Artificial Intelligence Is Fastest Growing Segment Fueling The Growth Of Customer Success Management Market

 

CUSTOMER SUCCESS MANAGEMENT MARKET
Customer Success Management Market

The global 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.% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:


Customer success management products help companies in improving customer retention and satisfaction levels by regular monitoring and tracking of key customer metrics. These products provide personalized customer support, identification of at-risk accounts, and analytics to optimize the customer lifecycle.

Market key trends:


One of the key trends in the customer success management market is the rising implementation of artificial intelligence and machine learning technologies. AI helps in automating various routine tasks related to customer onboarding, support, and renewals. It analyses large customer data to gain insights into customer behavior and sentiment. AI-powered chatbots and virtual agents are being used by companies for 24/7 customer support. Predictive analysis of customer data further helps companies in identifying at-risk customers and improving renewal rates.


Segment Analysis


Customer Success Management Market is segmented based on component, deployment mode, organization size, verical and region. Based on component, the market is bifurcated into solution and services. The solution segment dominated the market in 2022 owing to growing adoption of customer success management solutions by enterprises to gain insights into customer behavior and improve customer engagement and retention. The services segment is anticipated to witness highest CAGR during the forecast period due to rise in demand for consulting, implementation, and support services for efficient and smooth execution of customer success management solutions.

Key Takeaways


The Global Customer Success Management Market Size is expected to witness high growth, exhibiting CAGR of 26% over the forecast period, due to increasing need for enterprises to gain customer insight and enhance retention rates.

Regional analysis


North America dominated the market in 2022 and is expected to maintain its dominance over the forecast period. This is attributed to presence of major players and strong economic conditions in the region. Asia Pacific region is expected to witness highest CAGR owing to growing digital transformation and increasing focus of enterprises on customer loyalty and retention in the region.

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. dominates the market owing to its comprehensive customer success platform.



Read More : https://www.newsstatix.com/growing-need-for-customer-retention-strategies-opens-new-avenues-for-customer-success-management/

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