PUBLISHER: The Business Research Company | PRODUCT CODE: 1425370
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425370
Customer Success Platforms Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on customer success platforms market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for customer success platforms? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The customer success platforms market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Customer success platforms are software platforms designed to provide a unified, 360-degree picture of the customer data, pulled and combined from outer applications like email, customer relationship management (CRM) administrations, live talk, and client care tickets. Customer success platforms are used by businesses to improve customer experiences and boost customer lifetime value, thereby ensuring customer satisfaction and better retention.
The main components of customer success platforms are platforms and services. The deployment modes are cloud, and on-premises. Platforms are used to collaborate with the consumer in order to help them make better use of the product or service. Platform refers to the collection of instructions, data, or computer programs that are used to carry out activities. The organization sizes are SMEs, large enterprises. The various applications are sales and marketing optimization, reporting and analytics, customer segmentation, risk and compliance management, customer service, customer onboarding, and other applications. The end-users are BFSI, retail and ecommerce, transportation and logistics, healthcare, telecom and it, government and public sector, and other end-users.
The customer success platforms market research report is one of a series of new reports from The Business Research Company that provides customer success platforms market statistics, including customer success platforms industry global market size, regional shares, competitors with an customer success platforms market share, detailed customer success platforms market segments, market trends and opportunities, and any further data you may need to thrive in the customer success platforms industry. This customer success platforms market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The customer success platforms market size has grown exponentially in recent years. It will grow from $2.07 billion in 2023 to $2.5 billion in 2024 at a compound annual growth rate (CAGR) of 20.9%. The growth observed in the historical period can be attributed to business expansion and growth, enhanced collaboration across departments, adoption in various industries, and a strategic focus on customer lifetime value (CLV).
The customer success platforms market size is expected to see exponential growth in the next few years. It will grow to $5.48 billion in 2028 at a compound annual growth rate (CAGR) of 21.7%. Anticipated growth in the forecast period can be ascribed to the expansion of the subscription economy, the prioritization of enhanced customer experience (CX), the adoption of data-centric approaches, the prevalence of remote work and digital transformation, and the incorporation of outcome-based customer success metrics. Key trends expected in the forecast period include a heightened focus on customer-centric strategies, the prevalence of Software as a Service (SaaS) and subscription-based models, the utilization of data-driven customer insights, emphasis on personalization and segmentation, and increased integration with Customer Relationship Management (CRM) systems.
The increasing adoption of cloud-based solutions is set to drive the growth of the customer success platform market. These solutions, accessible through web browsers or dedicated clients, offer benefits such as improved customer services and faster implementation cycles. In 2022, Flexera reported that 89% of organizations adopted multi-cloud, while 80% adopted hybrid cloud solutions. This reflects a growing trend in favor of cloud-based platforms, contributing to the expansion of the customer success platform market.
The surge in remote work is anticipated to fuel the growth of the customer success platform market. Remote work, a prevalent practice, has led to increased reliance on customer success platforms to facilitate efficient communication, collaboration, and proactive support in virtual environments. A 2022 FlexJobs' Career Pulse survey indicated that 65% of respondents strongly preferred full-time remote work, and 32% desired a hybrid arrangement, highlighting a strong inclination toward remote work options. This trend is playing a pivotal role in driving the customer success platform market.
Technological advancement is emerging as a prominent trend in the customer success platform market. Leading companies are introducing innovative technologies, particularly those powered by artificial intelligence (AI), to enhance insights and recommended actions. For example, Gainsight launched the Gainsight Essentials platform in March 2022, incorporating AI-powered insights and recommended actions to streamline customer success processes.
Major companies in the customer success platform market are introducing platforms with advanced features, such as Customer Success AI (CS AI), to address challenges in content creation and strategy ideation. In January 2023, ChurnZero launched its Customer Success AI (CS AI), an industry-first generative artificial intelligence integrated into a Customer Success platform. Powered by OpenAI, this AI accelerates content creation and strategy ideation, enabling users to generate customized customer engagement content and ideas efficiently, enhancing overall Customer Success processes.
In January 2022, Gainsight further strengthened its position in the market by acquiring inSided, an Amsterdam-based customer success community platform, for an undisclosed amount. This strategic acquisition aims to connect digital products, customer-facing staff, and client communities throughout the entire customer experience.
Major companies operating in the customer success platforms market report are Gainsight Inc., Salesforce.com Inc., Totango Ltd., Strikedeck Inc., ClientSuccess LLC, ChurnZero Inc., Cisco Systems Inc., Wootric Inc., Planhat AB, CustomerSuccessBox, ZoomInfo Technologies LLC, Intercom Inc., WalkMe Ltd., Akita Software Ltd., Custify Ltd., SmartKarrot Inc., HubSpot Inc., Amity Software Inc., Natero Inc., UserIQ Inc., Catalyst Software Inc., Chorus.ai Inc., Cognism Limited, Freshworks Inc., Airtable Inc., Churn Buster LLC, CustomerGauge, Customer Success Builder, Zendesk Inc., Vitally Inc.
North America was the largest region in the customer success platforms market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the customer success platforms market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the customer success platforms market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The customer success platforms market includes revenues earned by entities by consulting, system integration and implementation and support and maintenance. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.