Dublin, Feb. 26, 2021 (GLOBE NEWSWIRE) -- The "Customer Success Platforms Market by Component, Application (Sales and Marketing Optimization, Risk and Compliance Management, Reporting and Analytics), Deployment Mode, Organization Size, Vertical, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global customer success platforms market size is expected 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 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 solutions have applications in numerous areas, including sales and marketing management, CEM, risk and compliance management, and revenue management.
COVID-19 is disrupting the world, businesses, and economies, thus impacting the livelihood of people, their interaction, and the way they manage their businesses. The ability to sustain is becoming the new normal for enterprises as they are shifting their focus from growth opportunities to the implementation of drastic measures for mitigating the impact of the COVID-19 pandemic. The competition among major customer success platforms companies is expected to be furious as most upcoming AI and analytics projects are kept on hold due to the pandemic.
Hence, several companies would fight to gain a single project. Businesses are trying to return back to normal and facing multiple challenges on the customer as well as the operational side. Meeting customer expectations in terms of optimizing processes, increasing security concerns due to various voice-related recording systems and networks, growing network connectivity issues, and declining industrial and manufacturing operations are some of the key business challenges.
New practices such as work from home and social distancing are creating the need for remote monitoring, smart payment technologies, and building digital infrastructure for large-scale deployments. With a sudden surge in remote workers, there is an increase in the demand for advanced customer success platforms and services to effectively store and safeguard a huge amount of customer data.
Among Application, the reporting and analytics segment to record the highest growth during the forecast period
By application, the customer success platforms is segmented into 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 segment is expected to account for a highest market growth rate during the forecast period.
Reporting and analytics tools are essential for visualization that help end users to sort out essential customer details. Reporting and analytics tools are typically used by analysts and data scientists to analyze customer data and optimize customer decisions. Insights obtained from customer success platforms are used to address a variety of use cases, including acquisition, retention, and cross-sell/upsell.
Among services, the managed services segment to record the higher CAGR during the forecast period
The services segment in the customer success platforms market has been further divided into professional services and managed services. These services play a vital role in the functioning of customer success platforms. The growth of managed services can be attributed to the provision of technical expertise, helping companies enhance their focus on the core business processes.
Customer success platforms vendors require technical support services and consulting services to quickly and smoothly deploy their software tools in the market. These services help maximize the value of enterprise investments. Service providers ensure end-to-end deployment and maintenance of customer success platforms and address pre- and post-deployment queries.
Among deployment mode, the on-premises deployment segment to record the higher CAGR during the forecast period
The customer success platforms market by deployment mode includes the on-premises and cloud segments. Deployment refers to the setting-up of the hardware, operating systems, and applications required to manage the IT ecosystem. Customer success platforms can be deployed through either mode based on security, availability, and scalability.
Among organization size, the SME's segment to record the higher CAGR during the forecast period
Customer success platforms are widely being used across major verticals. Its adoption is increasing, irrespective of organization size. Based on organization size, the customer success platforms market is segmented into SMEs and large enterprises. Organizations are categorized among these two types based on their employee strength. SMEs have realized the necessity to structure large volumes of customer data, which increases with time.
Among verticals, the healthcare and life sciences vertical to record the highest CAGR during the forecast period
customer success platforms is gaining traction across key verticals, owing to the proliferation of customer data and demand for operational efficiency by organizations. The customer success platforms market by vertical into BFSI, retail and eCommerce, healthcare and life sciences, IT and telecom, transportation and logistics, manufacturing, energy and utilities, government and public sector, and others (media and entertainment, travel and hospitality, and education).
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Customer Success Platforms Market
4.2 Market: Top 3 Application
4.3 Market: by Component and Top 3 Vertical
5 Market Overview
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 Growing Demand for Advance Analytical-Based Solutions to Monitor Customer Scores and Reduce Churn Rates
5.2.1.3 Increasing Data Volume Due to Growing Digitalization
5.2.1.4 Rising Need to Plan Better Customer Engagement Strategies Through Omnichannel
5.2.2 Restraints
5.2.2.1 Data Aggregation and Synchronization from Multiple Silos
5.2.2.2 Data Privacy Laws and Protection of Customer Data from Cyberattacks and Breaches
5.2.3 Opportunities
5.2.3.1 Emergence of AI and Ml to Better Monitor Customer Journey
5.2.3.2 Increasing Investments by Startups in Identifying Growth Opportunities
5.2.4 Challenges
5.2.4.1 Data Security and Privacy Concerns
5.2.4.2 Difficulty in Synchronizing Cx Data Collected from Different Touchpoints Within Different Domains
5.2.4.3 Extensive Time Required for Creating Promotional Marketing Campaigns
5.2.5 Cumulative Growth Analysis
5.3 Customer Success Process
5.4 Case Study Analysis
5.4.1 Introduction
5.4.1.1 Use Case: Scenario 1
5.4.1.2 Use Case: Scenario 2
5.4.1.3 Use Case: Scenario 3
5.4.1.4 Use Case: Scenario 4
5.5 Patent Analysis
5.6 Supply Chain Analysis
5.7 Technology Analysis
5.7.1 Customer Success Platforms and Artificial Intelligence
5.7.2 Customer Success Platforms and Predictive Analytics
5.8 Regulatory Compliances
5.8.1 General Data Protection Regulation
5.8.2 Health Insurance Portability and Accountability Act of 1996
5.8.3 Governance, Risk, and Compliance
5.8.4 European Union Data Protection Regulation
5.8.5 Can-Spam Act
5.9 Pricing Model Analysis
5.10 Porter's Five Force Analysis
6 Customer Success Platforms Market: COVID-19 Impact
Companies Mentioned
- Akita
- Amity
- Appsforops
- Armatic
- Bolstra
- Catalyst
- Churnzero
- Cisco
- Clientshare
- Clientsuccess
- Custify
- Customersuccessbox
- Freshworks
- Gainsight
- Hubspot
- Intercom
- Planhat
- Salesforce
- Salesmachine
- Smartkarrot
- Strikedeck
- Totango
- Useriq
- Walkme
- Wootric
- Zoominfo
For more information about this report visit https://www.researchandmarkets.com/r/2lux5s