A recent report published by Infinium Global Research on the customer journey analytics market provides in-depth analysis of segments and sub-segments in the global as well as regional customer journey analytics market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional customer journey analytics market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global customer journey analytics market. According to the report, the global customer journey analytics market is projected to grow at a CAGR of 20% over the forecast period of 2021-2027.

Market Insight

The revenue generated by the market was approximately USD 10 billion in 2021 and is expected to reach approximately USD 29 billion in 2027. Customer Journey Analytics combines data from all channels into a single interface for real-time, omnichannel analysis and visualization, allowing users to make smarter decisions by having a holistic perspective of business and the context behind every customer activity. As businesses see the benefits of customer journey analytics as a tool for monitoring customer experience performance and identifying possibilities for improvement, this method is gaining traction. For many businesses, determining how to measure customer experience is still a challenge. The key impediments are data and organisational silos, which are particularly problematic for banking, telecom, and health insurance corporations, which are swamped with massive volumes of data from millions of clients. Today, a growing number of businesses rely on customer journey analytics to help them solve these challenges.

For end-user industries customer acquisition, customer satisfaction, and most importantly optimal customer service are crucial for framing any customer-centric strategies. These types of strategies are very complex and the key metrics such as spending patterns, customer preferences, consumer behavior, and others need to be accurate for the formulation of customer-centric strategies. These key metrics can be better determined by analyzing the data generated during the journey of a customer during the whole process. End-user industries are focusing on deriving key insights by analyzing and harnessing customer journey data. Therefore, this factor has prompted the adoption of customer journey analytics services and solutions. A vast amount of real-time customer data is generated by connected devices and applications. This vast amount of real-time consumer data is unstructured, complex, and is spread across various channels. Thus, the need for customer journey analytic tools is growing which can easily integrate the consumer activity data into a single interface and provide actionable and meaningful insights. The growing data security threats and concern over the protection of privacy may hamper the growth of the market. Nevertheless, new growth opportunities are in foresight as new technologies such as DL and AI are being integrated with customer journey analytics services and solutions.

North America has always been at the center of technological innovations and adoption in the world. Industries such as BFSI, IT & Telecommunications, Retail & E-commerce, Travel and Tourism, Transportation and Automotive, and others use customer journey analytics services and solutions on a large scale. These industries operate in a broad range in North America and millions of customers are served by them each day. Widespread use of connected technologies creates a vast amount of data on consumer activity in these industries, which is later analyzed by the industries using customer journey analytics services and solutions for customer targeting and segmentation, customer behavioral analysis, and others. This is done as all these industries have a highly competitive landscape in North America as the consumer base is huge in the region for each of the end-user industries. Additionally, the high concentration of market players such as Adobe Systems, Inc., IBM Corporation, Salesforce.com, Inc., Microsoft Corporation, Google LLC., and others in North America has hugely benefitted the market in North America.

Segment Covered

The report on global customer journey analytics market covers segments such as component, deployment, touchpoint, application, and end users. On the basis of component, the sub-markets include service, and solution. On the basis of deployment, the sub-markets include on-premise, and cloud. On the basis of touchpoint, the sub-markets include social media, web, email, store/branch, call center, and others. On the basis of application, the sub-markets include customer behavioral analysis, customer segmentation and targeting, product management, customer churn analysis, campaign management, and others. On the basis of end users, the sub-markets include BFSI, IT & Telecommunications, healthcare, retail & E-commerce, media and entertainment, travel and tourism, automotive, transportation and automotive, and others.

Companies Profiled:

The report provides profiles of the companies in the market such as Adobe Systems, Inc., IBM Corporation, Salesforce.com, Inc., SAP SE, Genesys, Google LLC., Nice Ltd, BryterCX, Acxiom LLC, and Microsoft Corporation.

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the customer journey analytics market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.