Global Customer Success Platform Market Report and Forecast 2024-2032

Global Customer Success Platform Market Outlook

The global customer success platform market size was valued at USD 1704.37 million in 2023. The market is further projected to grow at a CAGR of 26.1% between 2024 and 2032, reaching a value of USD 13,740.39 million by 2032.

Key Takeaways

• CRM software can raise sales by up to 29% and enhance sales team efficiency by 34%.

• 65% of mobile CRM users can achieve their yearly sales target, compared to 22% of non-mobile CRM users.

• 59% of organisations report that CRM applications have helped them increase customer loyalty (by 47%), customer satisfaction rate (by 47%), and lower lead cost (by 27%).

A customer success platform (CSP) is a software solution that helps businesses manage and optimise their customer relationships, retention, and loyalty. It enables businesses to monitor customer behavior, identify risks and opportunities, provide proactive support, and deliver personalised value. A customer success platform typically integrates with other tools such as CRM, marketing automation, analytics, and communication channels.

The global customer success platform market is expected to grow due to increasing demand for cloud-based solutions that offer scalability, flexibility, and cost-effectiveness.

The rising adoption of customer success platforms by small and medium-sized enterprises (SMEs) that need to enhance their customer retention and loyalty is also augmenting customer success platform market growth. The growing need for data-driven insights and analytics that help businesses understand customer behavior, preferences, and feedback is further driving the demand for customer success platforms.

The expanding use of artificial intelligence (AI) and machine learning (ML) technologies enable customer success platforms to provide predictive and prescriptive recommendations, automation, and personalisation. Moreover, the rising awareness of the benefits of customer success platforms among various industries such as IT and telecom, retail and e-commerce, healthcare, education, and finance has enabled the market to grow.

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Key Trends and Developments

Increasing adoption of cloud based CSPs, the rising demand for AI and ML in CSPs, and the growing need for customer data protection are boosting the customer success platform market development

Global Customer Success Platform Market Trends

The rising acceptance of advanced technologies such as Artificial Intelligence (AI) and Machine Learning (ML) and the innovation in start-ups based on customer success platforms are expected to create ample growth opportunities for customer success platforms vendors.

The customer success platform market outlook is projected to be positive in the future because of a higher adoption of customer satisfaction solutions across various industry verticals. Businesses in the sector use channels for customer interaction to boost revenue through upselling and cross-selling and increase customer satisfaction.

In addition, CSPs are not limited to a specific industry or region, but rather applicable to any business that aims to build and maintain long-term customer relationships. CSPs are being adopted by various industries, such as technology, healthcare, education, finance, and retail, to address their specific customer success challenges and goals. The expanding scope of CSPs across different industries is predicted to lead the market.

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Market Segmentation

Global Customer Success Platform Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Services are further sub-segmented into professional services and managed services.

Customer experience management segment is expected to hold a significant market share due to the growing focus on customer retention and loyalty across industries

The customer experience management segment accounts for the largest customer success platform market share, as it helps businesses to retain and satisfy their customers by providing personalised and proactive services. Some of the key factors driving the growth of this segment are the increasing adoption of digital technologies, the rising demand for omnichannel customer engagement, and the growing focus on customer retention and loyalty.

Sales and marketing management helps businesses to align their sales and marketing goals, strategies, and activities, and to increase their sales productivity and performance. According to customer success platform market analysis, segment’s growth is driven by the rising need for improving sales efficiency and effectiveness, the growing adoption of cloud-based solutions, and the increasing integration of artificial intelligence and machine learning technologies.

The risk and compliance management segment in customer success platform market helps businesses to identify, assess, monitor, and mitigate the potential threats and vulnerabilities that may affect their customer relationships, reputation, and profitability. Some of the key factors driving the growth of this segment are the increasing complexity and diversity of risks, the rising regulatory scrutiny and fines, and the growing need for data protection and governance.

SMEs are expected to increase their demand for CSPs as it helps identify risks and opportunities and automate workflows

Small and medium-sized enterprises (SMEs) are expected to witness a significant growth in the customer success platform market share, owing to the increasing adoption of cloud-based solutions and the need to enhance customer retention and loyalty. SMEs often face challenges such as limited budget, lack of skilled staff, and high competition, which can be addressed by using customer success platforms that offer cost-effective, scalable, and easy-to-use features. Customer success platforms can help SMEs to monitor customer health, identify risks and opportunities, automate workflows, and provide personalised support and guidance.

Large enterprises are also expected to increase their demand for customer success platforms, as they have a large customer base and complex business operations that require effective management and optimisation. Customer success platforms can help large enterprises to align their customer success strategies with their business goals, streamline cross-functional collaboration, leverage data and analytics, and deliver consistent and proactive customer experiences.

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Competitive Landscape

Market players are focused on expanding their customer success services across industries, which further strengthens their market position

Other key players in the global customer success platform market include ClientSuccess, Inc., Strikedeck, Inc., ChurnZero, Inc, and Freshworks Inc., among others.

Global Customer Success Platform Market Analysis by Region

North America is one of the prominent regions as it has a high concentration of customer success platform vendors

The North American region is anticipated to hold a dominant position in the customer success platform market as it has a high concentration of customer success platform vendors, such as Salesforce, Gainsight, Totango, and ChurnZero. The region also has a large and diverse customer base, spanning across various industries, such as technology, healthcare, financial services, and education. The key factors that drive the customer success platform market growth in this region are the high awareness and adoption of customer success platform among businesses, the strong presence of cloud infrastructure and service providers, and the increasing competition and customer expectations in the market.

As per customer success platform market report, the Asia Pacific is the fastest-growing market for customer success platform as the region is witnessing a rapid digital transformation and adoption of cloud-based solutions among businesses, especially in emerging economies, such as China, India, Japan, and Australia. The region also has a large and growing population of internet and smartphone users, creating a huge potential for customer success platform vendors to tap into. The key factor that drive the market in Asia Pacific is the increasing demand for customer success platform from small and medium-sized enterprises (SMEs).

Moreover, Europe also has a well-developed customer success platform industry, with several established and emerging vendors, such as Planhat, Custify, UserIQ, and Akita. The key factors that drive the customer success platform market value in Europe are the high adoption of customer success platform among businesses, the strong regulatory and compliance framework for data protection and privacy, and the increasing focus on customer satisfaction and retention.

Key Highlights of the Report

Customer Success Platform Market Report Snapshots

Customer Success Platform Market Size

Customer Success Platform Market Trends

Customer Success Platform Market Share

Customer Success Platform Companies

Customer Success Platform Market Regional Analysis