Dublin, June 19, 2019 (GLOBE NEWSWIRE) -- The "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" report has been added to ResearchAndMarkets.com's offering.

The global customer success platforms market size is expected to grow from USD 854 million in 2019 to USD 2,664 million by 2024, at a CAGR of 25.5% during the forecast period.

Customer success platforms are platform/software solutions used by organizations to create unique, 360- degree view of customers based on data captured from multiple channels, including offline as well as online channels, such as mobile, web, CRM, social media, third-party apps, and email. Such solutions have applications in numerous areas, including sales and marketing management, CEM, risk and compliance management, and revenue management.

Customer success has emerged as an organizational function, which helps customers to get maximum value from their business operations. The customer success platform collaborates the sales, marketing, and product management teams and helps build upsell and cross-sell strategies. Organizations require core competency in infrastructure, analytics, and visualizations to make data-driven strategic decisions. Customer success platforms involve the monitoring and collection of data from various channels and analyze that data to derive meaningful insights.

The sources such as CRM, Enterprise Resource Planning (ERP), social media, websites, and customer support mediums generate a vast amount of data in the form of customer comments, prospects views on companies, their products and services, and market trends. This helps businesses to create a unified 360-degree view of customers, develop insights on customer relationships, and drive sales and marketing activities. This eventually helps to keep business processes organized and standardized.

Vendors in the customer success platforms market have adopted various organic, as well as inorganic growth strategies, such as new product launches; product upgradations; partnerships, collaborations, and agreements; and business expansions, to expand their offerings in the market.

Market Dynamics

Drivers

• Advent of Cloud Computing in Customer Success
• Demand for Advanced Solutions to Monitor Customer Scores and Reduce Churn
• Rising Data Volume Due to Increased Digitalization

Restraints

• Data Aggregation and Synchronization From Multiple Silos

Opportunities

• Rising Adoption of Advanced Technologies, Such as Artificial Intelligence and Machine Learning
• Increasing Investment in Customer Success Platform Startups

Challenges

• Data Security and Privacy Concerns

Industry Trends

• Use Cases
• Use Case 1: Increasing Customer Engagement By Analyzing Customer Health
• Use Case 2: Reducing Onboarding Time Through Data-Driven Insights
• Use Case 3: Tracking Customer Interactions for Driving Business
• Impact of Artificial Intelligence and Machine Learning on the Market
• Customer Success Process

Companies Mentioned

• Akita
• Amity
• AppsForOps
• Armatic Technologies
• Bolstra
• Catalyst
• Churnzero
• Clientshare
• ClientSuccess
• CustomerSuccessBox
• Gainsight
• Komiko
• Natero
• Planhat
• Salesforce
• Salesmachine
• Strikedeck
• Totango
• UserIQ
• Wootric

For more information about this report visit https://www.researchandmarkets.com/r/7zmhri

Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.

CONTACT: ResearchAndMarkets.com
         Laura Wood, Senior Press Manager
         press@researchandmarkets.com
         For E.S.T Office Hours Call 1-917-300-0470
         For U.S./CAN Toll Free Call 1-800-526-8630
         For GMT Office Hours Call +353-1-416-8900
Related Topics: CRM (Customer Relationship Management)