Global Customer Success Platforms Market By Component (Platforms (Without Services) and Services), By Application (Sales & Marketing Optimization, Customer Service, Risk & Compliance Management, Reporting & Analytics, Customer Segmentation & Onboarding, and Others), By Deployment Type (On-premise and Cloud), By Enterprise Size (Large Enterprises and Small & Medium Enterprises), By End User (BFSI, Retail & eCommerce, Transportation & Logistics, Healthcare, Telecom & IT, Government & Public Sector and Others), By Region, Industry Analysis and Forecast, 2020 - 2026
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Market Report Description
The Global Customer Success Platforms Market size is expected to reach $3.1 billion by 2026, rising at a market growth of 20.6% CAGR during the forecast period. The customer success platform refers to a new & advanced technology, & this technology helps in managing some major business problems with unparalleled success rate by incorporating data from various sources, like websites, social media, email, Customer Relationship management (CRM) systems and several third party websites.
These solutions are provided by key vendors operating in the market & act as an exhaustive standalone system or software on the basis of different requirements like customer onboarding, churn analysis, workflow management, and sales and marketing management. Customer-required outcomes are acquired using different tools offered by customer success platforms. This is done in the scenario when customers are using any kind of a vendor’s service or product. With the help of the customer success platform, all the data of the customer can be centralized into an accessible 360-degree view of the customer. Using customer success platforms, companies become capable to collect analytical insights to enhance & maximize customer service operations.
The growth of the customer success platforms market is expected to be boosted by the rising demand for analytical-based solutions to track customer scores & decrease churns and the emergence of cloud computing in customer success. The significant limitations of the customer success platforms market are data security & privacy concerns and difficulty in synchronizing CX data gathered from various touchpoints within various domains. In addition to this, the market growth is expected to slow down due to data aggregation & synchronization from various silos.
Based on Component, the market is segmented into Platforms (Without Services) and Services. The services segment would exhibit a considerable growth rate over the forecast years. In order to manage marketing needs in the constantly changing customer global demand outlook & ever-increasing customer data, it is necessary for enterprises to deploy customer success services.
Based on Application, the market is segmented into Sales & Marketing Optimization, Customer Service, Risk & Compliance Management, Reporting & Analytics, Customer Segmentation & Onboarding, and Others. The sales & marketing segment would garner the highest revenue share of customer success platforms market by the application during the forecast period. Customer success platforms facilitate marketers & sales executives to deal with their primary audience on the basis of insights collected from data. The platforms offer visibility around customer activities that include their onboarding status, which allows them to give a customized experience.
Deployment Type Outlook
Based on Deployment Type, the market is segmented into On-premise and Cloud. The demand for cloud-based solutions is rising due to the reliable, scalable, flexible, and effective IT management nature of these solutions. Small enterprises are willing to adopt advanced solutions to integrate real-time self-service analytics with cloud-based solutions and improve the market growth in the optimal possible way with minimal capital investments. Cloud-based customer success platforms offer highly scalable devices that provide simple data storage & access. The arrival of cloud-based solutions is fueling automation and enhancing the predictive accuracy of customer success.
Enterprise Size Outlook
Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. The SME segment is expected to lead the market growth during the forecast period. The accessibility of Software-as-a-Service (SaaS) based customer success solutions have achieved prominence among Small & Medium-sized Enterprises (SMEs). These enterprises are increasingly adopting these solutions to create a 360-degree view of customers & recognize patterns, trends and collect insights to enhance business performance.
End User Outlook
Based on End User, the market is segmented into BFSI, Retail & eCommerce, Transportation & Logistics, Healthcare, Telecom & IT, Government & Public Sector and Others. The BFSI market dominated the Global Customer Success Platforms Market by End User 2019. The Retail & eCommerce market is expected to witness a CAGR of 19.4% during (2020 - 2026).
|Market size value in 2019||USD 1 Billion|
|Market size forecast in 2026||USD 3.1 Billion|
|Historical Period||2016 to 2018|
|Forecast Period||2020 to 2026|
|Revenue Growth Rate||CAGR of 20.6% from 2020 to 2026|
|Number of Pages||345|
|Number of Tables||573|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling|
|Segments covered||Component, Application, Deployment Type, Enterprise Size, End User, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Free Valuable Insights: Global Customer Success Platforms Market to reach a market size of $3.1 billion by 2026
KBV Cardinal Matrix - Customer Success Platforms Market Competition Analysis
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. North America would procure the maximum revenue share in the global customer success platforms market during the forecast period. The regional demand for customer success platforms is anticipated to be driven by the growing demand for advance analytical-based solutions to track customer journey & decrease churn rates. Some aspects like an increase in data volume due to increasing digitalization and the emergence of cloud computing in customer success are expected to boost the market growth in Europe.
