MarketsandMarkets expects the global customer success platforms market size to grow from USD 1.0 billion in 2020 to USD 2.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 20.4% during the forecast period. Customer success platforms are the tools used by organizations to create unique, 360-degree view of customers based on data captured from multiple channels, including offline as well as online channels, such as mobile, web, CRM, social media, third-party apps, and email. Such platforms have applications in numerous areas, including sales and marketing optimization, risk and compliance management, customer services, and revenue management.
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The services segment to record the higher growth rate during the forecast period
On the basis of components, the customer success platforms market is segmented into platforms and services. The services are segmented to grow at a higher rate during the forecast period. The services play a vital role in the functioning of customer success platforms as the vendors require technical support services and consulting services to manage the effective deployment of these platforms. The services ensure faster and smoother implementation that maximizes the value of enterprise investments. They are an integral step in deploying technology software and are taken care of by platforms and service providers. These services ensure the end-to-end deployment and maintenance of customer success platforms and address pre-and post-deployment queries as well. These services help companies plan and strategize operations through design, implementation, adoption, and training.
The reporting and analytics segment to record the highest CAGR during the forecast period
In the customer success platforms market by application, the reporting and analytics application segment is expected to record the highest CAGR during the forecast period. The customer success platforms market is segmented on the basis of applications such as sales and marketing optimization, risk and compliance management, customer segmentation, customer service, reporting and analytics, customer onboarding, and others (revenue management, customer engagement, workflow management, and project administration). Reporting and analytics tools are essential for visualization that help end-users to sort out essential customer details. Customer data, such as product usage levels, the time spent while interacting with the brand, heat map, and similar visuals can be identified as seen using such tools.
Key and emerging market players include Salesforce (US), Cisco(US), HubSpot (US), Gainsight (US), Freshworks (US), Totango (US), Amity (Canada), Strikedeck (US), ChurnZero (US), SmartKarrot (US), ClientSuccess (US), Bolstra (US), UserIQ (US), Planhat (Sweden), Salesmachine (US), Catalyst (US), AppsForOps (Australia), Armatic (US), CustomerSuccessBox (US), Clientshare (UK), Wootric (US), ZoomInfo (US), Akita (Ireland), Intercom (US), WalkMe (US), and Custify (Romania).
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Salesforce (US) is a global leader in CRM technology. The company enables its clients across the globe to improve their relationships with their customer groups. It has developed a variety of customer success products and services to enable sales, marketing, and customer service teams to leverage the benefits of customers’ data for driving business growth. The company’s customer success platform delivers services across sales, marketing, engagement, commerce, analytics, enablement, and collaboration business functions, which mostly operate in the cloud platform. The cloud platform facilitates quick deployment and provides easy-to-use features, which enable companies to effectively cater to their customers. The company’s increasing revenue as well as growing investments in R&D enable it to innovate its products and meet the emerging needs of its customers. It has adopted organic and inorganic growth strategies to increase its customer base and strengthen its position in the market. The integration of emerging technologies, such as AI and ML, would help the company differentiate its products from its competitors. Moreover, it would be able to maintain its loyal customers with the help of competitive pricing.
Cisco (US) has an extensive portfolio of enterprise-scale analytics solutions suited to users of all categories. As Cisco continues to build a highly secure, intelligent platform for digital business, there are six core elements Cisco is focused on: applications, data, security, cloud, infrastructure, and teams. Every investment Cisco makes and every product and service Cisco builds fits within one of these categories that its customers care about. Cisco understands that data is the most critical asset for our customers, and it is helping them not only gain valuable insights from it, but also secure it. Cisco is transforming its offerings to meet the evolving needs of our customers. It is increasing the number of software offerings that it provides and the proportion of subscription software offerings. Increasingly, its offerings are crossing multiple product categories. As its core networking evolves, Cisco expects to add more common software features across its core networking platforms.
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