Growing demand for advanced analytical-based solutions to monitor customer scores and reduce churn rates and advent of cloud computing in customer success to drive the growth of customer success platforms market

The global customer success platforms market size is expected to grow from USD 1.0 billion in 2020 to USD 2.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 20.4% during the forecast period. Customer success platforms are used by organizations to create unique, 360-degree view of customers based on data captured from multiple channels, including offline as well as online channels, such as mobile, web, CRM, social media, third-party apps, and email. Such solutions have applications in numerous areas, including sales and marketing management, CEM, risk and compliance management, and revenue management.

COVID-19 is disrupting the world, businesses, and economies, thus impacting the livelihood of people, their interaction, and the way they manage their businesses. The ability to sustain is becoming the new normal for enterprises as they are shifting their focus from growth opportunities to the implementation of drastic measures for mitigating  the impact of the COVID-19 pandemic. The competition among major customer success platforms companies is expected to be furious as most upcoming AI and analytics projects are kept on hold due to the pandemic. Hence, several companies would fight to gain a single project. Businesses are trying to return back to normal and facing multiple challenges on the customer as well as operational side. Meeting customer expectations in terms of optimizing processes, increasing security concerns due to various voice-related recording systems and networks, growing network connectivity issues, and declining industrial and manufacturing operations are some of the key business challenges. New practices such as work from home and social distancing are creating the need for remote monitoring, smart payment technologies, and building digital infrastructure for large-scale deployments. With a sudden surge in remote workers, there is an increase in the demand for advanced customer success platforms and services to effectively store and safeguard a huge amount of customer data.

Among Application, the reporting and analytics segment to record the highest growth during the forecast period

By application, the customer success platforms is segmented into sales and marketing optimization, risk and compliance management, customer segmentation, customer service, reporting and analytics, customer on boarding and others (revenue management, customer engagement, workflow management, and project administration).  Reporting and analytics segment is expected to account for a highest market growth rate during the forecast period. Reporting and analytics tools are essential for visualization that help end users to sort out essential customer details. Reporting and analytics tools are typically used by analysts and data scientists to analyze customer data and optimize customer decisions. Insights obtained from customer success platforms are used to address a variety of use cases, including acquisition, retention, and cross-sell/upsell.

Among services, the managed services segment to record the higher CAGR during the forecast period

The services segment in the customer success platforms market has been further divided into professional services and managed services. These services play a vital role in the functioning of customer success platforms. The growth of managed services can be attributed to the provision of technical expertise, helping companies enhance their focus on the core business processes. Customer success platforms vendors require technical support services and consulting services to quickly and smoothly deploy their software tools in the market. These services help maximize the value of enterprise investments. Service providers ensure end-to-end deployment and maintenance of customer success platforms and address pre- and post-deployment queries.

Among deployment mode, the on-premises deployment segment to record the higher CAGR during the forecast period

The customer success platforms market by deployment mode includes the on-premises and cloud segments. Deployment refers to the setting-up of the hardware, operating systems, and applications required to manage the IT ecosystem. Customer success platforms can be deployed through either mode based on security, availability, and scalability. Lower cost, greater agility, and speed of cloud are expected to drive the adoption of customer success platforms in rapidly evolving verticals, such as media and entertainment, architecture and construction, and retail and eCommerce. Easy integration of data with existing applications and databases would lead to the adoption of on-premises customer success platforms across the globe.

Among organization size, the SME’s segment to record the higher CAGR during the forecast period

customer success platforms is widely being used across major verticals. Its adoption is increasing, irrespective of organization size. Based on organization size, the customer success platforms market is segmented into SMEs and large enterprises. Organizations are categorized among these two types based on their employee strength. SMEs have realized the necessity to structure large volumes of customer data, which increases with time. The adoption of customer success platforms and services is expected to be high among SMEs due to the availability of low-cost deployment options. The ever-growing volume of customer data due to the use of social media, mobile applications, and mobile devices is one of the major factors increasing the adoption of customer success platforms and services among SMEs and large enterprises.

Among verticals, the healthcare and life sciences vertical to record the highest CAGR during the forecast period

customer success platforms is gaining traction across key verticals, owing to the proliferation of customer data and demand for operational efficiency by organizations. The customer success platforms market by vertical into BFSI, retail and eCommerce, healthcare and life sciences, IT and telecom, transportation and logistics, manufacturing, energy and utilities, government and public sector, and others (media and entertainment, travel and hospitality, and education). The demand for enhanced patient experiences and quality care for personalized treatments in real time is expected to drive the market growth in the healthcare and life sciences industry vertical. A customer success platforms is a powerful architecture with the potential to transform healthcare services by providing a singular repository for structured, semi-structured, variable format, internal, and external data. It enables data scientists and healthcare analysts to mine data that is scattered across data warehouses, data marts, Operational Systems (OS), transactional systems, and external data sources.

Among regions, North America to hold the largest market size during the forecast period

North America is expected to hold the largest market size in the global customer success platforms market during the forecast period. The key factor favoring the growth of the customer success platforms market in North America is the increasing demand for advanced customer viewing experience by small and medium businesses and government agencies would fuel the demand for customer success platforms across North America. Europe is expected to be in second position in terms of market size and market share during the forecast period. The delivery of unprecedented manufacturing productivity improvements and increased speed and reliability of quality assurance and validation processes are some of the factors driving the customer success platforms market growth in Europe. APAC is expected to record the fastest growth rate during the forecast period. The customer success platforms market is expected to witness considerable developments and adoption of solutions across APAC during the forecast period. The increasing number of players across different regions is further expected to drive the customer success platforms market.

Breakdown of primaries

In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the customer success platforms market.

• By Company: Tier I: 34%, Tier II: 43%, and Tier III: 23%
• By Designation: C-Level Executives: 50%, Directors: 30%, & Other level: 20%
• By Region: North America: 30%, APAC: 25%, Europe: 30%, Latin America: 10%, Middle East and Africa: 5%

The report includes the study of key players offering customer success platforms and services. It profiles major vendors in the global customer success platforms market. The major vendors in the global customer success platforms market includeSalesforce (US), Cisco(US), HubSpot (US), Gainsight (US), Freshworks (US), Totango (US), Amity (Canada), Strikedeck (US), ChurnZero (US), SmartKarrot (US), ClientSuccess (US), Bolstra (US), UserIQ (US), Planhat (Sweden), Salesmachine (US), Catalyst (US), AppsForOps (Australia), Armatic (US), CustomerSuccessBox (US), Clientshare (UK), Wootric (US), ZoomInfo (US), Akita (Ireland), Intercom (US), WalkMe (US), and Custify (Romania).

Research Coverage

The customer success platforms market is segmented by component, application, deployment mode, organization size, vertical, and region. A detailed analysis of the key industry players has been undertaken to provide insights into their business overviews; services; key strategies; new service launches; partnerships, agreements, and collaborations; business expansions; and competitive landscape associated with the global customer success platforms market.

Key Benefits of Buying the Report

The report would help the market leaders/new entrants in the following ways:

• It comprehensively segments the customer success platforms market and provides the closest approximations of the revenue numbers for the overall market and its sub segments across regions.
• It would help stakeholders understand the pulse of the market and provide information on the key market drivers, restraints, challenges, and opportunities.
• It would help stakeholders understand their competitors better and gain more insights to enhance their positions in the market. The competitive landscape section includes a competitor ecosystem, new service developments, partnerships, and acquisitions.