LONDON, March 13, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the customer success platforms market forecasts the global customer success platforms market to grow at a compound annual growth rate (CAGR) of 21.55% from $1.70 billion in 2022 to $2.07 billion in 2023. In the short term, the Russia-Ukraine war hampered global economic recovery from the COVID-19 pandemic. The conflict between these two countries has resulted in economic sanctions against a number of countries, a rise in commodity prices, and supply chain disruptions, resulting in inflation across goods and services and affecting many markets around the world. The market for customer success platforms is expected to reach $4.35 billion by 2027, at a CAGR of 20.49%.
The increasing adoption of cloud-based solutions is expected to drive future growth in the customer success platform market. Cloud-hosted software and services can be accessed and used via a web browser, a dedicated desktop client, or a mobile operating system. Cloud-based solutions, such as cloud customer success platforms, are being adopted by organizations today due to the benefits they provide, such as improved customer service and faster implementation cycles. For instance, according to data by Flexera, a US-based computer software company, in 2022, 89% of organizations adopted a multi-cloud, 80% adopted a hybrid cloud, 9% adopted a single public cloud, and 2% a single private cloud. As a result, the growing adoption of cloud-based solutions is propelling the market for customer success platforms.
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Technological progress is a key trend that is gaining traction in the customer success platform market. To maintain their market position, major market players are introducing new technologies based on AI-powered insights and recommended actions. For instance, in March 2022, Gainsight, a US-based software development company launched the Gainsight Essentials platform, with AI-powered insights and recommended actions to drive customer success. It aids in obtaining direct customer-related data, which helps to accelerate time to value and reduce overall administration costs.
Salesforce Inc., Totango Ltd., Strikedeck Inc., ClientSuccess, ChurnZero, Cisco Systems Inc., Wootric Inc., Planhat AB, CustomerSuccessBox, ZoomInfo, Intercom, WalkMe, Akita, Custify, and SmartKarrot Inc. are other major players in the customer success platforms market.
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The global customer success platforms market is segmented by component into platforms, and services; by deployment mode into the cloud, and on-premises; by organization size into SMEs, and large enterprises; by application into sales and marketing optimization, reporting and analytics, customer segmentation, risk, and compliance management, customer service, customer onboarding, other applications; by end-user into BFSI, retail and e-commerce, transportation and logistics, healthcare, telecom, and IT, government and public sector, other end-users.
In 2022, North America was the largest region in the market for customer success platforms. During the forecast period, Asia-Pacific is expected to be the fastest-growing region in the customer success platform market. This report covers Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Customer Success Platforms Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032 by The Business Research Company provides customer success platform market global forecast insights on the customer success platforms market size, customer success platforms market segments, customer success platforms market trends, customer success platform market drivers and restraints, customer success platform industry major competitors’ market positioning, revenues and customer success platform market share.
The Business Research Company has published over 3,000+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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