Global Customer Success Management Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

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

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Customer Success Management Industry Overview

Customer Success Management Market Summary
Study Period: 2018 - 2028
Fastest Growing Market: North America
Largest Market: North America
CAGR: 24.13 %

Major Players

Customer Success Management Market Major Players

*Disclaimer: Major Players sorted in no particular order
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Customer Success Management Market Analysis

The global customer success management market is expected to register a CAGR of 24.13% during the forecast period. The introduction of cloud-based solutions accelerates automation and enhances client success prediction accuracy. As a result, numerous essential concerns such as data collecting and reporting, decision-making, and data optimization are addressed, providing enterprises and customer success managers (CSMs) with greater insights.

  • The development of a business can only be enhanced with better, personalized customer service and the quality of the solution/service. Customer satisfaction and customer retention are 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 use proprietary data to offer a better experience to millions of individual customers.
  • Factors such as the adoption of cloud computing for customer satisfaction, the need for innovative solutions to track customer scores and lower turnover, and the increase in data volume as a result of digitalization are expected to drive the adoption of customer engagement platforms and services solutions, thereby assisting the growth of the customer success platforms market.
  • Cloud-based solutions are becoming more popular because of their dependability, scalability, flexibility, and efficiency in IT administration. Small businesses are eager to adopt advanced solutions that combine real-time self-service analytics with cloud-based solutions to accelerate market growth while requiring minimal capital investments. Cloud-based customer success solutions offer highly scalable capabilities that simplify data storage and access. The introduction of cloud-based solutions boosts automation and improves customer success and predictive accuracy.
  • The growing acceptance of advanced technologies such as Artificial Intelligence (AI) and Machine Learning (ML), as well as innovation in customer success platform-based start-ups, are likely to provide sufficient growth opportunities for customer success platform vendors. Future market growth is anticipated due to the increased usage of customer satisfaction solutions across various industrial verticals.
  • Companies in the sector have been witnessing rapid growth, owing to increased demand for customer satisfaction, as it has become easier for customers to switch vendors. In December 2021, Totango announced a USD 100 million Series D funding and onboarded over 5,000 new companies amid widespread adoption of their free customer success management platform. Furthermore, the company recorded over 20 new product innovation releases in 2021.

Customer Success Management Industry Segments

The primary goal of Customer Success Management is to understand an organization's customer base and focus on solving their short- and long-term needs to create a positive reputation. The study covers several customer success management platform applications, such as Sales and Marketing Management, Customer Experience Management, and Risk and Compliance Management. It also describes various end-user industries such as healthcare, retail, and government utilizing these management tools.

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

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

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Customer Success Management Market Trends

This section covers the major market trends shaping the Customer Success Management Market according to our research experts:

Retail and E-commerce Industry to hold Significant Share

  • One of the most critical aspects of Retail Customer Success Management's work is maintaining track of each customer and ensuring they get the most out of the product over time. It is critical to keep consumers informed and updated as new features and updates are introduced, but it is also crucial to find out whether they have seen anything that may be improved.
  • Effective Customer Success strategy typically results in decreased customer churn and increased upsell opportunities. As retail and e-commerce companies directly deal with customers, effective Customer Success Management solutions become more important.
  • Since the pandemic, market vendors have incorporated advanced technologies such as IoT and AI to improve the customer experience. For instance, Stefanini Group improved the digital shop experience with improved customer care solutions, personalization, and seamless payments using retail technologies rooted in the Internet of Things and artificial intelligence. Digital team members combine analytics and higher user experiences (UX) to deliver a customer experience (CX). Also, the company can discover chances for improvement by evaluating user behavior across the whole client experience and have the capability to deploy new UX.
  • Furthermore, In November 2021, Gainsight announced the launch of Horizon AI at its Pulse for Product Conference. With this, the company became a Customer Success platform that can apply the power of artificial intelligence (AI) to 8+ years of usage, engagement, activity, satisfaction, and retention data from several companies, giving businesses the ability to take smarter customer success actions and to associate the effect of customer success efforts to Net Revenue Retention (NRR).
  • Digital retailing has been witnessing further adoption in the industry due to its convenience. Digital retail allows consumers to interact with a brand, uncover more information, and conduct product research. This can create further opportunities for retailers to consider digital retailing to enhance customer experience.
Customer Success Management Market: Estimated Quarterly U.S. Retail Sales, in USD Billion, 2021

North America to Dominate the Market

  • The North American market is mainly growing due to prominent and new vendors setting their footprints in the region. For instance, the United States-based Carousel Industries offers Subscription Lifecycle Management Services, which further consist of a Customer Success Manager (CSM) to help in a user's subscription management and lifecycle requests, needs, and questions.
  • In the United States, large and medium-sized companies have increased their emphasis on providing multichannel services to deliver a seamless experience to customers across all touchpoint channels. The American Customer Satisfaction Index (ACSI), which measures customer satisfaction across the United States, remained stuck at 76.7% for more than a year, indicating stagnant consumer spending.
  • Organizations are adopting business analytics tools, such as sentiment analytics, speech analytics, and text analytics. Such efforts are expected to help enterprises understand the insights from unstructured data gathered from customer interactions to provide enhanced digital services.
  • Companies like Cisco established a standard of operations for their product portfolios to ensure optimal utilization. The Cisco Advanced Customer Experience (CX) Specialization recognizes a company's ability to support customers across the full lifecycle of Cisco solutions, positively impacting customer success and customer experience. In December 2021, Softchoice announced that it earned the Cisco Advanced Customer Experience (CX) Specialization, recognizing its extensive customer success capabilities. Softchoice is one of only two Cisco partners in North America to earn this specialization in the United States and Canada.
  • Growth is encouraged through collaborative efforts and information sharing in summits and meets held by industry leaders. Catalyst Software announced the establishment of a virtual industry summit in January 2022 called the Customer Success at the Center Summit. The summit focuses on the practical aspect of determining actionable strategies to help companies and leaders learn how to make customer success an intrinsic element of the company, increase revenue, and optimize the overall customer experience.
Global Customer Success Management Market - Growth Rate by Region

Customer Success Management Market Competitor Analysis

The global customer success management market is fragmented. Major players focus on partnership, innovating, and introducing new and identical solutions to maintain their market share. Some key players operating in the market include Gainsight, IBM, Salesforce, and UserIQ Inc.

