Pune, Aug. 09, 2024 (GLOBE NEWSWIRE) -- Customer Success Platform Market Size & Growth Analysis:
“As per the SNS Insider Research, The Customer Success Platform Market size was valued at USD 1.48 billion in 2023 and is expected to reach USD 8.10 billion by 2032, growing at a CAGR of 22.2% over the forecast period of 2024-2032.”
Market Overview
The key factors that have led to strong growth of the Customer Success Platform market are; Rising demand for personalized customer engagement, enhanced AI and ML technologies & transition toward subscription-based business models are major drivers. Artificial intelligence and machine learning are also leveraged to deliver predictive analytics, automated customer interactions, and happy customers resulting in high retention. This market opens up opportunities to better connect the dots using AI-driven insights, and bring automation to on-boarding (customer success) operations. In addition, these worldwide government initiatives are contributing to this growth. Funding and support in developing better technology for customer success platforms (e.g., European Union Digital Innovation Hubs or U.S. Small Business Innovation Research [SBIR] program) In addition, countries like the UK and Canada have also been offering reliefs on tax for businesses investing in digital technology thus; has expedited market penetration.
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Major Players Analysis Listed in this Report are:
- Salesforce Inc.
- Totango Ltd.
- Strikedeck Inc.
- Client Success
- Churn Zero
- Cisco Systems Inc.
- Wootric Inc.
- Planhat AB
- Customer Success Box
- Zoom Info
- Other Players
Customer Success Platform Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 1.48 Billion |
| Market Size by 2032 | USD 8.10 Billion |
| CAGR | CAGR of 22.2% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | • The growing demand for Subscription-Based Business Models and customer retention. • Cloud technologies are fast adopting and making customer success platforms scalable and flexible. |
Recent Developments:
In April 2024, To improve client success through cloud investments, Workato, an enterprise automation platform with its headquarters in the United States, teamed up with AWS to offer AI-driven automation solutions. This collaboration emphasizes making automation and integration solutions more accessible, particularly in the critical areas of security and governance.
In July 2024, The Lehi, UT-based provider of a customer success platform, ClientSuccess, acquired Baton, a contemporary customer onboarding and implementation platform based in New York City, to improve customer engagement, expedite customer-focused projects, and provide quick, scalable solutions for customer onboarding.
In January 2024, With a plan to expand its position within the customer success market, UserIQ bought CustomerSuccessBox. This acquisition expands the range of customer success products available from UserIQ and contributes to its ability to help businesses achieve optimal relationships with customers.
In April 2023, HubSpot also took a big step toward expanding its platform when it announced an integration with the monster-in-size software platform for the trades industry, Service Titan. The integration enables superior customer interaction and smooth service delivery by enabling businesses to leverage the holistic capabilities of HubSpot's Customer Success tools alongside the operational power provided by ServiceTitan.
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Segment Analysis
By Components, the platform segment dominated the market, accounting for more than 65% market share in 2023.
This category leads the overall market through increased demand for integrated solutions managing customer interactions and supporting digital transformation strategies. This platform offers a set of robust tools to manage customer data, process automation, and experience-delivery personalization—all key aspects of any business undergoing digital transformation.
By Enterprise Size, small and medium enterprises accounted for the largest share of 57.9% of global revenue in 2023.
Growing numbers of more and more SMEs will provide cloud-based solutions, and hence the growth within the SME segment is expected to be the fastest during the forecast period. SMEs may need to have software that is a bit cheaper and more affordable, which will further help them to develop their businesses in case of limited funds put in place to do the development. Further, considering that they lack in-house IT departments to manage complex software implementation, most issues may take a second stage to concerns over usability and successful integration of the software with their businesses.
Customer Success Platform Market Key Segmentation:
By Component
- Solution
- Services
By Application
- Sales & Marketing Optimization
- Customer Service
- Risk & Compliance Management
- Reporting & Analytics
- Customer Segmentation & Onboarding
- Others
By Organization Size
- Large Enterprise
- Small and Medium Size Enterprise
By End-User
- Retail and E-commerce
- Telecommunications and IT
- Manufacturing
- Transportation and Logistics
- Government and Defense
- Healthcare and Life Sciences
- Media and Entertainment
- Travel and Hospitality
- Others
Based on Application, the sales & marketing segment held dominance with more than 26% of the market share in 2023.
The segment is growing mainly on the back of innovations in data analytics and AI technologies, which capture deep insights into customer behavior, campaign performance, and changing market dynamics. By using AI-driven predictive analytics, the business will better anticipate customer needs, write relevant messages to use in their marketing, and concentrate sales efforts. This increased ability improves sales and marketing productivity, enhances the accuracy of targeting, and has higher conversion rates with better customer satisfaction.
Regional Analysis
The North American region held the dominant position with more than 35% of the market share in the customer success platforms market in 2023. A Golden Age of SaaS Models in the US when almost every company began going after pieces, customer success platforms meant to manage and strengthen evergreen relationships were inevitable.
Over the 2024-2030 period, will be Asia Pacific where it is expected that growth will reach its maximum CAGR of 23.8%. As a result, the APAC region is likely to be in further lead-time on the adoption of futuristic technologies such as AI and automation that will eventually find far-reaching applicability towards improving customer success functions including but not limited to support automation, personalization, predictive analytics, etc.
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Key Takeaways
- Emerging as key enablers are AI and ML technologies, which provide better data analysis, predictive insights, and automation in customer success operations.
- Global government initiatives and funding programs are creating an environment for customer success platforms through grants, tax incentives, and training opportunities on digital transformation.
- Growth is particularly strong in North America, the market leader according to EY – which estimates that more than 60% of companies there are now using SaaS and cloud-based solutions.
- The high adoption of advanced technologies and regulatory policies set by governments in the Asia Pacific region is expected to flourish making it the fastest-growing market.
Table of Contents – Major Points
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Customer Success Platform Market Segmentation, by Component
9. Customer Success Platform Market Segmentation, by Application
10. Customer Success Platform Market Segmentation, by Organization Size
11. Customer Success Platform Market Segmentation, by End-User
12. Regional Analysis
13. Company profile
14. Competitive Landscape
15. USE Cases and Best Practices
16. Conclusion
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