The major strategies followed by the market participants are Acquisitions and Product Launches. Based on the Analysis presented in the Cardinal matrix; Cisco Systems, Inc. is the major forerunner in the Customer Success Platforms Market. Companies such as Salesforce.com, Inc., Totango Ltd., and Gainsight, Inc., Freshworks, Inc., UserIQ, Inc., HubSpot, Inc. are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Salesforce.com, Inc., Cisco Systems, Inc., HubSpot, Inc., Medallia, Inc. (Strikedeck, Inc.), Gainsight, Inc., Totango, Ltd., UserIQ, Inc., Planhat AB, Salesmachine, Inc., and Freshworks, Inc.
Recent Strategies Deployed in Customer Success Platforms Market
» Partnerships, Collaborations, and Agreements:
- Dec-2020: Gainsight came into partnership with Sandler, the largest training organization in the world. In this partnership, Sandler's award-winning methodology integrated with Gainsight's expertise in operationalizing CS. Further, the partnership enabled organizations to access a formal, customizable skills development program, with certification, build exclusively for the Customer Service (CS) professional.
- Jan-2020: UserIQ joined hands with HubSpot, an American developer, and marketer of software products. In this collaboration, UserIQ’s powerful customer success platform along with HubSpot’s robust CRM platform enabled companies to place around their users’ requirements.
- Sep-2019: Totango collaborated with SAP, a German multinational software corporation. Under this collaboration, SAP deployed Totango's Spark solution in its majority of lines of business. The solution was utilized as a single, integrated customer success platform to assist SAP to evolve, deploy and extend its execution of customer success initiatives.
- Apr-2019: Strikedeck came into partnership with Segment, the customer data infrastructure company. The partnership focused on gaining further insight into customers and offering optimized customer experiences (CX). Together, the companies allowed a seamless, automated data transformation into the Strikedeck platform without the need for coding or customization.
» Acquisition and Mergers:
- Jan-2021: Cisco agreed to acquire Dashbase, an enterprise software company. Under this acquisition, Dashbase’s technology will integrate into the Cisco AppDynamics platform. This integration will help customers to boost their digital transformation by uniting and controlling the complexity of data over technology, user, and business domains.
- Dec-2020: Salesforce came into an agreement to acquire Slack Technologies, an American international software company. Under this acquisition, Salesforce will integrate Slack into Salesforce Cloud. With the latest interface for Salesforce Customer 360, Slack will change the way people communicate, collaborate, and revert to customer information on Salesforce. Along with that, the information from various business apps and systems can be more productive, take faster, smarter, decisions and for related customer experiences.
- Dec-2020: Salesforce agreed to acquire Acumen Solutions, an IT service management company. Following the acquisition, Acumen Solutions would become a part of Salesforce Professional Services. The acquisition aims to help users to boost their time to value with the Salesforce Customer 360. Together, they make a path for their long-term success in the digital world.
- Dec-2020: Cisco took over IMImobile PLC, a publicly-traded software company, in the UK. Following the acquisition, Cisco integrated IMImobile with the all-new Webex Contact Center. This solution gives companies the ability to deliver better customer experiences over the entire customer life cycle, by using technology like artificial intelligence, collaboration tools, experience management, programmability for customization, and omnichannel capabilities.
- Feb-2020: Salesforce completed its acquisition of Evergage, a personalization and customer data platform provider. Evergage complemented Salesforce Marketing Cloud’s robust customer data, engagement platform, and audience segmentation. It also enabled companies to provide appropriate experiences throughout the interaction moments on their whole customer journey.
- May-2019: Freshworks acquired Natero, a customer success management software company. The acquisition added a SaaS platform to Freshworks that united marketing, sales, support, and customer success. Combining Natero's AI/ML-powered technology, the Freshworks platform can put on actionable data in the hands of customer success experts.
- Nov-2018: Gainsight completed its acquisition of Aptrinsic, a product-led growth solution. The acquisition strengthened Gainsight's ability to assist subscription businesses to increase its growth in the age of the customer by uniting the efforts of the Customer Success and Product Management teams.
- Jun-2018: Totango took over Personity.ai. The acquisition aimed to expand Totango's product leadership in enterprise Customer Success by providing innovation quickly to the customers. By using the improved machine learning and artificial intelligence technologies, Totango boosted its plans of leading the Customer Success technology revolution from prescriptive to predictive.
