According to a new market research report “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″ published by MarketsandMarkets™, the 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. The major factors driving the growth of the customer success platforms market are the advent of cloud computing in customer success, growing demand for advance analytical-based solutions to monitor customer scores and reduce churn rates, and increasing data volume due to growing digitalization. Furthermore, the emergence of AI and ML to the better monitor customer journey and increasing investments by startups in identifying growth opportunities are expected to provide opportunities for enterprises operating across several verticals in the customer success platforms market.
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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.
North America to hold the largest market size during the forecast period
North America is expected to hold the largest market size in the global customer success platforms market during the forecast period. The key factor favoring the growth of the customer success platforms market in North America is the increasing demand for the enhanced customer viewing experience to strengthen customer retention initiatives. Europe is expected to be in the second position in terms of market size and market share during the forecast period. The growing demand to reduce enterprise workloads related to internal and external communication monitoring is boosting the adoption of customer success platforms in Europe. APAC is expected to record the fastest growth rate during the forecast period. The customer success platforms market is expected to witness considerable developments and implementation across APAC during the forecast period. The increasing number of players across different regions is further expected to drive the customer success platforms market.
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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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