Global Customer Success Platforms Market 2019-2024: Opportunities in Rising Adoption of Advanced Technologies, Such as AI and ML & Increasing Investment in Customer Success Platform Startups
DUBLIN, June 20, 2019 /PRNewswire/ -- The "Customer Success Platforms Market by Application (Sales and Marketing Management, CEM, and Risk and Compliance Management), Component (Solutions and Services), Deployment Model, Industry Vertical, and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
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The Global Customer Success Platforms Market to Grow from USD 854 Million in 2019 to USD 2,664 Million by 2024, at a CAGR of 25.5% During the Forecast Period.
The advent of cloud computing in customer success, and the demand for advanced solutions to monitor customer scores and reduce churn to drive the adoption of customer success platforms across the retail and eCommerce industry vertical.
The customer success platforms market is growing rapidly with the advent of cloud computing in customer success, the demand for advanced solutions to monitor customer scores and reduce churn, and the rise in the data volume due to increased digitalization. However, difficulty in data aggregation and synchronization from multiple tools would limit the growth of the market.
Customer service application to grow at the highest CAGR during the forecast period
Customer service plays a crucial role in driving better customer engagement and personalized customer experiences. Enterprises utilize analytics to improve and optimize its customer service operations. With advanced service analytics capabilities, organizations can identify the causes of customer service issues in real time. Service analytics enables customer service managers to monitor and analyze Key Performance Indicators (KPIs), such as average response time, the best agent to issue, distribution of workload, and agent performance assessment.
Customer success platforms market in APAC to grow at the highest CAGR during the forecast period
The significant advancement of the market in Asia Pacific (APAC) is attributed to high growth potential, growing adoption of advanced technologies such as Artificial Intelligence (AI) and Machine Learning (ML), and increasing digitalization in the region with the rising need of businesses to remain globally competitive.
Furthermore, the growing significance of big data and advanced analytics are also expected to fuel the growth of the customer success platforms market. However, difficulties in data aggregation and synchronization from multiple sources remain the biggest hurdle in the customer success platforms adoption across the region. The cloud-based customer success platforms present an optimal solution for these countries by minimizing integration complexities.
SMEs to hold the highest market share during the forecast period in the customer success platforms market
Organizations have been gradually recognizing the importance of customer success solutions, and have started deploying them, as per their needs and available resources. The availability of Software-as-a-Service (SaaS) based customer success solutions have gained popularity among Small and Medium-sized Enterprises (SMEs). These enterprises have started to deploy such solutions to generate a 360 view of customers and identify patterns, trends and gather insights to improve business performance. The SMEs segment is expected to maintain its dominance in terms of revenue generation throughout the forecast period.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Market Opportunities in the Customer Success Platforms Market
4.2 Market By Application (2019-2024)
4.3 Market By Organization Size
4.4 Market Share Across Regions
5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Advent of Cloud Computing in Customer Success
5.2.1.2 Demand for Advanced Solutions to Monitor Customer Scores and Reduce Churn
5.2.1.3 Rising Data Volume Due to Increased Digitalization
5.2.2 Restraints
5.2.2.1 Data Aggregation and Synchronization From Multiple Silos
5.2.3 Opportunities
5.2.3.1 Rising Adoption of Advanced Technologies, Such as Artificial Intelligence and Machine Learning
5.2.3.2 Increasing Investment in Customer Success Platform Startups
5.2.4 Challenges
5.2.4.1 Data Security and Privacy Concerns
5.3 Industry Trends
5.3.1 Use Cases
5.3.1.1 Use Case 1: Increasing Customer Engagement By Analyzing Customer Health
5.3.1.2 Use Case 2: Reducing Onboarding Time Through Data-Driven Insights
5.3.1.3 Use Case 3: Tracking Customer Interactions for Driving Business
5.3.2 Impact of Artificial Intelligence and Machine Learning on the Market
5.3.3 Customer Success Process
6 Customer Success Platforms Market By Application
6.1 Introduction
6.2 Customer Experience Management
6.2.1 Increasing Need for Real-Time Insights Into Customer Data to Drive Customer Experience Management
6.3 Sales and Marketing Management
6.3.1 Focus on Better Engagement With Target Audience to Drive Sales and Marketing Management
6.4 Risk and Compliance Management
6.4.1 Increasing Need for Mitigating Risks Associated With Misuse of Customer Data and Meeting Strict Regulations to Spur Demand for Risk and Compliance Management
6.5 Customer Service
6.5.1 Growing Focus on Enhancing Customer Interactions and Ensuring Timely Delivery to Drive Customer Service
6.6 Others
7 Customer Success Platforms Market By Component
7.1 Introduction
7.2 Solution
7.2.1 Need for Consolidating Distinct Customer Data to Enhance Customer Experience Driving the Adoption of Customer Success Solutions
7.3 Services
7.3.1 Professional Services
7.3.1.1 Support and Maintenance Services
7.3.1.1.1 Need for Technical and Maintenance Assistance During Software Life Cycle to Drive the Growth of Support and Maintenance Services
7.3.1.2 Consulting Services
7.3.1.2.1 Need for Business Performance Improvement and Cost Reduction to Create Demand for Consulting Services
7.3.2 Managed Services
7.3.2.1 Increasing Need for Monitoring and Managing Business Operations to Drive the Growth of Managed Services
8 Customer Success Platforms Market By Deployment Model
8.1 Introduction
8.2 On-Premises
8.2.1 Data Privacy and Security Advantages to Boost the Growth of On-Premises Customer Success Solutions
8.3 Cloud
8.3.1 Benefits Such as Mobility, Low Setup Costs, and Universal Access to Boost the Adoption of Cloud-Based Customer Success Solutions
9 Customer Success Platforms Market By Organization Size
9.1 Introduction
9.2 Small and Medium-Sized Enterprises
9.2.1 Increasing Demand for Cloud-Based Solutions to Drive the Adoption of Customer Success Solutions in SMEs
9.3 Large Enterprises
9.3.1 Rising Need for Customer Data Analysis to Drive the Adoption of Customer Success Solutions in Large Enterprises
10 Customer Success Platforms Market By Industry Vertical
10.1 Introduction
10.2 Banking, Financial Services, and Insurance
10.2.1 Focus on Compliance With Regulations and Financial Standards to Increase the Demand for Customer Success Solutions in BFSI
10.3 Retail and eCommerce
10.3.1 Growing eCommerce Business and Need for Building Customer-Centric Strategy to Drive the Adoption of Customer Success Solutions in Retail and eCommerce
10.4 Telecommunications and It
10.4.1 Increasing Need for Harnessing Massive Customer Data With Customer Success Solutions to Boost the Market Growth in Telecommunications and It
10.5 Healthcare and Life Sciences
10.5.1 Creating Data-Driven Personalized Treatment Plans to Drive the Adoption of Customer Success Solutions in Healthcare and Life Sciences
10.6 Government and Public Sector
10.6.1 Focus on Assessing Tax Risk and Predicting Crimes to Boost the Growth of the Market in Government and Public Sector
10.7 Others
11 Customer Success Platforms Market By Region
Company Profiles
-- Akita
-- Amity
-- AppsForOps
-- Armatic Technologies
-- Bolstra
-- Catalyst
-- Churnzero
-- Clientshare
-- ClientSuccess
-- CustomerSuccessBox
-- Gainsight
-- Komiko
-- Natero
-- Planhat
-- Salesforce
-- Salesmachine
-- Strikedeck
-- Totango
-- UserIQ
-- Wootric
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