Northbrook, IL 60062 -- (SBWIRE) -- 08/24/2023 -- 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 research 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 229 market data Tables and 72 Figures spread through 334 Pages and in-depth TOC on "Customer Journey Analytics Market - Global Forecast to 2026"

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The customer journey analytics market is projected to witness a slight slowdown in its growth in 2020 due to COVID-19 lockdowns imposed worldwide. These lockdowns have been impacting all the verticals, including retail and eCommerce, BFSI, healthcare and life sciences, media and entertainment, and government. The pandemic has led to a shift in customer behavior, with lockdown driving customers to opt for omnichannel for purchasing. The condition is expected to come under control by mid-2021. The demand for customer journey analytics solutions and services is expected to increase due to customers shifting toward online purchasing. Due to lockdown regulations, there was a surge in the number of online media and entertainment users, which has created the demand for customer journey analytics solutions and services for understanding customer needs.

The cloud segment to grow at a higher CAGR during the forecast period

The customer journey analytics market by deployment mode has been segmented into on-premises and cloud. The cloud segment is expected to grow at a rapid pace during the forecast period. The high CAGR of the cloud segment can be attributed to the availability of easy deployment options and minimal requirements of capital and time. These factors are supporting the current lockdown scenario of COVID-19 as social distancing, and online purchasing of goods hit the industry and are expected to drive the adoption of cloud-based customer journey analytics solutions. Highly secure customer data encryption and complete data visibility and control feature are responsible for the higher adoption of on-premises-based customer journey analytics solutions.

The services segment to grow at a higher CAGR during the forecast period

The customer journey analytics market is segmented on the basis of components into solutions and services. Services are further segmented into professional and managed services. Professional services include consulting, deployment and integration, and support and maintenance services. The demand for professional services is expected to rise due to a rise in tailored demand for customers. Customers are coming up with customization requirements in the already installed customer journey analytics solutions to enhance the overall performance.

The mobile segment to grow at a higher CAGR during the forecast period

The customer journey analytics market is segmented on the basis of data sources into web, social, mobile, email, store, call center, and other data sources (advertising, loyalty programs, surveys, and promotional events). The mobile 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.

Among verticals, the retail and eCommerce segment to grow at the highest CAGR during the forecast period

The customer journey analytics market is segmented on verticals into BFSI, government, healthcare and life sciences, retail and eCommerce, manufacturing, telecommunications and IT, transportation and logistics, media and entertainment, travel and hospitality, and other verticals (education, and energy and utilities). 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.

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North America to hold the largest market size during the forecast period

North America is the largest revenue contributor to the global customer journey analytics market. The region is witnessing significant developments in the customer journey analytics market. Many customer journey analytics solution providers are adopting various growth strategies to strengthen their positions in the market. The US government has provided support by promoting an ideal environment for research and innovation, leading to advancements in various fields of science and technology. APAC has witnessed the advanced and dynamic adoption of new technologies and is expected to record the highest CAGR during the forecast period. The growing awareness for enhancing customer experience in key countries, such as China, India, and Japan, is expected to fuel the adoption of customer journey analytics solutions and services. The commercialization of the AI and ML technology, giving rise to increased customer data, and the need for further advancements to leverage its benefits to the maximum are expected to drive the adoption of customer journey analytics solutions in the region.

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).

Key Dynamic Factors For Customer Journey Analytics Market:

Increase in client-Centric Approaches: Companies were emphasising providing extraordinary client experiences more. Customer journey analytics gave businesses insights into the behaviours, preferences, and pain points of their customers, allowing them to develop more specialised and client-focused business plans.

Understanding the entire customer experience has become essential as a result of customers interacting across numerous channels, including websites, mobile apps, social media, and physical stores. Tools for analytics assisted in monitoring interactions across multiple channels to present a comprehensive picture of client behaviour.

Data proliferation and big data: Businesses faced difficulties due to the volume, diversity, and speed at which data from multiple sources was being produced. Platforms for customer journey analytics made it possible to analyse and examine huge amounts of data in order to get valuable insights.

Real-Time analytics: Companies wanted real-time analytics so they could react quickly to client requests. Companies were able to make quick judgements, individualised offers, and prompt interventions during crucial stages of the client experience because to real-time analytics.

Integration of artificial intelligence and machine learning: This improved the capabilities of customer journey analytics. These innovations made it possible for organisations to use prescriptive and predictive analytics to predict client behaviour and deal with problems before they arise.

Customer Journey Analytics helped to identify possible churn spots and forecast customer attrition, allowing for better churn prediction and client retention. Businesses might put plans in place to increase customer retention by identifying the reasons why customers leave.

Marketing and Campaign Optimisation: Marketing campaigns were optimised using insights from customer journey analytics. Businesses may determine which touchpoints and channels converted leads the best and adjust their marketing plans accordingly.

Personalization and Targeting: A major factor in customer happiness was personalised experiences. Customer journey analytics made it possible for organisations to give tailored and pertinent material to customers by segmenting them based on their behaviours and preferences.

Regulatory Considerations: Data privacy laws like the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA) had an impact on how customer data was collected and used. Platforms for analytics were required to guarantee compliance while gathering data from customer interactions.

Customer journey data was frequently stored in several silos inside an organisation, creating integration challenges. Integration issues made it difficult to have a complete picture of the customer journey. The goal of analytics solutions was to close these gaps and offer a unified perspective.

Customer experiences were evolving to become more dynamic and nonlinear. At various places, customers might start and end their excursions. Analytics systems that can react to these complicated and changing routes are required.

Customer journey analytics was not a one-time project but rather an ongoing activity. Based on shifting trends and client behaviours, businesses have to continuously analyse data, modify strategy, and improve the customer experience.

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Competitive and Segmentation Analysis:

As companies from all industries realise how important it is to understand customer interactions in order to improve experiences and outcomes, the market for customer journey analytics has seen fierce competition. A wide range of businesses, from long-standing analytics and customer experience firms to more recent entrants specialising in AI and machine learning, are competing for a sizable portion of this developing industry.

Leading analytics firms like Adobe, Salesforce, IBM, and SAS have made extensive journey analytics solutions available by combining their knowledge of data analytics with consumer insights. These businesses bring to the table a solid history of data management and analytics skills that can be combined with knowledge of client journeys.

Tech behemoths like Google and Microsoft have also entered the market by providing analytics platforms and cloud services that simplify the gathering, analysis, and visualisation of data on customer journeys. They have a competitive edge when it comes to offering scalable and advanced analytics solutions because of their global presence and technological prowess.

Innovative methods for customer journey analytics have been presented by burgeoning firms, many of whom specialise in AI and machine learning. These firms emphasise predictive and prescriptive analytics, utilising AI to forecast customer behaviour and provide tailored actions.

In this competitive environment, collaborations and partnerships are frequent strategies, with businesses forging alliances to provide end-to-end solutions. This network of collaborations intends to provide seamless integration of customer journey analytics with other technologies and solutions for customer experience management.

Regulatory frameworks, technological infrastructure, and regional preferences can all influence how customer journey analytics are adopted.

In conclusion, there is fierce rivalry in the market for customer journey analytics between well-established analytics providers, global tech leaders, and cutting-edge startups. Companies can customise their services to fit particular customer needs thanks to the market's segmentation based on deployment type, organisation size, industry vertical, kind of analytics, and regional factors. Collaborations and partnerships help to further improve the ecosystem by fostering innovation and offering all-encompassing solutions for comprehending and improving client journeys.

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