Customer Success Management Market Outlook 2031:
The global customer success management market size was valued at USD 1.44 Billion in 2022 and is projected to reach USD 7.66 Billion by 2031, expanding at a CAGR of 20.40% during the forecast period 2023 - 2031. The growth of the market is attributed to the increasing usage of cloud-based solutions to enhance client success management.
Customer success refers to a process of anticipating questions that customers can ask and providing answers and solutions for them. It focuses working proactively with customers and aiding them to get more value out of their purchase. Effective customer success strategy decreases customer churn and increases up-sell opportunities.
Key functions for customer success management includes technical enablement, knowledge enablement, churn risk identification, growth opportunity identification, and general account management. It facilitates businesses to achieve lifetime customer value and recurring revenue. Customer success management oversees customer success representatives of a business and practices customer success strategies to assist customers.
Customer Success Management Market Trends, Drivers, Restraints, and Opportunities
- Increasing adoption of cloud-based solution to automate and improve client success prediction accuracy is expected to boost the market during the forecast period.
- Rising need of data collection for decision-making drives the market.
- Growing need for customer satisfaction and customer retention is estimated to fuel the market in the coming years.
- Increasing demand for monitoring customer scores and reducing churn rates boosts the market.
- Increasing number of companies, organizations, and enterprises are using chatbots to engage customers in conversations is estimated to fuel the market during the projected period.
- Data aggregation and synchronization from different silos hinder the growth of the market.
- Emergence of artificial intelligence and machine learning to monitor customer activities offers growth opportunities for the key market players.
Scope of Customer Success Management Market Report
The report on the global customer success management market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes
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Details
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Report Title
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Customer Success Management Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Applications (Customer Experience Management, Risk & Compliance Management, Sales & Marketing Management, and Others), Deployment Modes (Cloud and On-premise), Enterprise Sizes (Small & Medium Enterprises and Large Enterprises), and End-users (Retail, BFSI, IT & Telecommunication, Healthcare, Government, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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International Business Machines Corporation; Salesforce, Inc.; Gainsight, Inc.; UserIQ; Open Text Corporation; Medallia; Oracle Corporation; Verint Systems, Inc.; ClientSuccess, Inc.; Avaya, Inc.; Freshworks, Inc.; Customer Success Box; Planhat; and Others
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Customer Success Management Market Segment Insights
Sales & marketing segment drives the market
Based on applications, the market is divided into customer experience management, risk & compliance management, sales & marketing management, and others.
The sales & marketing management segment is expected to boost the market during the forecast period, as customer management platforms facilitates sales executives and vendors to deal with their customers on the basis of data insights. These platforms offer visibility of customers activities to aid companies, enterprises, and organizations to provide customized experience to their customers.
Cloud segment boosts the market
In terms of deployment modes, the market is bifurcated into cloud and on-premise. The cloud segment is projected to drive the market during the forecast period, as cloud-based solutions are reliable, flexible, scalable, and effective.
These cloud-based solutions automate and improve the predictive accuracy of customer success management. These factors spur the growth of the segment.
Small & medium enterprises segment expands rapidly
On the basis of enterprise sizes, the market is segregated into small & medium enterprises and large enterprises. The small & medium enterprises segment is anticipated to hold a significant market share during the forecast period, owing to increasing adoption of customer success management solutions to acquire panoramic view of customer activities to recognize trends, patterns, and insights to improve business performance.
Retail segment holds a key market share
In terms of end-users, the market is divided into retail, BFSI, IT & telecommunication, healthcare, government, and others. The retail segment is estimated to boost the market during the forecast period, owing to increasing implementation of customer success management in the retail industry.
The retail industry uses customer success management to track customer information and update or inform customers regarding new features or updates of any product. These factors aid in the expansion of the segment.
North America dominates the market
Based on regions, the market is segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in North America is expected to register a significant CAGR during the forecast period, due to growing presence of key market players in the region.
Increasing number of enterprises are providing multichannel services to customers. Enterprises, organizations, and companies are adopting business tools such as speech analytics, test analytics, sentiment analytics, and others. These factors aid in the expansion of the market in North America.
Segments
The global customer success management market has been segmented on the basis of
Applications
- Customer Experience Management
- Risk & Compliance Management
- Sales & Marketing Management
- Others
Deployment Modes
Enterprise Sizes
- Small & Medium Enterprise
- Large Enterprise
End-users
- Retail
- BFSI
- IT & Telecommunication
- Healthcare
- Government
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- International Business Machines Corporation
- Salesforce, Inc.
- Gainsight, Inc.
- UserIQ
- Open Text Corporation
- Medallia
- Oracle Corporation
- Verint Systems, Inc.
- ClientSuccess, Inc.
- Avaya, Inc.
- Freshworks, Inc.
- Customer Success Box
- Planhat
- Others
Competitive Landscape
The global customer success management market is competitive with the presence of key players such as International Business Machines Corporation; Salesforce, Inc.; Gainsight, Inc.; UserIQ; Open Text Corporation; Medallia; Oracle Corporation; Verint Systems, Inc.; ClientSuccess, Inc.; Avaya, Inc.; Freshworks, Inc.; Customer Success Box; Planhat; and others, who use business strategies such as mergers, partnerships, collaborations, acquisitions, and product launches to dominate the market.
For example, in November 2021, Gainsight launched Horizon AI, which facilitates companies in taking customer success actions with the help of AI. In December 2021, Verient Systems, Inc. launched its Customer Engagement Cloud Platform in India to aid clients with its digital transformation services.