Customer Journey Analytics Market

An increase in demand for consistent customer support, availability of real-time data, and expansion of the retail industry drive the market growth.

PORTLAND, PORTLAND, OR, UNITED STATES, February 15, 2024 /EINPresswire.com/ -- According to the report, the global customer journey analytics industry garnered $6.08 billion in 2018, and is estimated to reach $26.88 billion by 2026, growing at a CAGR of 20.5% from 2019–2026.

Customer journey analytics equips business intelligence and data science teams with a comprehensive toolkit to seamlessly stitch together and analyze data from various channels. By offering context and clarity to intricate multichannel customer journeys, these capabilities empower organizations to identify and address pain points in the customer conversion process effectively. Leveraging tools like SQL and Analysis Workspace, actionable insights emerge, enabling businesses to optimize experiences during critical moments.

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The onset of digitalization and Industry 4.0 has led to the proliferation of data silos, housing diverse and often unstructured datasets. The demand for real-time data analysis, particularly in e-commerce, has surged. Analytics technologies are now pivotal for industries seeking to expand their consumer base. Customer journey analytics plays a crucial role by facilitating traffic and e-commerce analytics, aiding industries in understanding consumer behavior and preferences. Moreover, the imperative to digitize information for strategic decision-making further propels the growth of the customer journey analytics market.

Rise in demand for consistent customer support throughout business interaction, customer journey analytics has garnered high traction from recent years among digital businesses. This is a major factor expected to drive the growth of the market in the coming years. An increase in real-time data generated through connected devices and applications is also among some of the major factors expected to boost the growth of the market. Moreover, the proliferation of real-time data generated through e-commerce applications and the evolving retail industry across digitalization are factors that further drive the growth of the market. However, the rise in multi-channel business and marketing has increased the complexity of overall data synchronization and data privacy, which is expected to hamper the growth of the market to a certain extent.

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By deployment, the on-premise segment dominated the overall customer journey analytics market in 2020 and is further expected to endure traction for customer journey analytics among various organizations during the forecast period. In today’s digital era, companies strive to provide consistent information and seamless experiences across diversified channels that reflect customer’s history, preferences, and interests. This is a major factor that drives the on-premise customer journey analytics adoption among industries across the globe.

Based on application, the campaign management segment held the major share in 2018, generating nearly one-fourth of the global customer journey analytics market, owing to rise in e-commerce businesses. At the same time, the product management segment would showcase the fastest CAGR of 23.3% throughout the forecast period. An increase in investment in innovative products or services has driven the growth of customer journey analytics solutions at a significant rate.

North America customer journey analytics market dominated in 2020, and is expected to continue this trend during the forecast period, owing to high availability of the number of players that are operating and using analytics in countries such as the U.S. and Canada. Asia-Pacific is expected to anticipate high CAGR in the global market in the coming years, due to the adoption of customer journey analytics tools across various touchpoints. Major players operating in this market have witnessed high growth in demand for customer journey analytics, especially due to an increase in consumer expectations to provide consistent information and seamless experiences across diversified channels. This study includes market analysis, trends, and future estimations to determine the imminent investment pockets.

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Post-COVID-19, the customer journey analytics market size was valued at $8,285.0 million in 2020, and is projected to reach $46,680.0 million by 2030, growing at a CAGR of 18.8% from 2021 to 2030. The pandemic has boosted the customer journey analytics market, due to the rising need among businesses to be customer-focused in terms of marketing to build informed customer experiences by minimizing marketing investments and maximizing the impact of marketing efforts. This is mainly attributed to the significant rise in digital efforts of businesses, which includes servicing customers by mapping customer journeys and designing digital approaches.

Leading market players:

• Adobe Systems Inc.
• IBM Corporation
• Acxiom LLC
• Nice Ltd
• BryterCX
• Pointillist
• Quadient
• Salesforce.com Inc.
• SAP SE
• Verint Systems

Asia-Pacific is expected to observe highest growth rate during the forecast period. Customer journey analytics is expected to witness high demand in Asia-Pacific-based industries such as telecommunications, retail & e-commerce, healthcare, and BFSI, owing to high consumer base in the region. Emergence of new technologies and trends, especially those associated with the advent of industrial revolution and digitization are rapidly evolving and shaping a robust digital ecosystem that supports digital businesses. Moreover, high penetration of smartphones in the region has led to diversified data sources for customer customization, which is also a major factor that supports the growth of the customer journey analytics industry during the forecast period.

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