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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