Customer Success Platforms: Introduction
- Customer success platforms typically refer to software or solutions that enable companies, enterprises, or industries to manage and improve customer experience, customer success, product experience, revenue optimization, and customer data across all touchpoints and channels, in order to enhance business productivity in real-time.
- It is a software used for fostering and monitoring customer relationships and alerting customer success to potential opportunities. Customer success platforms are used by enterprises to integrate with customer relationship management systems, to manage, retain, and expand their existing customer base.
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Global Customer Success Platforms Market: Dynamics
Global Customer Success Platforms Market: Key Drivers
- Surge in demand for customer success platforms among small & medium, and large enterprises to enhance the customer experience is a key factor likely to accelerate the customer success platforms market in the next few years.
- Growing need for customer success platforms for decreasing the customer churn rate is projected to boost the growth of the customer success platforms market across the globe.
- Increasing customer lifetime value (CLV) across developed and developing countries is expected to drive the market.
- Rising adoption of cloud-based customer success platforms to improve the predictive accuracy of customer success is expected to boost the growth of the market.
- Currently, increase in adoption of artificial intelligence and machine learning enabled customer success platforms for predicting and analyzing customer behavior is expected to create growth opportunity for the market.
Global Customer Success Platforms Market: Restraints
- Difficulty in synchronizing customer experience data collected from different touchpoints within different domains are major factors expected to obstruct the growth of the global customer success platforms market in the next few years.
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Impact of COVID-19 on the Global Customer Success Platforms Market
The COVID-19 outbreak has been a major challenge for the post-pandemic business environment. Governments of different countries across the world have imposed lockdowns to curb the spread of the disease. Hence, the pandemic outbreak has affected customer behavior and sustainability of markets. Global lock-downs have put severe pressure on supply chains of products, causing product shortages. This in turn has raised the demand for customer success platforms extensively across both developed and developing countries during the pandemic outbreak to enhance customer management capabilities. Customer success platforms have been broadly adopted during the COVID-19 outbreak to manage voluminous customer data and meeting customer expectations. The customer success platforms market is expected to see huge demand due to rise in need for unified customer view during the COVID-19 outbreak. This in turn is expected to enhance the growth of the customer success platforms market during the COVID-19 outbreak.
North America to Hold Major Share of the Global Customer Success Platforms Market
- In terms of region, the global customer success platforms market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- North America dominated the global customer success platforms market in 2022. The U.S. is the key market in the region for the adoption of customer success platforms, due to growing adoption of cloud computing in predicting customer success, across the country. Additionally, presence of well-established players who offer customer success platforms is expected to boost the market in the North America region.
- The customer success platforms market in Asia Pacific is projected to expand at a rapid pace during the forecast period. This can be attributed to increasing adoption of customer success platforms among enterprises across China, Japan, Singapore, Australia, and India, due to growing awareness about enhancing the customer experience.
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