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Customer Success Platforms Market Report 2024 - Customer Success Platforms Market Growth, Opportunities, And Forecast
Customer Success Platforms Market
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According to The Business Research Company's, 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.
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Market Drivers and Trends:
The surge of remote work is expected to propel the growth of the customer success platform market going forward. Remote work, also known as telecommuting or telework, refers to the practice of carrying out work responsibilities outside a traditional office environment, often from home or other locations. Customer success platforms enhance remote work by enabling efficient communication, collaboration, and proactive support, ensuring seamless interactions and satisfaction across virtual environments. For instance, in 2022, a survey conducted by FlexJobs' Career Pulse, a US-based provider of platforms serving the freelance community, gathered responses from 4,000 participants between July and August 2022. The survey revealed that 65% of the respondents expressed a strong preference for full-time remote work, while 32% expressed a desire for a hybrid work arrangement. This high percentage of 97% indicates that most workers wish to have the option of working remotely in some capacity. Therefore, the surge of remote work is driving the customer success platform market.
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.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Gainsight Inc., Salesforce.com Inc., Totango Ltd., Strikedeck Inc., ClientSuccess LLC, ChurnZero Inc., Cisco Systems Inc., Wootric Inc., Planhat AB, CustomerSuccessBox, ZoomInfo Technologies LLC, Intercom Inc., WalkMe Ltd., Akita Software Ltd., Custify Ltd., SmartKarrot Inc., HubSpot Inc., Amity Software Inc., Natero Inc., UserIQ Inc., Catalyst Software Inc., Chorus.ai Inc., Cognism Limited, Freshworks Inc., Airtable Inc., Churn Buster LLC, CustomerGauge, Customer Success Builder, Zendesk Inc., Vitally Inc.
Customer Success Platforms Market 2024 Key Insights:
• 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%.
• Cloud-Based Solutions Fueling Growth In Customer Success Platform Market
• Tech Advancements Is Gaining Popularity Inthe Customer Success Platforms
• North America was the largest region in the customer success platforms market share in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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