The global customer success platforms market size is expected to grow from USD 1.0 billion in 2020 to USD 2.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 20.4% during the forecast period.
Customer success platforms are used by organizations to create unique, 360-degree view of customers based on data captured from multiple channels, including offline as well as online channels, such as mobile, web, CRM, social media, third-party apps, and email. Such solutions have applications in numerous areas, including sales and marketing management, CEM, risk and compliance management, and revenue management.
COVID-19 is disrupting the world, businesses, and economies, thus impacting the livelihood of people, their interaction, and the way they manage their businesses. The ability to sustain is becoming the new normal for enterprises as they are shifting their focus from growth opportunities to the implementation of drastic measures for mitigating the impact of the COVID-19 pandemic. The competition among major customer success platforms companies is expected to be furious as most upcoming AI and analytics projects are kept on hold due to the pandemic.
Hence, several companies would fight to gain a single project. Businesses are trying to return back to normal and facing multiple challenges on the customer as well as the operational side. Meeting customer expectations in terms of optimizing processes, increasing security concerns due to various voice-related recording systems and networks, growing network connectivity issues, and declining industrial and manufacturing operations are some of the key business challenges.
New practices such as work from home and social distancing are creating the need for remote monitoring, smart payment technologies, and building digital infrastructure for large-scale deployments. With a sudden surge in remote workers, there is an increase in the demand for advanced customer success platforms and services to effectively store and safeguard a huge amount of customer data.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Attractive Opportunities in the Customer Success Platforms Market 4.2 Market: Top 3 Application 4.3 Market: by Component and Top 3 Vertical
5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 188.8.131.52 Advent of Cloud Computing in Customer Success 184.108.40.206 Growing Demand for Advance Analytical-Based Solutions to Monitor Customer Scores and Reduce Churn Rates 220.127.116.11 Increasing Data Volume Due to Growing Digitalization 18.104.22.168 Rising Need to Plan Better Customer Engagement Strategies Through Omnichannel 5.2.2 Restraints 22.214.171.124 Data Aggregation and Synchronization from Multiple Silos 126.96.36.199 Data Privacy Laws and Protection of Customer Data from Cyberattacks and Breaches 5.2.3 Opportunities 188.8.131.52 Emergence of AI and Ml to Better Monitor Customer Journey 184.108.40.206 Increasing Investments by Startups in Identifying Growth Opportunities 5.2.4 Challenges 220.127.116.11 Data Security and Privacy Concerns 18.104.22.168 Difficulty in Synchronizing Cx Data Collected from Different Touchpoints Within Different Domains 22.214.171.124 Extensive Time Required for Creating Promotional Marketing Campaigns 5.2.5 Cumulative Growth Analysis 5.3 Customer Success Process 5.4 Case Study Analysis 5.4.1 Introduction 126.96.36.199 Use Case: Scenario 1 188.8.131.52 Use Case: Scenario 2 184.108.40.206 Use Case: Scenario 3 220.127.116.11 Use Case: Scenario 4 5.5 Patent Analysis 5.6 Supply Chain Analysis 5.7 Technology Analysis 5.7.1 Customer Success Platforms and Artificial Intelligence 5.7.2 Customer Success Platforms and Predictive Analytics 5.8 Regulatory Compliances 5.8.1 General Data Protection Regulation 5.8.2 Health Insurance Portability and Accountability Act of 1996 5.8.3 Governance, Risk, and Compliance 5.8.4 European Union Data Protection Regulation 5.8.5 Can-Spam Act 5.9 Pricing Model Analysis 5.10 Porter's Five Force Analysis