Global Customer Success Platforms Market Size to Reach USD 4.3 billion by 2028

Published | 01 January 2023

Global customer success platforms market size is growing due to customer lifetime value (CLV) rising in both developed and developing nations, the growing need for customer success platforms to reduce customer churn, the rising use of customer success platforms that are cloud-based and that have artificial intelligence and machine learning capabilities for analyzing and predicting customer behavior.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global customer success platforms market size at USD 1.2 billion in 2021. During the forecast period between 2022 and 2028, the size of global customer success platforms market is projected to grow at a CAGR of 20.3%, reaching a value of USD 4.3 billion by 2028. The market is being driven by the rapid adoption of cloud-based technology, advanced analytics, and automation, as well as the growing demand for personalized customer experience. Issues with data synchronization and implementation are expected to stymie market growth. The market is divided into four categories: organization size, application, deployment, and end-user vertical. As a result of the increasing acceptance of cutting-edge technologies such as artificial intelligence (AI) and machine learning (ML), as well as innovation in customer success platform-based start-ups, customer success platform vendors should have enough room to grow. Future market growth is expected because of the increasing adoption of customer satisfaction solutions across a variety of industrial verticals.

Global Customer Success Platforms Market – Overview

The term "customer success platform" refers to cutting-edge technology that combines data from numerous sources, including websites, social media, email, customer relationship management (CRM) systems, and numerous third-party websites, to manage some of the biggest business problems with an unmatched success rate. The market for customer success platforms is anticipated to grow as a result of both the emergence of cloud computing in customer success and the rising demand for analytics-based solutions to track customer scores and reduce churn. Concerns over data security and privacy as well as the challenge of synchronizing CX data collected from various touchpoints within various domains are the key limitations of the market for customer success platforms.

The adoption of customer success platform solutions and services is expected to be fueled by factors such as the introduction of cloud computing in customer success, the demand for innovative solutions to monitor customer scores and reduce churn, and consequently the rise within the data volume due to increased digitalization. Additionally, it is expected that growing investments in startups developing customer success platforms and rising adoption of cutting-edge technologies like artificial intelligence (AI) and machine learning (ML) will provide plenty of opportunities for providers of solutions for such platforms. Concerns about data security and privacy are a few things preventing the global market for customer success platforms from expanding. The synchronization and aggregation of data from various tools presented difficulties for the expanding global market for customer success platforms.

Request for Sample Report @ https://www.blueweaveconsulting.com/report/customer-success-platforms-market/report-sample

Opportunity: Improved Infrastructure and growing power production capacity

The power industry is changing globally to open the power production segment to private companies. Growing demand for electricity is placing enormous strain on publicly traded and government-owned energy companies, which is indirectly pressuring governments around the world to liberalize access to the market for private energy companies. These specific suppliers can meet the daily energy needs and are also making significant investments in the transmission and distribution sector to improve the infrastructure. Like Adani Power Ltd., Tata Power Co. Ltd., and Reliance Power Limited, India is home to numerous large-scale independent power producers (IPP). Germany, Taiwan, Canada, the United States, and India are important nations in the IPP sector. The demand for reclosers is anticipated to increase due to improved infrastructure and growing power production capacity.

Challenge: Aggregation and synchronization of data from multiple silos

For dispersed businesses, data aggregation across channels managed by various departments may be a bottleneck. Businesses gather massive amounts of data about customer behavior and expectations to improve the customer feedback process. When businesses and customers interact, data is generated, and when that data is not synchronized with other technologies, businesses struggle to synchronize enormous amounts of data in a structured format. According to Acxiom data from 2019, 70% of marketers admit to having limited or no ability to integrate client data from online and offline sources.

Impact of COVID-19 on Global Customer Success Platforms Market

Following the pandemic, the COVID-19 outbreak has posed a significant business environment challenge. Lockdowns have been imposed by governments all over the world to halt the spread of the disease. As a result of the pandemic outbreak, consumer behavior and market viability have been impacted. Lockdowns all over the world have severely strained supply chains, resulting in product shortages. As a result, during the pandemic outbreak, there was a significant increase in demand for customer success platforms in both developed and developing countries to improve customer management capabilities. Customer success platforms were widely used during the COVID-19 outbreak to manage massive amounts of customer data and meet customer expectations.

Global Customer Success Platforms Market – By Application

The global customer success platforms market is segmented based on application into Sales & Marketing Optimization, Customer Service, Risk & Compliance Management, Reporting & Analytics, Customer Segmentation & Onboarding, and Others. Sales and marketing optimization are expected to dominate the market during the forecast period. Because they enable sales and marketing executives to engage with the target audience based on data insights, customer success platforms have grown in importance as a key component in sales and marketing optimization. The platform makes customer activities such as onboarding status, health scores, and other variables transparent. It also allows them to have complete control over all data while interacting with customers, allowing them to provide a more personalized experience.

Competitive Landscape

Global customer success platforms market is fiercely competitive. Prominent players in global customer success platforms market include Salesforce.com, Inc., Cisco Systems, Inc., HubSpot, Inc., Medallia, Inc. (Strikedeck, Inc.), Gainsight, Inc., Totango, Ltd., UserIQ, Inc., Planhat AB, Salesmachine, Inc., Freshworks, Inc., Walkme, Intercom, Akita, Zoominfo, and Wootric. These companies use various strategies, including increasing investments in their R&D activities, mergers and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in global customer success platforms market.

Don’t miss the business opportunity in the Global Customer Success Platforms Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of global customer success platforms market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in global customer success platforms market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

About Us

BlueWeave Consulting (BWC) provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost the performance of your business solutions. BWC has built its reputation from the scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.

Contact Us:

BlueWeave Consulting & Research Pvt. Ltd

+1 866 658 6826 | +1 425 320 4776 | +44 1865 60 0662

info@blueweaveconsulting.com