Customer Journey Analytics Market worth $25.1 billion by 2026, growing at a CAGR of 20.3%: Report by MarketsandMarkets™
As per the report by MarketsandMarkets, the global Customer Journey Analytics Market size is projected to reach USD 25.1 billion by 2026, at a CAGR of 20.3% during the forecast period, 2020-2026
Chicago, July 24, 2023 (GLOBE NEWSWIRE) -- *The global **Customer Journey Analytics Market** size to grow from USD 8.3 billion in 2020 to USD 25.1 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 20.3% during the forecast period, according to a new report by MarketsandMarkets™.* Various factors such as the growing need to provide seamless customer experience, a higher focus on better customer engagement strategies through omnichannel, and adoption of advanced analytics solutions to leverage the increasing customer data and reduce customer churn rate, are expected to drive the demand for customer journey analytics solutions and services.
*Browse in-depth TOC on "**Customer Journey Analytics Market**"*
*229 - Tables
72 - Figures
334 - Pages*
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*Scope of the Report*
*Report Metrics * *Details*
*Market size value for 2020* *US $8.3 billion*
*Market size value for 2026* *US $25.1 billion*
*CAGR Growth Rate* *20.3%*
*Largest Market* *North America*
*Market size available for years * 2015–2026
*Base year considered * 2019
*Forecast period * 2020–2026
*Forecast units * USD Billion
*Segments covered * Component, organization size, deployment mode, data source, application, vertical, and region
*Market Drivers* · Growing need to provide better customer experience to drive the need for customer journey analytics
· Rising need to plan better customer engagement strategies through omnichannel
· Increasing data volume to drive the demand for advanced customer journey analytics solution to reduce customer churn rate
*Market Opportunities* · Rise in the demand for real-time customer journey analytics for generating actionable insights
*Geographies covered * North America, Europe, APAC, Latin America, and MEA
*Companies covered * Oracle (US), Adobe (US), Salesforce (US), NICE (US), SAP (Germany), Google (US), Microsoft (US), Genesys (US), Cisco (US), Teradata (US), Alterian (US), [24]7.ai (US), Pointillist (US), BryterCX (US), inQuba (South Africa), Kitewheel (US), Verint (US), Thunderhead (UK), Servion (India), CallMiner (US), NGDATA (Belgium), Acoustic (US), FirstHive (US), CaliberMind (US), Amperity (US), and Cerebri AI (US)
The Customer Journey Analytics Market has witnessed several advancements in terms of solutions offered by the industry players. Customer journey analytics solutions have evolved over the years and are used to understand customer requirements across the multiple cross channels. The rise in demand for real-time customer journey analytics to generate actionable insights and COVID-19 has led focus on new customer engagement models through digital experience are expected to offer growth opportunities to customer journey analytics vendors.
The Customer Journey Analytics Market, by component, is segmented into solutions and services. The services segment is expected to grow at the highest CAGR during the forecast period. The customer journey analytics services include professional and managed services. The growth of services can be attributed to the increasing demand for deployment and integration services by end user to effectively integrate tools for gathering customer data from multiple sources. Support and maintenance services are expected to have a higher CAGR during the forecast period. The growth can be attributed as its adoption help businesses create the right customer journey analytics strategy for moving toward the digital transformation initiative or finding the best-fit approach.
The mobile data source segment is expected to grow at the highest CAGR during the forecast period. This growth is attributed as the growing interaction of users through mobile devices enables them to communicate with businesses in a more personalized manner. Therefore, enterprises are willingly implementing customer journey analytics solutions to analyze mobile data.
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The product management application is expected to grow at the highest CAGR during the forecast period. This growth is attributed as customer journey analytics solutions enable companies to gain significant traction among product managers, owing to the need for real-time control of product features, functionalities, and prices to sustain in the market. Product management drives better customer insights and data-based decision-making by collecting and interpreting all product-related data.
The BFSI vertical is expected to account for the largest market size during the forecast period. Moreover, the retail and eCommerce vertical is expected to grow at the highest CAGR during the forecast period. To meet the rapidly changing customer expectations, retail and eCommerce companies are inclining toward customer journey analytics solutions, which can monitor the customer’s journey in real time across different channels and guide them to meet their requirements.
North America is expected to account for the largest market size during the forecast period. The region is witnessing significant technological advancements in the customer journey analytics space due to the presence of prominent customer journey analytics vendors. The growth of the region can also be attributed to the growing focus of companies on investments for cloud-based customer journey analytics solutions which support real-time analytics. APAC is projected to grow at the highest CAGR during the forecast period. The growth can be attributed to increased take-up of digital technologies among consumers as well as businesses in key countries, such as China, India, and Japan.
