major players explored in the report by Expert Market Research are as follows:
• Gainsight, Inc.
• Salesforce.com, Inc.
• SmartKarrot Inc.
• Totango Inc.
• ClientSuccess, Inc.
• Strikedeck, Inc.
• ChurnZero, Inc.
• Freshworks Inc.
• Others
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