Customer Success Management Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The market can be segmented by Deployment Mode (Cloud-based, On-premise), Size of Organization (Small and Medium Enterprise, Large Enterprise) End-user Industry (Healthcare, Retail, BFSI, IT and Telecom, Government), Application (Sales and Marketing Management, Customer Experience Management, Risk and Compliance Management) and Geography.

Market Snapshot

Customer Success Management Market Overview
Study Period: 2018 - 2026
Base Year: 2020
Fastest Growing Market: North America
Largest Market: North America
CAGR: 25.02 %
Customer Success Management Market Major Players

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Market Overview

The Global Customer Success Management Market is expected to register a CAGR of 25.02% over the forecast period (2021 - 2026). The responses to the 2019 Customer Success Standards Initiative Research survey indicate that 28% of the participants’ Customer Success groups are connected to revenue from sales of premium Customer Success services.

  • The development of a business can only be enhanced with better, personalized customer service in addition to the quality of the solution/service. Customer satisfaction and customer retention are the most crucial aspects of better customer service.
  • Enterprises are looking to leverage the advantage that could be difficult for their competitors to imitate by providing highly personalized customer experiences. Such experiences make use of proprietary data to offer a better experience to millions of individual customers. The end results depend on the execution. When executed well, personalized customer experience can enable businesses to not only differentiate themselves but also to gain customer loyalty and sustainable competitive advantage, which is much needed in the present competitive scenario.
  • Customers’ decisions are no longer being made in a physical store, but online in web browsers and on mobile phones in front of the digital shelf. For the enterprises operating in the retail space, the price, place, and promotion of their products are no longer just being compared to products on neighbouring shelves but to alternative products from retailers with websites all over the world. In this regard, success management ensures customers' requirements are met and makes sure that customers’ needs and the company's offerings are on the same level, enough to be one step ahead of their competitors.
  • During the forecast period, an increasing number of organizations are expected to deploy chatbots to improve their customer service and generate good business results for the organization. Chatbots has taken over the human customer agent in many organizations by engaging them with useful conversations to handle the daunting task of upholding the interest of the customer's preferences, dislikes, likes, etc.
  • The ongoing COVID-19 pandemic has a massive impact on how businesses engage with their customers. Regardless of how the crisis evolves, customers still expect to receive a high level of service that fulfils their needs.

Scope of the Report

The study covers several applications of the customer suceess management platform such as Sales and Marketing Management, Customer Experience Management and Risk & Compliance Management. It also describes various end-user industries such as healthcare, retail and government which are utilizing the management tools.

Deployment Mode
Cloud
On-Premise
Size of Organisation
Small and Medium Enterprise
Large Enterprise
End-user Vertical
Healthcare
Retail
BFSI
IT and Telecom
Government
Other End-user Verticals
Application
Sales and Marketing Management
Customer Experience Management
Risk and Compliance Management
Other Applications
Geography
North America
Europe
Asia Pacific
Latin America
Middle East and Africa

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Key Market Trends

IT and Telecom to Dominate the Market

  • IT and Telecom companies, both large and small, are now interested in leveraging the advantages offered by customer success management platforms.
  • IBM deployed Gainsight's customer success management to increase customer adoption of one of their cloud products over 10 times in a year. IBM Collaboration Solutions brought together data from multiple CRM systems into Gainsight to drive exponential business outcomes for both IBM and its customers.
  • Boston-based Appcues wanted comprehensive insight into customer health and key Customer Success metrics. It onboarded Natero to connect customer data silos for a complete view of account health.As a result, the Appcues team has more visibility into accounts to make better decisions about priority and next steps.
  • California-based AdStage wanted to monitor customer health so that the Customer Success team could better prioritize their time. They implemented Natero to proactively drive their Customer Success processes based on actionable data. Consequently, The CSM team can proactively engage low-adopters, identify power users, and spot new customer advocates.
Customer Success Management Market Key Trends

