Artificial Intelligence is fastest growing segment fueling the growth of Customer Success Management Market

 Market Overview:

Customer success management (CSM) helps companies track, optimize, and report on customer usage, success metrics, product adoption, renewal rates, and revenue retention. It helps businesses to understand customer behavior and build long-lasting relationships through effective communication and support.

The Customer Success Management market is estimated to be valued at US$ 1891.81 Mn in 2023 and is expected to exhibit a CAGR of 26.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market key trends:
One of the key trends in the customer success management market is the growing adoption of artificial intelligence and machine learning capabilities. Major CSM vendors are integrating AI and machine learning technologies to gain more customer insights and automate various routine tasks. For example, AI helps in automating routine customer queries handling through chatbots. It also enables predicting customer needs, next best actions and optimizing the customer journey. This is expected to personalize customer experiences and fuel the growth of the global customer success management market during the forecast period.

Segment Analysis
The global customer success management market is segmented into deployment, components, organization size, and industry vertical. Based on deployment, the on-premises segment currently dominates the market owing to data security and privacy concerns among enterprises about critical customer data. However, the cloud segment is expected to witness higher growth during the forecast period due to the benefits of scalability, flexibility, and cost-effectiveness offered by cloud-based customer success management solutions.

Key Takeaways
The Global Customer Success Management Market Size is expected to witness high growth, exhibiting CAGR of 26.3% over the forecast period, due to increasing demand for solutions that help businesses optimize customer retention and drive more revenue from existing customers.

Regional analysis
North America currently accounts for the largest share of the global customer success management market due to early adoption of advanced technologies and presence of major players in the region. Asia Pacific is expected to grow at the fastest pace during the forecast period owing to growing digital transformation across industries in countries such as China and India.

Key players
Key players operating in the customer success management market are Gainsight Inc., Open Text Corporation, Salesforce.com Inc., SAP SE, Verint Systems Inc., Medallia Inc., IBM Corporation, Oracle Corporation, Avaya Inc., Tech Mahindra, Totango, UserIQ Inc., ClientSuccess Inc., Natero Inc. (Freshworks), Planhat, CustomerSuccessBox, Armatic Technologies Inc. (BlueSnap)and Sitecore. Gainsight Inc. and Salesforce.com Inc. currently dominate the market owing to their well-established customer success management solutions and global presence.

 

Get more insights on this topic:

https://www.dailyprbulletin.com/customer-success-management-market-demand-size/

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