The Customer Success Platforms Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Customer Success Platforms Global Market Report 2024, The customer success platforms market size has grown exponentially in recent years. It will grow from $2.07 billion in 2023 to $2.5 billion in 2024 at a compound annual growth rate (CAGR) of 20.9%. The growth in the historic period can be attributed to business growth and expansion, collaboration across departments, adoption in diverse industries, focus on customer lifetime value (clv).
The customer success platforms market size is expected to see exponential growth in the next few years. It will grow to $5.48 billion in 2028 at a compound annual growth rate (CAGR) of 21.7%. The growth in the forecast period can be attributed to expansion of subscription economy, enhanced customer experience (cx), data-centric approaches, remote work and digital transformation, outcome-based customer success metrics.. Major trends in the forecast period include focus on customer-centric strategies, saas and subscription-based models, data-driven customer insights, personalization and segmentation, integration with crm systems.
The rising adoption of cloud-based solutions is expected to propel the growth of the customer success platform market going forward. Cloud-hosted software and services can be accessed and used through a web browser, a dedicated desktop client that connects to a desktop or mobile operating system. Organizations today are adopting cloud-based solutions such as cloud customer success platforms for the benefits they offer, including improved customer services, offer faster implementation cycles. For instance, according to data by Flexera, a US-based computer software company, in 2022, 89% of organizations adopted a multi-cloud, 80% adopted a hybrid cloud, 9% adopted a single public cloud, and 2% a single private cloud. Therefore, the rising adoption of cloud-based solutions is driving the growth of the customer success platform market.
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The customer success platforms market covered in this report is segmented –
1) By Component: Platforms, Services
2) By Deployment Mode: Cloud, On-Premises
3) By Organization Size: SMEs, Large Enterprises
4) By Application: Sales And Marketing Optimization, Reporting And Analytics, Customer Segmentation, Risk and Compliance Management, Customer Service, Customer Onboarding, Other Applications
5) By End-user: BFSI, Retail And e-Commerce, Transportation And Logistics, Healthcare, Telecom And IT, Government And Public Sector, Other End-Users
Technological advancement is a key trend gaining popularity in the customer success platform market. Major companies operating in the market are introducing new technologies that work on AI-powered insights and recommended actions to sustain their position in the market. For instance, in March 2022, Gainsight, a US-based software development company launched the Gainsight Essentials platform with AI-powered insights and recommended actions to drive customer success. It helps to get direct customer-related data to accelerate time to value and reduce overall administration costs.
The customer success platforms market report table of contents includes:
1. Executive Summary
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