Customer Success Platforms: The Rapidly Growing Market
A Market Worth $3.1 Billion by 2026
The market for global customer success platforms (CSPs) is expected to reach $3.1 billion by 2026, according to a Research and Markets report. This growth can be attributed to the increasing demand for software that helps business-to-business companies manage and monitor their customer success efforts.
The Impact of the Pandemic
Some sources attribute the sector’s growth to the economic impact of the pandemic, which forced companies to double down on customer success efforts as the world shifted to digital channels. Whether or not this is true, CSP vendors have clearly benefited from the uptick in interest.
Vitally Raises $30 Million in Series B Round
Case in point, Vitally, a CSP software vendor, today announced that it raised $30 million in a Series B round led by Next47, with participation from Andreessen Horowitz, HubSpot Ventures, and NewView Capital. With the fresh cash, Vitally’s total raised stands at $40.6 million.
Vitally’s Unique Selling Point
Co-founder and CEO Jamie Davidson says that it’s being put mostly toward hiring and product development efforts; Vitally plans to double the size of its 62-person workforce by 2024. But is there anything tangible that sets it apart from the other CSPs out there? After all, Spark and Catalyst have attracted cash too for their respective data-driven CSP products.
Davidson’s Vision
According to Davidson, the current generation of CSPs and productivity tools fall short of helping customer success teams do their best work. "Today’s CSPs lack critical project management and product reporting capabilities, while productivity tools do not integrate with essential sources of customer data located across the tech stack," he told TechCrunch in an email interview.
Vitally’s Solution
Davidson argues that Vitally’s solution addresses these limitations by providing a comprehensive platform for managing customer success efforts. "Our platform integrates with a wide range of third-party tools, allowing customers to access all their data and analytics in one place," he said.
HubSpot Partnership
In an effort to further expand its reach, Vitally has partnered with HubSpot, a leading customer relationship management (CRM) software vendor. Brandon Greer, HubSpot’s head of ventures, had this to say about the partnership: "HubSpot and Vitally share a mission of making companies successful in every interaction with their customers… Our investment and partnership with Vitally are of strategic importance to HubSpot, and we have only scratched the surface of the value we can deliver to the market and our customers."
The Rise of Customer Success Platforms
As the demand for CSPs continues to grow, it’s clear that these platforms will play a critical role in helping companies build strong relationships with their customers. With Vitally’s innovative approach and HubSpot’s partnership, it’s likely that we’ll see even more growth in this market in the years to come.
Related Topics
- Andreessen Horowitz
- Customer success
- Enterprise
- Funding
- NewView Capital
- Next47
- Startup
- Startups
- Vitally
About the Author
Kyle Wiggers is a senior reporter at TechCrunch with a special interest in artificial intelligence. His writing has appeared in VentureBeat and Digital Trends, as well as a range of gadget blogs including Android Police, Android Authority, Droid-Life, and XDA-Developers.
Newsletters
- TechCrunch Daily News: Get the best of TechCrunch’s coverage delivered to your inbox every weekday and Sunday.
- TechCrunch AI: Stay up-to-date on the latest news in artificial intelligence with our daily newsletter.
- Startups Weekly: Get the industry’s biggest tech news, straight to your inbox.
Subscribe
By submitting your email, you agree to our Terms and Privacy Notice.