  • February 2022 - UserIQ, a software company that helps customer success teams reduce churn risk, identify growth possibilities, and drive user engagement, announced the release of a customer success analytics and reporting solution, and UserIQ Leverages Domo to Provide Advanced Analytics and Visual Reporting to Customer Success Teams. The Domo-powered solution addresses a growing need among customer success teams for more sophisticated data storytelling and visualization capabilities that do not require interpretation.

Customer Success Management Market Top Players

  1. Gainsight Inc.

  2. Salesforce.com, Inc.

  3. UserIQ Inc.

  4. IBM Corporation

  5. Open Text Corporation

*Disclaimer: Major Players sorted in no particular order

Customer Success Management Market Concentration

Customer Success Management Market Recent Developments

  • June 2022 - Salesforce, one of the leading global CRM firms, has introduced new Customer 360 technologies that combine marketing, commerce, and service data on a single platform, allowing businesses to connect, automate, and personalize every encounter and develop trusted relationships at scale.
  • May 2022 - Gainsight announced a partnership with Japan Cloud to make it easier for companies in the Asia-Pacific area to adopt Gainsight customer success solutions, resulting in higher net revenue retention, expanded accounts, and reduced churn. The collaboration marks a full-scale entry into APAC in response to the emergence of new SaaS business models, which has fueled the need for customer success.

Customer Success Management Market Report - 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 INSIGHTS

    1. 4.1 Market Overview

    2. 4.2 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.2.1 Threat of New Entrants

      2. 4.2.2 Bargaining Power of Buyers

      3. 4.2.3 Bargaining Power of Suppliers

      4. 4.2.4 Threat of Substitute Products

      5. 4.2.5 Intensity of Competitive Rivalry

    3. 4.3 Assessment of the Impact of COVID-19 on the Market

    4. 4.4 Industry Value Chain Analysis

  5. 5. MARKET DYNAMICS

    1. 5.1 Market Drivers

      1. 5.1.1 Rapid Adoption of Cloud-based Technology, Advanced Analytics, and Automation

      2. 5.1.2 Growing Demand for Personalized Customer Experience

    2. 5.2 Market Restraints

      1. 5.2.1 Issues in Data Synchronization and Implementation

  6. 6. MARKET SEGMENTATION

    1. 6.1 By Deployment Mode

      1. 6.1.1 Cloud

      2. 6.1.2 On-premise

    2. 6.2 By Size of Organization

      1. 6.2.1 Small and Medium Enterprise

      2. 6.2.2 Large Enterprise

    3. 6.3 By End-user Vertical

      1. 6.3.1 Healthcare

      2. 6.3.2 Retail

      3. 6.3.3 BFSI

      4. 6.3.4 IT and Telecom

      5. 6.3.5 Government

      6. 6.3.6 Other End-user Verticals

    4. 6.4 By Application

      1. 6.4.1 Sales and Marketing Management

      2. 6.4.2 Customer Experience Management

      3. 6.4.3 Risk and Compliance Management

      4. 6.4.4 Other Applications

    5. 6.5 By Geography

      1. 6.5.1 North America

      2. 6.5.2 Europe

      3. 6.5.3 Asia-Pacific

      4. 6.5.4 Latin America

      5. 6.5.5 Middle East & Africa

  7. 7. COMPETITIVE LANDSCAPE

    1. 7.1 Company Profiles*

      1. 7.1.1 Gainsight Inc.

      2. 7.1.2 Salesforce.com Inc.

      3. 7.1.3 UserIQ Inc.

      4. 7.1.4 IBM Corporation

      5. 7.1.5 Open Text Corporation

      6. 7.1.6 SAP SE

      7. 7.1.7 Verint Systems Inc.

      8. 7.1.8 Medallia Inc.

      9. 7.1.9 Oracle Corporation

      10. 7.1.10 Avaya Holdings Corp.

      11. 7.1.11 Tech Mahindra Limited

      12. 7.1.12 Totango

      13. 7.1.13 ClientSuccess Inc.

      14. 7.1.14 Freshworks Inc.

      15. 7.1.15 Planhat AB

      16. 7.1.16 CustomerSuccessBox

      17. 7.1.17 Armatic Technologies Inc. (BlueSnap)

      18. 7.1.18 Sitecore

  8. 8. INVESTMENT ANALYSIS

  9. 9. FUTURE OF THE MARKET

**Subject to Availability
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Customer Success Management Market Research FAQs

The Global Customer Success Management Market is studied from 2018 - 2028.

The Global Customer Success Management Market is growing at a CAGR of 24.13% over the next 5 years.

North America is growing at the highest CAGR over 2018 - 2028.

North America holds highest share in 2021.

Gainsight Inc., Salesforce.com, Inc., UserIQ Inc., IBM Corporation, Open Text Corporation are the major companies operating in Global Customer Success Management Market.

Global Customer Success Management Industry Report

In-depth industry statistics and market share insights of the Global Customer Success Management Market sector for 2020, 2021, and 2022. The Global Customer Success Management Market research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the Global Customer Success Management Market report PDF.

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