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.
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