| Customer Success Management Market |
Overview:
Customer success management is a growing field in which professionals monitor customers’ needs and help them use a company’s products to meet their desired outcomes. Unlike sales, which often prioritizes MRR and growth, CSMs aim to make sure the products and services they offer align with consumers’ goals to produce the most value for both parties. CSMs also work proactively to anticipate and prevent issues from occurring. This could include communicating with clients or subscribers regularly to inform them of changes to a company’s products. In some companies, a CSM might even serve as a resource for the sales team, helping reps elicit client goals and persuade buyers of the benefits of a product during the onboarding process. At SaaS firms, CSMs are critical for driving subscription renewals and upsells.
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Market Dynamics:
Growing product launches are estimated to augment growth of the global customer success management market during the forecast period. For instance, Gainsight launched Horizon AI at their Pulse for Product Conference, in November 2021. This is a Customer Success platform that applies the power of artificial intelligence for making smarter customer success actions. Moreover, increasing concerns regarding data security and privacy are anticipated to restrain growth of the global customer success management market during the forecast period.
Impact of COVID-19:
The pandemic was first reported in 2019 in China. The pandemic had significant impact on the growth of several businesses globally. The pandemic also impacted the halted manufacturing activities in many sectors. Automobiles, electronics, semiconductors, and many other sectors were also facing challenges due to disruptions in supply chains. During the pandemic many organizations had to shut down their operations and several companies shifted to working remotely. This led to decrease in demand for global customer success management market. Thus, the pandemic impacted the market the market in a negative manner. However, the market is estimated to witness growth in the post-pandemic era, as several restrictions have been eased.
Key Takeaways:
The Global Customer Success Management Market is expected to witness robust growth, exhibiting CAGR of 26.3 % over the forecast period, due to increasing partnerships among key players. For instance, Japan Cloud and Gainsight declared their partnership in May 2022. This collaboration will help Gainsight in their expansion in Asia Pacific.
North America is anticipated to witness robust growth in the global customer success management market during the forecast period, due to growing presence of new key players.
Key players active in the global Customer Success Management Market are UserIQ Inc., Salesforce Inc., Salesforce, Totango Ltd., IBM, Strikedeck Inc., SmartKarrot Inc., ClientSuccess, Custify, ChurnZero, Akita, Cisco Systems Inc., Intercom, Wootric Inc., ZoomInfo, Planhat AB, and CustomerSuccessBox.
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