A recent report published by Infinium Global Research on customer success platforms market provides an in-depth analysis of segments and sub-segments in the global as well as regional customer success platforms market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional customer success platforms market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast, and dollar values of the global customer success platforms market. According to the report, the global customer success platforms market is projected to grow at a CAGR of 21.1% over the forecast period of 2020-2026.
Customer success platforms provide a set of tools that support in ensuring to provide the customer's required outcomes when they are using any sort of a seller’s service or product. The customer success platform integrates all the data of the customer into a manageable view of them. The information comprises product usage, adoption, upsells, and other customer signals. Further, customer usage, utilization, and outcomes are the perfect reflection of customer engagement and, equally, disengagement. The right Customer Success Platform provides unprecedented visibility into customers, opening up new opportunities and smarter ways to understand them.
Growing demand for advance analytical-based solutions to monitor customer scores and reduce churn rates drives the global customer success platforms market. Customer success platforms help in tackling customer Success problems that can proactively inform teams about customers that are at risk of churn. It helps teams prioritize which accounts to work on, and help them continue to operate efficiently as the company grows. Furthermore, factors such as demand for improvement in customer experience and better customer retention and acquisition drives the demand for customer success platforms. Customer success software enables to get a 360-degree view of customers that can be used to create greatly customized offers based on their interests, purchase history, and other factors. Customer success platforms are increasingly used as a customer loyalty enhancement tool as it contains a wide range of information about customers and how they interact with businesses. However, data privacy laws and protection of customer data from cyber-attacks and breaches are a major concern that restrains the market growth. Moreover, the rising technological advancements including Artificial Intelligence and Machine Learning are expected to provide growth opportunities to the market players. The recent outbreak of COVID-19 has pushed organizations to undertake all necessary steps to ensure the safety of their employees and the community. The companies need to endeavor for pursuing opportunities, closing sales, and resolving the issues of the customers during this pandemic period. There is an increasing need for the companies to collaborate with the clients in the remote working environment following the mandate of Work from Home (WFH). Managing churn during the COVID-19 pandemic has become a major necessity, more than ever before. This is subsequently anticipated to drive the demand for customer service customer success platform solutions.
Geographically, North America is expected to be a major contributor to the global customer relationship management market. The presence of several key customer success platform providers and the high demand for customer success platform drives the growth of the market in this region. The region has market players such as Gainsight, Salesforce, Natero, Totango, Amity, Strikedeck, ChurnZero, UserIQand several others. On the other hand, expanding adoption of IT services is a major factor augmenting the growth of the Asia-Pacific region. Furthermore, developing countries such as China, India, and South Korea are anticipated to further drive the market growth in the coming years.
The report on the global customer success platforms market covers segments such as type, application, and end user. On the basis of type, the sub-markets include solution and services. On the basis of application, the sub-markets include customer experience management, sales and marketing management, risk and compliance management, and others. On the basis of end user, the sub-markets include BFSI, retail and e-commerce, healthcare and life science, IT & telecom, and others.
The report provides profiles of the companies in the market such as Cisco Systems, Inc., Gainsight, Salesforce.com Inc., Natero, Totango, Amity, Strikedeck, HubSpot, ChurnZero Inc., ClientSuccess, and Bolstra.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of customer success platforms market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.