Customer Success Platforms: Introduction
- Customer success platforms typically refer to software or solutions that enable companies, enterprises, or industries to manage and improve customer experience, customer success, product experience, revenue optimization, and customer data across all touchpoints and channels, in order to enhance business productivity in real-time.
- It is a software used for fostering and monitoring customer relationships and alerting customer success to potential opportunities. Customer success platforms are used by enterprises to integrate with customer relationship management systems, to manage, retain, and expand their existing customer base.
Global Customer Success Platforms Market: Dynamics
Global Customer Success Platforms Market: Key Drivers
- Surge in demand for customer success platforms among small & medium, and large enterprises to enhance the customer experience is a key factor likely to accelerate the customer success platforms market in the next few years.
- Growing need for customer success platforms for decreasing the customer churn rate is projected to boost the growth of the customer success platforms market across the globe.
- Increasing customer lifetime value (CLV) across developed and developing countries is expected to drive the market.
- Rising adoption of cloud-based customer success platforms to improve the predictive accuracy of customer success is expected to boost the growth of the market.
- Currently, increase in adoption of artificial intelligence and machine learning enabled customer success platforms for predicting and analyzing customer behavior is expected to create growth opportunity for the market.
Global Customer Success Platforms Market: Restraints
- Difficulty in synchronizing customer experience data collected from different touchpoints within different domains are major factors expected to obstruct the growth of the global customer success platforms market in the next few years.
Impact of COVID-19 on the Global Customer Success Platforms Market
The COVID-19 outbreak has been a major challenge for the post-pandemic business environment. Governments of different countries across the world have imposed lockdowns to curb the spread of the disease. Hence, the pandemic outbreak has affected customer behavior and sustainability of markets. Global lock-downs have put severe pressure on supply chains of products, causing product shortages. This in turn has raised the demand for customer success platforms extensively across both developed and developing countries during the pandemic outbreak to enhance customer management capabilities. Customer success platforms have been broadly adopted during the COVID-19 outbreak to manage voluminous customer data and meeting customer expectations. The customer success platforms market is expected to see huge demand due to rise in need for unified customer view during the COVID-19 outbreak. This in turn is expected to enhance the growth of the customer success platforms market during the COVID-19 outbreak.
North America to Hold Major Share of the Global Customer Success Platforms Market
- In terms of region, the global customer success platforms market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- North America dominated the global customer success platforms market in 2020. The U.S. is the key market in the region for the adoption of customer success platforms, due to growing adoption of cloud computing in predicting customer success, across the country. Additionally, presence of well-established players who offer customer success platforms is expected to boost the market in the North America region.
- The customer success platforms market in Asia Pacific is projected to expand at a rapid pace during the forecast period. This can be attributed to increasing adoption of customer success platforms among enterprises across China, Japan, Singapore, Australia, and India, due to growing awareness about enhancing the customer experience.
Global Customer Success Platforms Market: Competition Landscape
Several local, regional, and global players are active in the customer success platforms market with a strong presence. Hence, the market is fragmented in nature. Rapid technological advancements have created significant opportunities in the global customer success platforms market. Providers are increasingly focusing on collaborations, mergers, and acquisition activities with technology partners to develop innovative and advanced solutions in order to improve their offerings and market reach.
Key Players Operating in the Global Customer Success Platforms Market Include:
- Bolstra, LLC
- ChurnZero, Inc.
- Cisco Systems, Inc.
- ClientSuccess, Inc.
- Freshworks Inc.
- Gainsight, Inc.
- HubSpot, Inc.
- Salesforce.com, Inc.
- SmartKarrot Inc.
- Strikedeck, Inc.
- Totango Ltd.
- UserIQ, Inc.
- WalkMe Ltd.
- Wootric, Inc.
- ZoomInfo Technologies Inc.
Global Customer Success Platforms Market: Research Scope
Global Customer Success Platforms Market, by Component
- Managed Services
- Professional Services
- Support and Maintenance
- Implementation and System Integration
Global Customer Success Platforms Market, by Enterprise Size
- Small & Medium Enterprise
- Large Enterprise
Global Customer Success Platforms Market, by Deployment
Global Customer Success Platforms Market, by Application
- Sales and Marketing Optimization
- Reporting and Analytics
- Customer Segmentation
- Risk and Compliance Management
- Customer Service
- Customer Onboarding
- Others (revenue management, customer engagement, workflow management, and project administration)
Global Customer Success Platforms Market, by Industry
- Retail & E-commerce
- IT & Telecommunications
- Others (Education, Energy and Utilities)
Global Customer Success Platforms Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.