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Customer Journey Analytics Market to Reach USD 54.0 Billion by 2030: Fueled by the Need for Exceptional Customer Experiences

04-05-2024 02:46 PM CET | IT, New Media & Software

Press release from: SNS Insider

Customer Journey Analytics Market to Reach USD 54.0 Billion

The SNS Insider report reveals that the customer journey analytics market, valued at USD 12.0 billion in 2022, is expected to register a significant CAGR of 20.7% over the forecast period (2023-2030). Customer journey analytics is the comprehensive process of analyzing every customer interaction with a company to understand its impact. It provides businesses with invaluable insights and strategies to attract and retain customers. The growing need for flawless customer experiences, a focus on enhanced customer engagement strategies, and the utilization of advanced analytics solutions to leverage customer data and minimize churn rate are all anticipated to be key drivers propelling the customer journey analytics market forward. While the on-premise segment held the dominant market share of 60.3% in 2022, industry experts predict a shift towards cloud-based solutions due to their ease of deployment and minimal upfront costs.

Market Analysis:
The increasing emphasis on exceptional customer experiences is a major driver for customer journey analytics. Businesses are recognizing the critical need for deep customer insights to make data-driven decisions. Customer journey analytics solutions provide invaluable insights into customer behavior, preferences, and pain points. This information empowers businesses to optimize marketing strategies, improve customer satisfaction, and ultimately drive business growth.

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Major The Key Players of Customer Journey Analytics Market
Acxiom LLC
Adobe Systems, Inc
IBM Corporation
Nice Ltd
, Inc
Verint Systems

Segment Analysis:
Based on touchpoint, the customer journey analytics market is segmented into website, social media, email, mobile, and others (stores and call centers). The website segment dominated the market in 2023, capturing the largest share. Customer journey analytics solutions allow businesses to track and analyze the paths users take on their websites. By understanding the user flow from entry points to exit points, businesses can identify common customer journeys, pinpoint bottlenecks or drop-off points, and optimize navigation and content structure to guide users towards desired actions.

When considering deployment models, the market is bifurcated into cloud and on-premises solutions. The cloud segment held the larger market share in 2023 and is expected to experience significant growth during the forecast period due to its ease of deployment and minimal initial investment. As businesses grow, they are increasingly adopting cloud-based software to expand their capability to store vast amounts of data. Cloud solutions also offer the advantages of complete data visibility and control features, further driving the cloud-based software market.

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Key Market Segments
By Component

By Application
Customer Segmentation
Customer Behavioural Analysis
Customer Churn Analysis
Brand Management
Campaign Management
Product Management

By Organization Size
Large Enterprise
Small and Medium Size Enterprise

By Touchpoint
Social Media
Call Center

Impact of Russia-Ukraine War:
The ongoing war between Russia and Ukraine has had a significant impact on the customer journey analytics market. The war has disrupted supply chains, escalated inflation, and triggered economic uncertainty. These factors have led to a decline in customer spending and a corresponding decrease in demand for customer journey analytics solutions. Furthermore, some leading providers have been forced to suspend sales in the region. The war is also expected to slow down the overall growth of the customer journey analytics market in the near term. For instance, Salesforce, a major player in customer relationship management software, reported a 10% decrease in customer journey analytics solution sales in the first quarter of 2023.

The Impact of Ongoing Recession:
The ongoing recession presents both challenges and opportunities for the customer journey analytics market. A Gartner study predicts a 10% decline in the global market for customer journey analytics software in 2023 as businesses tighten their belts and cut back on non-essential services. This translates into revenue declines and potential sales losses for some companies in the market. However, the recession may also spur the adoption of open-source customer journey analytics solutions, allowing businesses to save on licensing fees.

Regional Analysis:
North America currently holds the dominant position in the customer journey analytics market. This dominance can be attributed to several factors, including a large number of established businesses, a mature technological infrastructure, and a high level of digital adoption. Additionally, several prominent companies offering customer journey analytics solutions have a strong presence in North America, such as IBM, Adobe, Salesforce, and Google. Customer journey analytics solutions are widely adopted across various industry verticals in the region, including retail, e-commerce, finance, telecommunications, and healthcare.
Rapid economic growth and digital transformation have led to an increased interest in customer journey analysis in the Asia Pacific region. As businesses strive to improve their customer understanding and engagement, the Asia Pacific region has seen a significant increase in adoption of Customer Experience Analytics. The first countries to adopt customer analytics solutions were China, India, Japan, South Korea and Australia. As businesses must adapt their strategies to respond to individual customer behaviour, the diversity of cultures and languages in the Asia Pacific region presents particular challenges and opportunities for analysing customers' journeys.

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Key Takeaways from the Customer Journey Analytics Market Study:
Customer focus drives growth: Rising demand for exceptional customer experiences is fueling the customer journey analytics market. Businesses leverage these solutions to gain valuable customer insights, optimize marketing strategies, and ultimately drive growth.
Website analytics lead the way: Businesses are heavily invested in understanding website user journeys. Customer journey analytics solutions on websites help identify bottlenecks, optimize navigation, and guide users towards desired actions.
Cloud-based solutions gaining traction: Ease of deployment and minimal upfront costs are driving the adoption of cloud-based customer journey analytics solutions. As businesses grow, their data storage needs increase, making cloud solutions even more attractive.

Recent Development:
November 2023, Monetate has announced the availability of a journey analytics tool to help brands and their customers create unique, tangible online connections. For each new Monetate launched experience, a customer journey analytics tool is developed to quickly measure and evaluate results.
September 2022, Pega Customer Data Connectors have been introduced by Pegasystems Inc. This will enable clients to connect with their current customer data bases. These connections allow businesses to connect with platforms like ZineOne, Celebrus or Adobe

Contact Us:
Akash Anand - Head of Business Development & Strategy
Phone: +1-415-230-0044 (US)

About Us
SNS Insider stands out as a distinguished market research and insights firm, boasting numerous accolades and a sterling reputation for excellence in service and strategy. Serving as your strategic ally, we specialize in reshaping challenges and uncovering solutions to even the most complex business dilemmas. Harnessing the power of expertise and interpersonal connections, we drive profound consumer insights and elevate client experiences. When you engage our services, you embark on a journey with seasoned and adept professionals. We prioritize collaboration with our clients, recognizing the paramount importance of tailoring each project to their unique requirements. After all, nobody comprehends your customers or community better than you do. Hence, our team adeptly crafts the right inquiries that resonate with your audience, ensuring the collection of unparalleled information

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