Customer Journey Analytics Market Highlights:
According to Market Research
Future (MRFR), the global Customer
Journey Analytics Market is projected to reach USD 14.92 BN by 2023,
growing at 20% CAGR throughout the forecast period (2018 – 2023). Rising
business needs to build rich data sets and optimize machine learning at scale
and streamline workflows across teams substantiate the market growth. Also, the
pressure to reduce infrastructure complexity and deliver superior customer
experiences positively impact market growth.
The customer journey analytics
market has been proliferating. The market growth attributes to the rising
adoption of journey analytics across the end-user industries to enhance
customer experience & support. Enterprises across industries worldwide
strive to gain actionable insights from large data sets, using AI to perform to
solve business problems more effectively complex tasks.
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Resultantly, implementations of
cloud-based AI-enabled data platforms to help and support customers throughout
the entire customer journey are rising continually. Besides, the accelerating
digital transformation in businesses boosts the demand for the open,
cloud-based platform. Moreover, the increasing adoption of customer journey
analytics software in various organizations to advance their digital adoption
and far-reaching business impact escalate market growth.
Additionally, the increasing
numbers of enterprises worldwide and developments in analytics software led by
advances in AI and machine learning technology accelerate market growth. The
integration of smart data discovery capabilities, machine learning, and
automation in the entire analytics workflow have led to increasing the market
size. Furthermore, increasing investments to develop data analytics tools that
can support business needs fosters the market's growth.
Conversely, the complexity of
data synchronization, lack of awareness about journey analytics, and reluctance
in its adoption are major factors projected to impede the market growth.
Nevertheless, the increase in adoption of analytics platform for cloud
deployment would support the growth of the market throughout the forecast
period.
Global Customer Journey
Analytics Market –Segments
The report is segmented into six
dynamics;
By Interaction Type: Web, Social
Media, Mobile, Email, Branch/Store, Call Center, and others (surveys,
promotional events, and sales representatives).
By Deployment Model: On-Premises
and Cloud.
By Organization Size: Small
& Medium-Sized Enterprises (SMEs) and Large Enterprises.
By Application: Customer Journey
Mapping & Visualization, Customer Behavioral Analysis, Customer Attrition
Analysis, Campaign Management, Brand Management, Product Management, and others
(customer process management).
By End-User: Banking, Financial
Services, and Insurance (BFSI), Retail & eCommerce, Government &
Defense, Healthcare, Telecommunications & IT, Media & Entertainment,
Travel & Hospitality, Automotive & Transportation, and others
(Education, Real Estate, others).
By Regions: Asia Pacific,
Americas, Europe, and the Rest-of-the-World.
Global Customer Journey
Analytics Market – Geographical Analysis
North America dominates the
global customer journey analytics market. The largest market share attributes
to the increasing demand for customer journey analytics led by the growing
awareness for cloud-based deployment benefits like cost-effectiveness and easy
availability. Besides, high technology adoption in the IT industry and other
industries like healthcare, retail, and entertainment in the region
substantiate the growth of the market.
The increasing digitization of
customer journey processes and the presence of several key players, mainly in
the US, are the major market growth drivers in the region. The US accounts for
the largest share in the regional market due to the vast technological
advances.
Europe stands second in the
global customer journey analytics market. Market growth is driven by the rapid
and constant technological advancements and enormous investments in customer
churn analysis development. Additionally, the evolving digital technology and
increasing demand for analytics software from the retail & consumer goods
industry to enhance customer experience influence the market growth.
The Asia Pacific customer
journey analytics market is growing promisingly. Factors such as the increasing
industrialization and new data centers in emerging countries like India and
Japan accelerate the regional market growth. Increasing numbers of enterprises
and massive advances in related technologies such as natural language
processing and machine learning drive the regional market's growth.
The growing adoption of
smartphones and data-driven customer journey analytics software foster market
demand. Developing countries such as Japan, China, and India lead the regional
market. Furthermore, increasing analytics software expertise, artificial intelligence
technology propels the journey analytics market in the region.
Global Customer Journey
Analytics Market – Competitive Analysis
Fiercely competitive, the
customer journey analytics market appears fragmented with the presence of many
key players. To gain a larger competitive share, these players incorporate
strategic initiatives such as mergers & acquisitions, collaboration,
expansion, and technology launch. Major players in the market are committed to
delivering reliable, leading-edge solutions and services. They make substantial
R&D investments in developing unique solutions entirely on a different
level compared to their competition.
Major Players:
Players leading in the global
customer journey analytics market include Adobe Systems, Acxiom, Salesforce,
Nice Systems, IBM, Verint Systems, Pointillist, SAP, Clickfox, and Quadient.
Industry/Innovation/Related
News:
December 01, 2020
---- Mindtree Limited (India), a leading digital transformation and technology
services company, announced its partnership with a US-based data and AI company
Databricks, to help customers implement cloud-based data platforms for advanced
analytics. This service would support the use of the Databricks platform from
implementation throughout the entire customer journey. Collaboration enables
the seamless implementation of self-service analytics to improve data-driven
decision making.
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About Market Research
Future:
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complexity of various industries through our Cooked Research Report (CRR),
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