Customer Journey Analytics Market – Global Industry Analysis and Forecast 2023 – 2029

Customer Journey Analytics Market was valued at US$ 12.03 Bn. in 2022 and is expected to reach US$ 44.40 Bn. by 2029, at a CAGR of 20.5% during a forecast period.
Customer Journey Analytics Market Overview:
Customer Journey Analytics (CJA) combines each touch-point with which a consumer interacts across different channels. Customer journey analytics gives marketers and customer experience professionals a one-of-a-kind and powerful tool for understanding and engaging with each consumer on a personal basis. By evaluating massive data points in real-time, one may establish the most essential consumer journeys and priorities these chances that have a significant impact on corporate goals. It is simple to identify the most important consumer journeys and can assist in prioritizing these possibilities that have a significant impact on business goals by evaluating massive data points in real-time. This results in a better client experience, which translates to increased revenue growth.To know about the Research Methodology :- Request Free Sample Report
Customer Journey Analytics Market Dynamics:
The rising desire for individualized customer experiences would be the primary driver of market growth during the forecast period. Customers demand to be treated as individuals with particular preferences, which has shifted the emphasis to individualized brand interactions. The increasing adoption of customer journey analytics is a continuing trend. It is the driving force behind customer acquisition, brand loyalty, and customer lifetime value.

The goal is to provide a single view of the customer when they interact with a company and to personalize the customer experience across channels, places, and always at the moment. To create this blended customer experience, customer analytics must progress from retrospective reporting to real-time, behavior-driven interaction. Customer journey data are critical to enabling this transformation. Growing investments in establishing enhanced marketing technology to assist users in making cognitive judgments and developing improved buyer management are also contributing to market growth. The growing tendency of investing in buyer retention methods rather than buyer acquisition strategies drives the market even more.

The presence of complicated technologies and equipment is expected to hinder the growth of the IoT industry in elevators. Despite making steady development in technical elements, customer journey analytics confronts a severe impediment in the form of selecting the suitable technology and assembling a team capable of handling the system's technical features. Customer journey analytics is a subset of Big Data analytics in which customer activity and feedback are collected as data and used to create predictions. The challenge in maintaining data consistency is a factor limiting market growth throughout the forecast period. It is critical that all events be tracked accurately across all customer touch points.
Customer Journey Analytics Market segment analysis:
Based on deployment mode, on-premise segment held largest market share of xx% in 2022. The applications are hosted on the organization's server in an on-premise implementation. Organizations who choose to store their business-critical information on their own servers for greater data security use this deployment model. Large-scale organizations have dedicated servers and computer infrastructures that enable them to buy simply a software license or software copy to run the platform. As a result, they are able to lower total ownership, implementation, and other related costs. Additionally, on-premise solutions provide organizations with improved management and secure control over their data.

Based on touch points, the call center segment held the largest market share of xx% in 2022. Call centers are an essential component of an organization's value chain since they assist businesses in building strong buyer interactions through services such as complaint resolution and real-time inquiry processing. The growing popularity of call centers has prompted businesses to invest in technologies that aid in improving call resolution rates, buyer satisfaction rates, and multi-channel performance, among other things. To accommodate this demand, the contact center is under increased pressure to provide high-quality services. Companies are increasingly relying on contact center analytics to provide better and more noticeable.

Based on verticals, the IT and telecom segment held the largest market share of xx% in 2022. Buyer churn has been a huge issue for telecom carriers. It is one of the key drivers driving telecom companies to spend more on retaining their most profitable clients. Customer retention has become increasingly important in raising revenues for telecom operators as customer demand for a variety of services such as IP TV, mobile wallets, broadband, cable TV, data, and content has grown rapidly. This is boosting the need for CJA among IT and telecom operators. Furthermore, CJA assists telecom network providers in transitioning from network/resource-centric to customer-centric enterprises.
Customer Journey Analytics Market Regional Insight:
North America held the largest market share of xx% in 2022. The growth might be attributed to the ongoing digital revolution of different industries like telecommunications, retail, and finance. Additionally, increased investments and budget allocations for digital media and marketing by US and Canadian businesses are adding to regional market growth. The increased consumer propensity to write reviews and share experiences on digital media is leading businesses and organizations to engage in a digital transformation and implement CEM solutions as part of their efforts to pursue a customer-centric business model. Businesses in the United States and Canada are investing in and assigning a designated budget for marketing and digital media.

