Global Customer Success Management Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022-2027)

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.

Market Snapshot

Customer Success Management Market Overview
Study Period: 2019- 2026
Base Year: 2021
Fastest Growing Market: North America
Largest Market: North America
CAGR: 24.43 %

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Market Overview

The global customer success management market is expected to register a CAGR of 24.43% during the forecast period (2022-2027). 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 the 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.
  • The role of Customer Success Management is to ensure that customers' requirements are met and make sure that customers' needs and the company's offerings are on the same level. It also ensures that companies are one step ahead of their competitors as customer decisions are no longer made in a physical store but online in web browsers and on mobile phones in front of a 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 neighboring shelves but to alternative products from retailers with websites all over the world.
  • 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 have taken over human customer agents in many organizations by engaging them with useful conversations to handle the daunting task of upholding the interest of the customer's preferences, dislikes, and likes.
  • ·The COVID-19 pandemic has had a significant impact on markets, customer behavior, economies, and communities. Businesses are increasingly seeking solutions to help them in these difficult times, with offices, educational institutions, and manufacturing facilities closing for an indeterminate period, important sports and events being postponed, and work-from-home and social distance rules in place.
  • Furthermore, by creating highly tailored client experiences, businesses hope to gain an advantage that will be tough for competitors to match. These types of experiences use private data to provide a better experience to millions of customers. As Customer Success Management fits the bill perfectly, the demand for such solutions is anticipated to gain traction during the forecast period.

Scope of the Report

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.

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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Key Market Trends

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 that 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 critical 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 been incorporating 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.
  • 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 creates further opportunities for the retailers to consider digital retailing to enhance customer experience.
Global Customer Success Management Market

North America to Dominate the Market

  • The North American market is mainly growing due to the presence of prominent and new vendors setting their footprint in the region. For instance, the 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.
  • In the United States, there is an increased emphasis of large- and medium-sized companies on providing multichannel services to deliver a seamless experience to customers across all touchpoint channels.
  • 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.
  • Furthermore, the Canadian CSM market has primarily altered in response to shifting customer demands over the recent years. The integration of CRM systems with social media platforms to communicate with clients via social media channels is the most significant development in the market.
  • Several vendors are marketing their solutions as social CRMs, with elements like psychographic/demographic profiling and sentiment extraction being offered as standard features. As a result, online collaboration, feedback sharing, media sharing, and brainstorming are taking the place of traditional static CRM communications.
Global Customer Success Management Market

Competitive Landscape

The global customer success management market is growing in competition due to the entry of new players, owing to the rising demand for a customer-focused approach, and it is gradually moving toward the fragmented side. Major players are focusing on innovating and introducing new and unique solutions to maintain their market share. Some of the key players operating in the market include Gainsight, IBM, Salesforce, and UserIQ Inc.

  • December 2021 - Verint announced the launch of its Customer Engagement Cloud Platform in India, which is expected to help clients across the country with their digital transformation efforts. With an open, reliable, and secure native cloud architecture, Verint Customer Engagement Cloud Platform enables multi-cloud scenarios.
  • 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).

Recent Developments

  • July 2021 - Medallia Inc. and Schneider Electric announced the implementation of Medallia's solution for capturing digital feedback to continue helping deliver outstanding experiences to Schneider Electric customers. The solutions offered by Medallia helped Schneider Electric increase its Net Satisfaction Score by 34 points and generate a 33% increase in employee engagement by tapping into digital customer feedback.
  • February 2021 - Oracle released Oracle Cloud Customer Experience upgrades (CX). Oracle Sales, Oracle Support, and Oracle Marketing have all been updated to help businesses shorten sales cycles, resolve customer service issues more quickly, and establish engaging loyalty programs to increase service quality.

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 Open Text Corporation

      3. 7.1.3 Salesforce.com Inc.

      4. 7.1.4 SAP SE

      5. 7.1.5 Verint Systems Inc.

      6. 7.1.6 Medallia Inc.

      7. 7.1.7 IBM Corporation

      8. 7.1.8 Oracle Corporation

      9. 7.1.9 Avaya Holdings Corp.

      10. 7.1.10 Tech Mahindra Limited

      11. 7.1.11 Totango

      12. 7.1.12 UserIQ Inc.

      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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Frequently Asked Questions

The Global Customer Success Management Market market is studied from 2019 - 2026.

The Global Customer Success Management Market is growing at a CAGR of 24.43% over the next 5 years.

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

North America holds highest share in 2021.

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

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