North America to Dominate the Market

  • The market in North America is mainly growing due to presence of prominent and new vendors setting their footprint in the region. For instance, United States-based Carousel Industries offers Subscription Lifecycle Management Services which further consists of a Customer Success Manager (CSM) to help in a user's subscription management and lifecycle requests, needs, and questions.
  • Brillio has partnered with Salesforce which has enabled Brillio to leverage the Salesforce Platform to create meaningful and relevant customer solutions across sales, service, marketing and commerce, delivering them in the collaborative engagement model that best suits today’s economy.
  • United States-based UserIQ helps SAAS companies deliver what each of their users needs to be successful in every moment. The companies can create highly specific segments to understand their users and create more positive experiences for their unique needs.
  • Recently United States-based Natero partnered with Wootric Inc to talk about Net Promoter Score, and how Customer Success Managers can get the most out of their NPS program. Natero offers services such as customer success intelligence & operations, customer success analytics and customer data integrations.
Customer Success Management Market Growth Rate

Competitive Landscape

The market is gradually moving towards fragmented side due to rising demand of customer-focused approach. The major companies keep on innovating and introducing new facilities to maintain their market share.

  • May 2019 - Gainsight launched Customer Cloud, which is a unique solution for subscription businesses looking to adopt a customer-centric philosophy that enables them to retain customers while also driving company growth post-sale. The Gainsight Customer Cloud caters to these businesses by combining the company’s Customer Success and Product Experience products with three new product innovations.
  • June 2020- Avaya Inc. decided to expand the reach of their Avaya Cloud Office UCaaS offering created through their partnership with RingCentral. The company has launched Avaya Cloud Office in Canada with agent-focused strategy.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Value Chain Analysis

    3. 4.3 Industry Attractiveness - Porter's Five Force Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

    4. 4.4 Impact of COVID-19 on the Market

    5. 4.5 Market Drivers

      1. 4.5.1 Rapid Adoption of Cloud-based Technology, Advanced Analytics, and Automation

      2. 4.5.2 Growing Demand for Personalized Customer Experience

    6. 4.6 Market Restraints

      1. 4.6.1 Limited ways to monitor Risks

  5. 5. MARKET SEGMENTATION

    1. 5.1 Deployment Mode

      1. 5.1.1 Cloud

      2. 5.1.2 On-Premise

    2. 5.2 Size of Organisation

      1. 5.2.1 Small and Medium Enterprise

      2. 5.2.2 Large Enterprise

    3. 5.3 End-user Vertical

      1. 5.3.1 Healthcare

      2. 5.3.2 Retail

      3. 5.3.3 BFSI

      4. 5.3.4 IT and Telecom

      5. 5.3.5 Government

      6. 5.3.6 Other End-user Verticals

    4. 5.4 Application

      1. 5.4.1 Sales and Marketing Management

      2. 5.4.2 Customer Experience Management

      3. 5.4.3 Risk and Compliance Management

      4. 5.4.4 Other Applications

    5. 5.5 Geography

      1. 5.5.1 North America

      2. 5.5.2 Europe

      3. 5.5.3 Asia Pacific

      4. 5.5.4 Latin America

      5. 5.5.5 Middle East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles*

      1. 6.1.1 Gainsight Inc.

      2. 6.1.2 Open Text Corporation

      3. 6.1.3 Salesforce.com Inc.

      4. 6.1.4 SAP SE

      5. 6.1.5 Verint Systems Inc.

      6. 6.1.6 Medallia Inc.

      7. 6.1.7 IBM Corporation

      8. 6.1.8 Oracle Corporation

      9. 6.1.9 Avaya Inc.

      10. 6.1.10 Tech Mahindra

      11. 6.1.11 Totango

      12. 6.1.12 UserIQ Inc.

      13. 6.1.13 ClientSuccess Inc.

      14. 6.1.14 Natero, Inc. (Freshworks)

      15. 6.1.15 Planhat

      16. 6.1.16 CustomerSuccessBox

      17. 6.1.17 Armatic Technologies Inc. (BlueSnap)

      18. 6.1.18 Sitecore

  7. 7. INVESTMENT ANALYSIS

  8. 8. FUTURE OF THE MARKET

**Subject to Availability

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Frequently Asked Questions

The Customer Success Management Market market is studied from 2018 - 2026.

The Customer Success Management Market is growing at a CAGR of 25.02% over the next 5 years.

North America is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2020.

Gainsight Inc., Salesforce.com, Inc., UserIQ Inc., Natero Inc., IBM are the major companies operating in Customer Success Management Market.

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