CHICAGO, June 10, 2019 /PRNewswire/ -- According to a new market research report "Customer Success Platforms Market by Application (Sales and Marketing Management, CEM, and Risk and Compliance Management), Component (Solutions and Services), Deployment Model, Industry Vertical, and Region - Global Forecast to 2024", published by MarketsandMarkets™, the Customer Success Platforms Market is expected to grow from USD 854 million in 2019 to USD 2,664 million by 2024, at a Compound Annual Growth Rate (CAGR) of 25.5% during the forecast period. Key factors driving the Customer Success Platforms Market include advent of cloud computing in customer success, demand for advanced solutions to monitor customer scores and reduce churn, and rising data volume due to increased digitalization.
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Customer service application to grow at the highest CAGR during the forecast period
In today's competitive scenario, the growing demand for comprehensive solutions to handle queries in-time and enhance customer experience has been a major factor for companies across industries. Customer success platform software help companies gather analytical insights to improve and optimize customer service operations. They also help monitor and analyze business metrics, such as best agent to issue, average query resolution time, and agent performance assessment.
Services segment to grow at a higher CAGR during the forecast period
Based on components, the Customer Success Platforms Market is segmented into solution and services. The services segment is expected to grow at a higher CAGR during the forecast period. Professional services and managed services help enterprises in building good customer relationships by constantly assisting them throughout the product life cycle. Support and maintenance services help organizations meet distinct business needs according to changing market conditions, reduce system failure and costs associated with it, and improve overall business efficiency.
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North America to account for the largest market size during the forecast period
North America is expected to account for the largest market size in the overall Customer Success Platforms Market during the forecast period. This region houses some of the major vendors, such as Gainsight, Salesforce, Natero, Totango, Amity, Strikedeck, ChurnZero, UserIQ, and ClientSuccess. These players have their headquarters and direct sales offices in the region.
The Customer Success Platforms Market comprises major solution providers, such as Gainsight (US), Salesforce (US), Natero (US), Totango (US), Amity (Canada), Strikedeck (US), ChurnZero (US), ClientSuccess (US), Bolstra (US), Salesmachine (US), UserIQ (US), Planhat (Sweden), AppsForOps (Australia), Catalyst (US), Armatic Technologies (US), CustomerSuccessBox (US), Clientshare (England), Wootric (US), Komiko (US), and Akita (Ireland). The study includes the in-depth competitive analysis of these key players in the Customer Success Platforms Market with their company profiles, recent developments, and key market strategies.
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Content Source: Customer Success Platforms Industry Analysis & Forecast