The global Customer Success Platforms Market is expected 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. Factors that drive the market growth are advent of cloud computing in customer success, the demand for advanced solutions to monitor customer scores and reduce churn, and the rise in data volume due to increased digitalization.
Customer service application to grow at the highest CAGR during the forecast period
In today’s competitive scenario, the growing demand for comprehensive solutions to handle queries in-time and enhance customer experience has been a major factor for companies across industries. Customer success platform software help companies gather analytical insights to improve and optimize customer service operations. They also help monitor and analyze business metrics, such as best agent to issue, average query resolution time, and agent performance assessment.
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Services segment to grow at a higher CAGR during the forecast period
Based on components, the customer success platforms market is segmented into solution and services. The services segment is expected to grow at a higher CAGR during the forecast period. Professional services and managed services help enterprises in building good customer relationships by constantly assisting them throughout the product life cycle. Support and maintenance services help organizations meet distinct business needs according to changing market conditions, reduce system failure and costs associated with it, and improve overall business efficiency.
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 players have embraced different strategies to expand their global presence and increase their market shares. New product launches and enhancements; and partnerships, acquisitions, and collaborations, have been the dominant strategies adopted by the major players from 2016 to 2019, which helped them innovate on their offerings and broaden their customer base.
Gainsight (US) is among the leaders in the customer success platforms market with a prominent customer base. It adopts a balanced approach of organic and inorganic growth strategies and continues to enhance its expertise in customer success through constant product enhancements, technology acquisitions, and partnerships. In October 2018, Gainsight acquired Aptrinsic, a private company having expertise in delivering advanced analytics and in-product engagement solution. Acquisitions, partnerships, and strategic alliances help the company innovate and enhance its existing solutions with new technology and expertise additions.
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Salesforce (US) has a strong foothold in the customer success platforms market with a comprehensive Customer Relationship Management (CRM) and customer success platform. The company’s customer success platform delivers services across sales, marketing, engagement, commerce, analytics, enablement, and collaboration business functions, which mostly operate in the cloud platform. Furthermore, the company’s increasing revenue as well as growing investments in R&D enable it to innovate its products and meet the emerging needs of its customers. In September 2018, the company launched a new service, Customer 360, to provide access to unified customers’ data across the company’s apps.
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