Because of the rising acceptance of new technologies, Asia Pacific is expected to be the fastest-growing regional market for the duration of the forecast period. The rising use of IoT-based sensors and devices, as well as AI-powered advanced analytics tools, to provide personalized services to B2C and B2B consumers, is one of the primary factors driving market expansion in the Asia Pacific. The existence of call centers, the growing popularity of social media, and the emphasis on customer experience and buyer satisfaction are all contributing to regional market growth. The number of SMEs in countries such as India is quickly increasing, and these SMEs are increasingly focusing on implementing solutions as part of their attempts to drive their regional and global companies.

Recent Developments:

In January 2022, NICE launched the new integrated capabilities between NICE inContact CXone and Microsoft Teams, empowering real-time recording as well as compatibility with a range of related applications. This launch of new capabilities will enable customers to safeguard every interaction using global, carrier-grade voice services.

In December 2022, Genesys launched Genesys Digital, a new business unit of Genesys. Genesys Digital will focus on enabling companies to keep pace with consumers’ evolving preferences for digital engagement across the customer journey, whether using webchat for an inquiry, scheduling an appointment via text, or receiving care from a chatbot.

Teradata announced the global availability of Teradata Vantage Customer Experience (CX) in April 2022 through a partnership with Celebrus. Vantage CX enables organisations to provide tailored, relevant experiences in real time across all customer interactions and touchpoints.

Google purchased Looker, a supplier of a single platform for business intelligence, data applications, and embedded analytics, in February 2022. This acquisition would allow Google to broaden its analytics offering by specifying two capabilities: defining business KPIs and providing an analytical platform for making business choices.

The objective of the report is to present a comprehensive analysis of the Customer Journey Analytics market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Customer Journey Analytics market dynamics, structure by analyzing the market segments and projects the Customer Journey Analytics market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Customer Journey Analytics market make the report investor’s guide.
Customer Journey Analytics Market Scope: Inquiry Before Buying



Customer Journey Analytics Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 12.03 Bn.


Forecast Period 2023 to 2029 CAGR:
20.5 %
Market Size in 2029:
US $ 44.40 Bn.


 Segments Covered:
by Component
Services
Software


by Organization Size
Small & Medium Enterprises
Large Enterprises


by Deployment mode
Cloud
On-premises


by Touch points
Mobile
Social Media
Web
Call Center
Email
Branch/Store
Others


by Application
Customer segmentation and targeting
Customer churn analysis
Customer behavioral analysis
Campaign management
Product management
Brand management
Others


by  Verticals
BFSI
Government and Defense
Retail and ecommerce
Healthcare and Life Sciences
Telecommunications and IT
Manufacturing
Media and Entertainment
Others



Customer Journey Analytics Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina, Columbia and Rest of South America)
Customer Journey Analytics Market, Key Players are
1. IBM
2. Verint Systems
3. Nice Systems
4. Adobe Systems
5. Salesforce
6. SAP
7. Pointillist
8. Servion
9. Quadient
10. Trustwave
11. Clickfox
12. Ust Global
13. Kitewheel
14. Callminer.
15. Acoustic, L.P.
16. Cisco Webex
17. Insider
18. NetBase Quid
19. BryterCX
20. Pointillist.
21. Servion Global Solutions
22. Woopra, Inc.
23. Kitewheel
24. Acxiom LLC
25. WebEngage

Frequently Asked Questions:

1. Which region has the largest share in Customer Journey Analytics Market?
Ans: North America region holds the highest share in 2022.

2. What is the growth rate of Customer Journey Analytics Market?
Ans: Customer Journey Analytics Market is growing at a CAGR of 20.5 % during forecasting period 2023-2029.

3. What segments are covered in Customer Journey Analytics market?
Ans: Customer Journey Analytics Market is segmented into component, deployment, organization size, application, verticals and region.

4. Who are the key players in Customer Journey Analytics market?
Ans: The important key players in the Customer Journey Analytics Market are – IBM, Verint Systems, Nice Systems, Adobe Systems, Salesforce, SAP, Pointillist, Servion, Quadient, Trustwave, Clickfox, Ust Global, Kitewheel, Callminer., Acoustic, L.P., Cisco Webex, Insider.

5. What is the study period of this market?
Ans: The Customer Journey Analytics Market is studied from 2022 to 2029.