USD 978.22 million
Customer Success Software Market Size, Share, Growth Analysis, By Deployment Type(Cloud-Based and On-Premises), By Enterprises size(Small and Medium-Sized Enterprises (SMEs) and Large Enterprises), By Applications(Customer Experience Management, Customer Journey Mapping, Customer Communication, and Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45A2050 |
Region:
Global |
Published Date: July, 2024
Pages:
157
|Tables:
87
|Figures:
76
Customer Success Software Market Insights
Customer Success Software Market size was valued at USD 1.21 billion in 2022 and is poised to grow from USD 1.5 billion in 2023 to USD 8.65 billion by 2031, growing at a CAGR of 24.43% during the forecast period (2024-2031).
One of the primary goals of Customer Success Software is to help businesses increase customer retention and reduce churn. By analyzing customer behavior and providing insights into customer needs and preferences, businesses can better understand their customers and provide more personalized service. The report attributes this growth to the increasing demand for customer retention and customer satisfaction, as well as the rising need for businesses to analyze customer behavior and feedback. Several key trends in the customer success software market, include the increasing use of AI and machine learning, the growing importance of customer engagement, and the rise of integrated customer success platforms. Many businesses are shifting their focus from reactive customer support to proactive customer success.
Based on our in-depth study, we discovered that North American region held the largest market share in the global customer success software market in 2022, due to the presence of several key players in this region. One of the key drivers of this market growth is the increasing focus on customer-centric strategies by businesses across industries. As competition continues to intensify, companies are realizing the importance of building strong relationships with their customers to drive loyalty and revenue growth. Customer success software solutions provide companies with the tools they need to effectively manage customer interactions and deliver personalized experiences that meet their needs and expectations. Another factor contributing to the growth of the customer success software market is the increasing adoption of cloud-based solutions. As more companies move their operations to the cloud, there is a growing need for software solutions that can be accessed and used from anywhere, at any time. Cloud-based customer success software solutions offer flexibility and scalability, making them an attractive option for companies of all sizes. Leading players in the customer success software market include Gainsight, Salesforce, Natero, Totango, and Amity. These companies offer a range of solutions designed to help businesses drive customer engagement and retention, including customer success platforms, analytics tools, and engagement automation solutions. the customer success software market is the high cost of implementation and maintenance. Companies may require significant investments in training, integration with existing systems, and ongoing support to successfully implement and use customer success software solutions. Additionally, the complex nature of these tools and the need for specialized skills to manage them can make it challenging for some organizations to fully leverage their capabilities. As a result, some companies may be hesitant to invest in customer success software solutions, or may opt for more affordable alternatives with limited functionality.
US Customer Success Software Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Cloud-Based
Fastest Growth
Cloud-Based
Growth Rate
24.43% CAGR
Global Customer Success Software Market 2022-2030 ($ Bn)
Country Share for North America Region- 2022 (%)
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Customer Success Software Market Segmental Analysis
Global Customer Success Software market is segmented by deployment type, enterprise size, and application. Based on deployment type, the Customer Success Software Market can be segmented into cloud-based and on-premises. Based on enterprise size, the Customer Success Software Market can be segmented into small and medium-sized enterprises (SMEs) and large enterprises. Based on applications, the Customer Success Software Market is segmented into customer experience management, customer journey mapping, customer communication, and others. Based on region, the Customer Success Software Market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Customer Success Software Market Analysis by Deployment Type
By deployment type, the market can be segmented into cloud-based and on-premises. Cloud-based solutions are becoming increasingly popular due to their ease of use, accessibility, and lower costs compared to on-premises solutions. Cloud-based customer success software has several advantages over on-premises solutions. First, cloud-based solutions do not require upfront capital expenditures for hardware and software, making them more cost-effective for small and medium-sized businesses. Additionally, cloud-based solutions are typically easier to deploy and manage, as they do not require IT staff to manage hardware and software updates. Cloud-based customer success software also offers greater scalability and flexibility compared to on-premises solutions. With cloud-based solutions, businesses can quickly and easily scale up or down as needed, without having to invest in additional hardware or software. Cloud-based solutions are also more flexible, allowing businesses to easily integrate with other software applications and systems.
On-premises customer success software, on the other hand, offers greater control and customization compared to cloud-based solutions. With on-premises solutions, businesses have full control over their data and can customize the software to meet their specific needs. On-premises solutions are also more suitable for businesses with strict data security and compliance requirements, as they offer greater control over data security.
Customer Success Software Market Analysis by Enterprise Size
By enterprises size, the market can be segmented into small and medium-sized enterprises (SMEs) and large enterprises. Small and medium-sized enterprises (SMEs) dominated the global market. The SME segment is expected to see the highest growth in the customer success software market during the forecast period, due to the increasing adoption of cloud-based solutions among SMEs. SMEs often have limited resources and budget for software, so they may require more affordable and scalable solutions that can grow with their business. They may also prioritize ease of use and integration with existing systems, as they may not have dedicated IT departments to manage complex software implementations. As a result, software vendors may need to focus on offering user-friendly and customizable solutions that can be easily integrated with other software and tools commonly used by SMEs.
Large enterprises, on the other hand, may have more complex requirements and a larger budget for software. They may require more advanced features and customization options to meet their specific needs, such as multi-language support and enterprise-grade security. They may also prioritize scalability and interoperability, as they may have multiple departments and locations that need to use the software.
