February 18, 2021
According to a research report titled ‘Global customer success platform market analysis, 2020’, available with Market Study Report LLC, global customer success platform market is set to record an astounding yearly growth rate of 24% through 2025.
As per research findings, mounting demand for Big Data analytics from various business verticals is predominantly responsible for global customer success platform market growth. Moreover, the industry size is expanding due to increasing popularity of digital technology among enterprises, and easy access to a wide array of information on a single platform.
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Augmented usage of cloud computing, machine learning, and artificial intelligence, alongside the preference for data interpretation and strategy development, coupled with enhanced business and analytical skills of industry professionals are also stimulating the market outlook.
By application ambit, global customer success platform industry is arrayed into sales & marketing management, risk & compliance management, customer service, and customer experience management among others. In 2019, customer service segment dominated the market share on account of increasing focus on operational efficiency and strategic outlook of companies.
Based on organization size, global customer success platform market is categorized into large, and small-medium sized enterprises. Speaking of component terrain, the market is divided into solutions, and services. As per the report, solutions segment acquired a major market share in 2019, due to burgeoning number of large and small-medium enterprises, and increasing awareness about availability of customer success platforms across organizations.
Elaborating on deployment mode, the industry is classified into cloud based, and on-premise. The cloud-based segment grabbed a majority market share in 2019, due to beneficial attributes of this model such as accessibility of data, easy maintenance, and low cost up-gradations. However, on-premise deployment also generated considerable revenues in the recent past, due to effortless customization features, and a lack of consumer awareness about the benefits of cloud-based deployment.
Speaking of the industry vertical, sectors like BFSI, healthcare & life sciences, government & public sector, IT & telecommunication among others are significant contributors to worldwide customer success platform market valuation.
Considering the regional outlook, North America led the global customer success platform industry forecast in 2019 and is poised to showcase similar growth trends over the forecast period, reason being increased IT spending in areas such as banking & finance, telecom, and in government & public sectors.
Constant innovations and product launches give rise to cutthroat competition in the industry. Some major league players in global customer success platform market are Amity (Lilikoi Data, Inc.), Gainsight, Inc., Totango Ltd., Bolstra LLC, Salesforce.com, Inc., ChurnZero, Inc., Natero, Inc., Strikedeck, Inc., ClientSuccess, Inc., and UserIQ, Inc.