According to the latest report by IMARC Group, titled “Customer Journey Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global customer journey analytics market size reached a value of US$ 9.4 Billion in 2021. Customer journey analytics involves analyzing and tracking customer experiences across all the stages of the customer journey. It is designed to provide a toolkit for business intelligence and data science teams to stitch and analyze cross-channel data. It involves acquisition, activation and adoption, thereby delivering context and clarity to the complex multichannel customer journey. Through advanced analytics methods, such as customer segmentation, predictive analytics, and real-time analytics, customer journey analytics combines data from every channel into an intuitive interface that assists in making better decisions holistically. Together with tools, such as SQL and analysis workspace, it provides actionable insights into delivering positive customer experiences at the right time. Additionally, it enhances the consumer experience and increases revenue and customer acquisition.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Customer Journey Analytics Market Trends:
The global market is majorly driven by the rising need for converting information into digital forms to support strategic decision-making for enhanced operational efficiency. This can be attributed to the escalating demand for consistent customer support throughout the business interaction. In line with this, a considerable rise in the volume of real-time data generated through connected devices and applications, along with numerous data silos with amorphous datasets, is resulting in higher product uptake. Additionally, the increasing attention to improvising and enhancing virtual touchpoints provides a growing market opportunity for customer journey analytics. Aside from this, various technological advancements, such as the integration of artificial intelligence (AI) for providing intelligent, convenient, and informed customer experiences, are providing a boost to the market. Furthermore, the augmenting adoption of these analytics in traffic and e-commerce analytics is fueling the market. Some of the other factors contributing to the market include the emergence of digitalization, rapid product utilization in the retail and e-commerce industries, increasing penetration of smartphones and high-speed 5G data, the advent of industry 4.0, and extensive research and development (R&D) activities. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 27.52 Billion by 2027, exhibiting a CAGR of 18.50% during 2022-2027.
- Based on the component, the market has been segmented into solution and services.
- On the basis of the touchpoint, the market has been divided into web, social media, mobile, email, branch and store, call center, and others.
- Based on the deployment, the market has been categorized into on-premises and cloud-based.
- On the basis of the organization size, the market has been classified into large enterprises and small and medium-sized enterprises.
- Based on the application, the market has been segmented into customer segmentation and targeting, customer behavioral analysis, customer churn analysis, brand management, campaign management, product management, and others.
- On the basis of the industry vertical, the market has been categorized into BFSI, IT and telecommunications, retail and e-commerce, healthcare, media and entertainment, travel and hospitality, and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Adobe Inc., Callminer Inc., Cisco Systems Inc., Genesys Telecommunications Laboratories Inc., Google LLC (Alphabet Inc.), International Business Machines Corporation, Microsoft Corporation, NICE Ltd., Oracle Corporation, Salesforce Inc., SAP SE, Teradata Corporation, and Verint Systems Inc.
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