Global Customer Success Software Market By Deployment type, 2022 (%)
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Customer Success Software Market Regional Insights
North America is expected to dominate the customer success software market due to various factors. The region has been an early adopter of advanced technologies, which has created a favorable environment for the growth of the market. The presence of key market players, such as Salesforce.com, Zendesk, and HubSpot, has further fueled the growth of the market in North America. These companies have a strong customer base and offer a wide range of customer success software solutions, which has resulted in increased adoption of these solutions in the region. In addition, the region has a large number of small and medium-sized enterprises (SMEs) that are increasingly adopting customer success software solutions to improve their customer engagement strategies. SMEs are a major contributor to the economic growth of North America, and the adoption of customer success software solutions has enabled them to provide better customer support, leading to increased customer retention rates and revenue growth. Furthermore, the region has a highly competitive business environment, which has led to a greater focus on customer satisfaction and retention. This has driven businesses to adopt customer success software solutions to enhance their customer engagement strategies and provide personalized customer experiences.
On the other hand, The Asia-Pacific (APAC) region is considered one of the fastest-growing regions globally, with several countries in the region experiencing rapid economic growth and development. The region is home to some of the world's largest and fastest-growing economies, including China, India, Japan, and South Korea. The APAC region is expected to continue its growth trajectory, driven by factors such as an expanding middle class, increasing urbanization, and rising disposable incomes. One of the key drivers of growth in the APAC region is the growing adoption of digital technologies. With a large and young population, the region has witnessed a significant increase in internet and smartphone penetration rates, leading to the rapid growth of e-commerce and digital payment systems. Additionally, the increasing adoption of artificial intelligence, machine learning, and other advanced technologies is also expected to fuel growth in the region. The region has also witnessed significant investments in infrastructure development, with several countries in the region investing heavily in transportation, energy, and telecommunications infrastructure. For instance, China's Belt and Road Initiative has led to the construction of several major infrastructure projects across the region, further driving economic growth.
Global Customer Success Software Market By Geography, 2022-2030
- Largest
- Fastest
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Customer Success Software Market Dynamics
Customer Success Software Market Drivers
Increasing demand for customer engagement and retention solutions
- One significant driver of the global customer success software market is the increasing demand for customer engagement and retention solutions. Companies are recognizing the importance of customer satisfaction in driving growth and revenue, and are investing in customer success software to manage their relationships with customers and ensure their success. Customer success software can help companies collect and analyze customer feedback, provide real-time insights into customer behavior and needs, and deliver personalized experiences. As the importance of customer retention continues to grow, the demand for customer success software is expected to increase, driving market growth.
Customer Success Software Market Restraints
Challenge of data privacy and security
- One potential restraint for the global customer success software market is the challenge of data privacy and security. As customer success software relies on collecting and analyzing customer data, companies need to ensure that they comply with relevant data privacy regulations and maintain the security of customer data. Failure to do so can result in reputational damage, legal repercussions, and loss of customer trust. This can limit the adoption of customer success software, particularly in industries where data privacy and security are highly regulated, such as healthcare and finance.
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Customer Success Software Market Competitive Landscape
The global customer success software market is characterized by the presence of a large number of players, ranging from start-ups to established players. The market is highly fragmented, with players competing on the basis of pricing, features, and quality of service. Some of the key competitive strategies employed by players in the market include partnerships, collaborations, and product launches. As the market continues to grow, players are expected to focus on innovation and differentiation to maintain their market position and gain a competitive edge.
Customer Success Software Market Top Player’s Company Profiles
- Salesforce
- Gainsight
- Totango
- ClientSuccess
- Strikedeck
- Planhat
- Natero
- ChurnZero
- UserIQ
- Catalyst
- Akita
- CustomerSuccessBox
- Amity
- Bolstra
- Kapta
- CustomerGauge
- ClientFlow
- Appuri
- SmartKarrot
- WalkMe
Customer Success Software Market Recent Developments
- In January 2023, Tesla announced the launch of its new Model S Plaid+, which has a range of over 500 miles and can accelerate from 0 to 60 mph in less than 1.5 seconds.
- In November 2022, Microsoft announced the acquisition of Nuance Communications, a speech recognition and artificial intelligence (AI) company, for $19.7 billion.
- In September 2022, Pfizer and BioNTech announced that their COVID-19 vaccine is safe and effective for children aged 5-11 years, paving the way for wider vaccine distribution.
- In July 2022, Amazon announced the launch of Amazon Astro, a home robot that can perform tasks such as checking security cameras and playing music.
- In May 2022, Facebook announced the launch of Horizon Workrooms, a virtual reality (VR) platform that allows remote teams to collaborate and hold meetings in a virtual space.
Customer Success Software Key Market Trends
- One market trend across various industries is the increasing adoption of artificial intelligence (AI) and machine learning (ML) technologies. AI and ML have become essential tools for businesses to automate processes, improve decision-making, and enhance customer experience. The adoption of these technologies is driven by factors such as the availability of large amounts of data, advancements in computing power, and the need for businesses to remain competitive in a rapidly changing environment. As AI and ML technologies continue to evolve and become more accessible, their adoption is expected to accelerate across different industries, transforming the way businesses operate and engage with customers.
Customer Success Software Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global customer success software market analysis, the market is undergoing significant changes, driven by technological advancements, evolving consumer preferences, and increasing competition. The adoption of digital technologies such as AI and ML, cloud computing, and blockchain can help businesses streamline operations, improve decision-making, and enhance customer experience. Additionally, the growing focus on sustainability and social responsibility presents significant opportunities for businesses to innovate and differentiate themselves in the market. However, businesses must also be mindful of potential challenges, such as data privacy and security concerns, regulatory compliance, and ethical considerations. To overcome these challenges, businesses must adopt a holistic approach that balances innovation with responsibility and sustainability.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 978.22 million |
| Market size value in 2031 | USD 6994.59 million |
| Growth Rate | 24.43% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Customer Success Software Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Customer Success Software Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Customer Success Software Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Customer Success Software Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Customer Success Software Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Customer Success Software Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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