The customer success management (CSM) tools help companies map and measure customer journeys and relationships to drive higher engagement, satisfaction, and outcomes. CSM tools enable organizations to proactively manage ongoing customer accounts and optimize the customer experience through various stages of onboarding, adopting products or features, expanding usage, renewing subscriptions, and more.
The global Customer Success Management Market is estimated to be valued at US$ 2179.37 Mn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing focus of organizations on retaining and growing existing customers is driving the adoption of customer success management tools. CSM tools help companies maximize customer lifetime value by understanding individual customers' needs, identifying opportunities to increase or unlock additional value and providing personalized engagement throughout the customer journey. They automate the process of customer health scoring and segmentation. This enables companies to prioritize resources and focus on the right actions required for at-risk or high-value customers. Advanced analytics capabilities of CSM solutions leverage customer data to gain insights that fuel product innovation and competitive differentiation.
Segment Analysis
The global customer success management market is dominated by the on-premise sub-segment. The on-premise sub-segment holds around 60% of the market share owing to advantages such as enhanced cyber security, complete data accessibility and control, and ability to customize functionalities based on specific business needs. Large enterprises widely prefer the on-premise deployment model for customer success management solution as it provides advanced IT infrastructure and data management.
Key Takeaways
The Global Customer Success Management Market Share is expected to witness high growth over the forecast period of 2024 to 2031 driven by rising need to maximize customer lifetime value and reducing churn rate. The global Customer Success Management Market is estimated to be valued at US$ 2179.37 Mn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2024 to 2031.
Regional analysis
The Asia Pacific region is expected to witness highest growth in the global customer success management market during the forecast period. Rapid digitalization of enterprises across industries, increasing investments in customer retention and success initiatives by companies, and rising customer centric approach are fueling the demand for customer success management solutions in Asia Pacific countries. China, India and Japan are projected to be the fastest growing markets in the region.
Key players
Key players operating in the customer success management market are Arkema SA, AkzoNobel N.V., BASF SE, BASF-YPC Company Limited, The Dow Chemical Company, Huntsman Corporation. These leading players are focusing on new product launches and partnerships to strengthen their market position and address growing needs of enterprises across industries for maximizing customer retention using customer success management solutions.
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https://www.newswirestats.com/customer-success-management-market-size-share-growth-outlook-2023/
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