- Apr-2018: UserIQ completed the acquisition of Appunfold, a B2B-focused Technology Startup. This acquisition helped UserIQ to expand its customer engagement and analytics capabilities over every device, desktop, and mobile phone.
» Product Launches and Product Expansion:
- May-2020: Gainsight introduced the first complete customer success ecosystem, Gainsight Sightline. It is the only community improved customer success technology exchange in the market.
- Feb-2020: Freshworks introduced Freshsuccess, a customer success software into its portfolio for complete customer engagement. Freshsuccess enables organizations to enhance customer results, avoid churn and recognize sales opportunities.
- Jan-2020: Totango introduced its innovation, Dynamic Assignment. The solution taps into a fluid group of experts across the enterprise and fulfills their expertise with the specific requirements of customers. The Dynamic Assignment automatizes the matching process and enables companies to effectively tackle thousands of customer requirements at a specific time. It also provides a customized, precise customer success experience at scale that leads to maximizing revenues and customer retention for enterprises.
- Nov-2019: Freshworks unveiled Customer-for-Life Cloud. It aimed to brief businesses about their customers and assists them to actively act to improve customer satisfaction and lifetime value from the first touch to the latest interaction. It also offers a 360-degree view of customer data over marketing, sales, support, and success.
- Sep-2019: Salesforce introduced the Consumer Goods Cloud, a new industry product. This product enables consumer goods companies to boost their revenue growth and increase their ROI through enhanced retail execution capabilities.
- Jul-2019: HubSpot introduced its offering of free email drafting, sending, and analytics on its free HubSpot CRM. With this offering, HubSpot provided customers the tools to see a complete view of the customer journey and eventually offer a more united front-end experience for the customers.
- May-2019: Gainsight unveiled the Customer Cloud, a first-of-its-kind solution for subscription businesses. The solution helps businesses to adopt a customer-centric philosophy, which allows them to hold on to their customers while driving the company for growth post-sale.
- May-2019: Gainsight launched Pulse+, a digital subscription service. Pulse+ solution is for professional development, community, and career fellowship in the customer success industry. This service enables development and advancement in the careers of skilled and aspiring customer success professionals across the world.
- May-2019: UserIQ launched its mobile capabilities. By introducing mobile engagement and intelligence capabilities, UserIQ customers can understand mobile engagement with real-time product usage data. The features like creating tours, tooltips, messages, and other in-app communications help in enhancing onboarding, highlight the latest features and take user feedback on both web and mobile platforms.
- Mar-2019: Strikedeck introduced Strikedeck Blitz, a self-service edition of its platform. Strikedeck Blitz assists customer success teams to enhance customer experiences (CX), accelerate renewals of service or subscription services, reduce customer churn, access customer health in real-time, and recognize opportunities for upselling or maximize revenue.
Scope of the Study
Market Segments Covered in the Report:
- Platforms (Without Services)
- Sales & Marketing Optimization
- Customer Service
- Risk & Compliance Management
- Reporting & Analytics
- Customer Segmentation & Onboarding
By Deployment Type
By Enterprise Size
- Large Enterprises
- Small & Medium Enterprises
- Retail & eCommerce
- Transportation & Logistics
- Telecom & IT
- Government & Public Sector
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Salesforce.com, Inc.
- Cisco Systems, Inc.
- HubSpot, Inc.
- Medallia, Inc. (Strikedeck, Inc.)
- Gainsight, Inc.
- Totango, Ltd.
- UserIQ, Inc.
- Planhat AB
- Salesmachine, Inc.
- Freshworks, Inc.
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Customer Success Platforms Market Related Reports:
What would be the value of global customer success platforms market by 2026?
The customer success platforms market size is projected to reach USD 3.1 billion by 2026.
What are the factors that anticipated to drive customer success platforms market trends?
There are several reason that cause high demand of this market one of them is the emergence of cloud computing in customer success.
Who are the top market players in the customer success platforms industry?
Salesforce.com, Inc., Cisco Systems, Inc., HubSpot, Inc., Medallia, Inc. (Strikedeck, Inc.), Gainsight, Inc., Totango, Ltd., UserIQ, Inc., Planhat AB, Salesmachine, Inc., and Freshworks, Inc.
Which segment dominated the customer success platforms market in 2019?
The On-premise market dominated the Global Customer Success Platforms Market by Deployment Type 2019.