Customer Success Platforms Market to Reach $2.5 Billion by 2025
Research firm MarketsandMarkets valued the worldwide customer success platforms market at $1 billion in 2020 and expects it to expand to $2.5 billion by 2025, growing at a compound annual rate of 20.4 percent.
The major factors driving growth of the customer success platforms market are the advent of cloud computing, growing demand for advance analytics solutions to monitor customer scores and reduce churn, and increasing data volume due to growing digitalization. Other factors include the emergence of artificial intelligence to monitor customer journeys and increasing investments by startups.
The report projects the services segment to grow at a higher rate than the platforms segment., noting that many vendors require technical support and consulting services to manage the effective deployment of these platforms.
Among applications, the reporting and analytics segment is expected to record the highest growth. Reporting and analytics tools, which include tools for tracking customer data, product usage, and time spent interacting with the company, as well as heat maps and other visualization tools, are essential to help end-users sort out essential customer details.
Some of the prominent players identified in the report are Salesforce, Cisco, HubSpot, Gainsight, Freshworks, Totango, and Amity.
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