*Top Companies in **Customer Journey Analytics Market:*
Major vendors in the global Customer Journey Analytics Market include include Oracle (US), Adobe (US), Salesforce (US), NICE (US), SAP (Germany), Microsoft (US), Google (US), Genesys (US), Cisco (US), Teradata (US), Alterian (US), [24]7.ai (US), Pointillist (US), BryterCX (US), inQuba (South Africa), Kitewheel (US), Verint (US), Thunderhead (UK), Servion (India), CallMiner (US), NGDATA (Belgium), Acoustic (US), FirstHive (US), CaliberMind (US), Amperity (US), and Cerebri AI (US).
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*Top Trends in Global Customer Journey Analytics Market:*
· Customer journey analytics are increasingly incorporating machine learning (ML) and artificial intelligence (AI) technology. Businesses may analyse enormous volumes of consumer data using AI and ML to gain practical insights that can be used to improve customer experiences, personalise marketing campaigns, and streamline customer journeys.
· Businesses are putting more of an emphasis on omnichannel analytics as a result of the growth of customer touchpoints across numerous channels, including websites, mobile apps, social media, and physical stores. This trend entails gathering a comprehensive picture of the customer journey and providing consistent experiences across touchpoints by analysing consumer interactions across many channels.
· Businesses may analyse client interactions as they happen with real-time customer journey analytics, enabling quick interventions and tailored answers. Organisations are empowered by real-time analytics to quickly resolve customer complaints, spot chances for upselling or cross-selling, and increase overall customer happiness.
· Customer journey visualisation that works is getting more and more crucial. To provide customer journey data in an aesthetically pleasing and simple to grasp way, businesses are implementing data visualisation techniques and tools. Stakeholders may swiftly get insights and make wise decisions with the help of interactive dashboards and visual representations.
· Analyses of the customer journey are transitioning from descriptive and diagnostic to predictive and prescriptive. At many points in the customer journey, predictive analytics techniques driven by AI and ML are being used to forecast customer behaviour, identify possible customer churn, and make personalised suggestions.
· Solutions for customer journey analytics are incorporating voice analytics and sentiment analysis to glean information from customer contacts, including as phone calls, chatbot discussions, and social media posts. Businesses may pinpoint patterns, sentiment drivers, and areas for improvement by analysing customer sentiment, which paves the way for more focused actions.
· The scalability, flexibility, and ease of use of cloud-based customer journey analytics systems are making them more and more popular. By combining and analysing client data from many sources, cloud-based platforms enable businesses to get a complete picture of the customer journey without the need for expensive on-premises equipment.
· Organisations are emphasising strong data governance practises in customer journey analytics as worries about customer data protection continue to grow. Building client trust and preserving regulatory compliance require adherence to data protection laws, such as the General Data Protection Regulation (GDPR), and clear data management practises.
*Key Industry Development:*
· Big data analytics, machine learning, and other cutting-edge technologies are being integrated with increasing frequency. Utilising these technologies will improve customer journey analytics systems' functionality and deliver more precise and useful data.
· The rising demand for real-time customer journey analytics is another noteworthy development. Businesses are realising how crucial it is to monitor client interactions in real time in order to take quick action and provide individualised service. Organisations can pinpoint customers' problems in the present, improve touchpoints, and provide seamless experiences thanks to real-time analytics.
· Customers journey analytics vendors are increasingly teaming up with other technology providers, such as CRM (Customer Relationship Management) firms, marketing automation platforms, and customer experience management solution providers, in terms of industry collaborations and partnerships. In order to create a single perspective of the customer and enable seamless data flow for more individualised and targeted interactions, these alliances strive to link customer journey analytics with other business systems.
· A critical industrial development now is the emphasis on privacy and data control. Businesses are placing an emphasis on strong data governance practises in customer journey analytics due to the rise of data protection legislation like the GDPR. A crucial component of putting customer journey analytics systems into practise is ensuring data protection, security, and compliance with laws.
· Another significant advancement is the evolution of customer journey analytics towards predictive and prescriptive analytics. Customer journey analytics solutions can now go beyond descriptive analysis by utilising AI and ML algorithms. They can now forecast customer behaviour, foresee customer wants, and provide prescriptive recommendations to improve the customer experience.
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