The increasing digitalization and expansion of businesses across the globe are propelling the need for the customer success platform across the globe. Moreover, the increasing adoption of emerging technologies such as IoT, machine learning and artificial intelligence (AI) is contributing to the growth of the market. Also, the need for enhancing business and employee’s performance is generating the need for a customer success platform as these platforms gather and organize the data and present in such a manner that helps in the decision making process.
Surging Data Volume to Escalate the Demand
The increasing e-commerce industry coupled with the adoption of digital technology is resulting in a huge database. Moreover, the increase in the number of enterprises daily across the globe demands the need for customer platforms to remain competitive. Moreover, factors such as predictive analysis and improving customer’s analytical and business skills are a contributor to the growth of the market, as revealed by MarkNtel Advisors in its research report “Global Customer Success Platform Market Analysis, 2020”.
According to the MarkNtel Advisors’ research report, “Global Customer Success Platform Market Analysis, 2020”, the global customer success platform market is set to grow at a CAGR of around 24% from 2021-25. In 2019, North America grabbed the major market on account of the emerging e-commerce industry and IT industry which produces a vast amount of data. So, to gather, organize and analyses the data and the employee’s performance the demand for the customer success platform generates. Moreover, the expansion of the banking and financial sector and increasing e-commerce sector in the region is expected to escalate the market in the forthcoming years of 2020-25.
In 2019, cloud-based deployment dominated the market on account of increasing IT spending in the industries. Moreover, the need for access to data anytime/anytime is generating the demand for cloud-based customer success platform.
Moreover, to avoid the cost spending on the hardware, software and technical staff in the on-premise deployment, the enterprises are preferring the cloud-based platform and the same trend is expected to maintain its dominance in the forthcoming years of 2020-25.
Based on the application, the customer service segment grabbed the highest market share on account of escalating demand to improve customer service operations. Moreover, the need for on-time query handling and boosting customer experience, the demand for the customer service platform.
Expansion by the Companies to Create High Competition
According to MarkNtel Advisors, the companies operate in the customer success platform are more focused on the new products launch to gain a major share in the industry which makes the industry highly competitive.
The companies with a considerable share in the market are Natero, Totango, Strikedeck, ChurnZero, ClientSuccess, Olestra, UserIQ, Salesmachine, etc. A few of the new product launches by the companies are: In 2018, Catalyst, a provider of customer success platform launched the SAAS product to help the companies to improve the customer experience and reduce churn rate. Moreover, “Strikedeck” launched the customer success platform “Strikedeck Blitz” in 2019 for the small and medium-sized enterprises.
“Global Customer Success Platform Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the market potential, regional opportunities, key factors impacting sales and purchase decision, hotspots and opportunities available for customer success platform providers across the globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the competition assessment, formulation of Go To Market Strategies and identifying the blue ocean for their offerings.
1. By Application Type (Sales and Marketing Management, Customer Experience Management, Risk and Compliance Management, Customer Service, Others)
2. By Components (Solution, Services)
3. By Mode of Deployment (On premise, Cloud)
4. By Industry Vertical (BFSI, Retail & e-commerce, Telecom & IT, Healthacre & Lifesciences, Government & Public Sector, Others)
5. By Region (North America, South America, Europe, Asia-Pacific, Middle East and Africa)
6. By Country (U.S, Canada, Mexico, Brazil, Germany, France, Italy, The U.K, China, India, Japan, South Korea, Saudi Arabia, UAE, Turkey, Qatar, South Africa)
7. By Competitors (Natero, ChurnZero, Inc., ClientSuccess, Olestra, UserIQ, Planhat, Salesmachine Inc, etc.)
Key questions answered in the study
1. What are the current and future trends of the global customer success platform market?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. What are the future plans and customer expectations of end-users across the globe?
4. How the competition has been shaping across the countries followed by their comparative factorial indexing?
5. What are the key growth drivers and challenges for the global customer success platform industry?
6. What are the customer orientation, purchase behavior, and expectations from the global customer success platform vendors across various regions?