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Rise of Predictive Customer Journey Analytics is Fueling the Customer Journey Analytics Market
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Key Trends
There are four key trends in customer journey analytics technology:
1. The shift from reactive to proactive customer journey management: In the past, customer journey analytics was used primarily to retrospectively analyze customer journeys and identify issues. However, there is a shift towards using customer journey analytics proactively to manage customer journeys in real-time. This includes identifying potential issues before they happen and taking action to prevent them.
2. The rise of predictive customer journey analytics: Predictive customer journey analytics is a relatively new trend. It uses machine learning algorithms to predict customer behavior. This can be used to identify potential issues and take action to prevent them.
3. The growth of omnichannel customer journey analytics: Omnichannel customer journey analytics is another relatively new trend. It allows businesses to track and analyze customer journeys across multiple channels (e.g. online, in-store, call center, etc.). This is important because it provides a more holistic view of the customer journey and can help identify issues that span multiple channels.
4. The increasing use of customer journey analytics in marketing: Marketing is another area where customer journey analytics is being used more and more. It can be used to segment customers, personalize messages, and track the effectiveness of marketing campaigns.
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Key Drivers
There are a few key drivers of Customer Journey Analytics market. Firstly, the need for understanding customer behavior has never been greater. With the rise of digital channels, customers are interacting with brands in a variety of ways and across multiple touchpoints. This makes it difficult for businesses to get a holistic view of the customer journey. Secondly, traditional methods of customer analysis, such as surveys and focus groups, are no longer adequate. They are costly, time-consuming, and often provide limited insights. Thirdly, the data required to understand the customer journey is increasingly complex and fragmented. It is scattered across multiple systems and channels, making it difficult to access and analyze. Finally, the customer journey is constantly changing, making it difficult to keep up with the latest trends.
Customer Journey Analytics is a relatively new field, and there are a limited number of vendors offering solutions. However, the market is expected to grow rapidly as businesses increasingly recognize the need for insights into the customer journey.
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Key Market Segments
The customer journey analytics market is bifurcated on the basis of deployment, component, touchpoint, company size, industry vertical, and geography. Based on deployment, it is categorized into on-premise and cloud. By component, the market is segmented into solutions and services. By touchpoint, it is divided into social media, mobile, email, branch/store, and others. On the basis of industry vertical, it is segmented into BFSI, IT, retail & e-commerce, healthcare, travel & hospitality, and others. On the basis of geography, the market is analyzed across North America, Europe, Asia-Pacific, and rest of the World.
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Key Players
The key players profiled in the customer journey analytics market are Acxiom LLC, Adobe Systems, Inc., BryterCX, IBM Corporation, Nice Ltd, Pointillist, Quadient, Salesforce.com, Inc., SAP SE, and Verint Systems.
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