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Key Findings in Customer Journey Analytics Market | Forecasted to Achieve a Value of $46,680.00 Million
Customer Journey Analytics Market
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Rise in demand for consistent customer support throughout business interaction, customer journey analytics has garnered high traction from the recent years among digital businesses. This is a major factor expected to drive the growth of the market in the coming years. Increase in real-time data generated through connected devices and application is also among some of the major factors expected to boost growth of the market.
Moreover, proliferation of real-time data generated through e-commerce application and evolving retail industry across digitalization are factors that further drive the growth of the market. However, rise in multi-channel business and marketing has increased the complexity of overall data synchronization and data privacy, which is expected to hamper the growth of the market to a certain extent.
Defination:
Customer journey analytics refers to the process of collecting and analyzing data to understand the interactions and experiences of customers across various touchpoints with a business or brand. It involves tracking and examining every interaction a customer has with a company, from initial awareness through to purchase and beyond.
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The purpose of customer journey analytics is to gain insights into the customer's behavior, preferences, and needs at different stages of their journey. By understanding how customers interact with a brand across multiple channels such as websites, social media, mobile apps, email, and in-store interactions, businesses can optimize their marketing, sales, and customer service strategies to enhance the overall customer experience.
Key components of customer journey analytics may include data collection through various channels, data integration to create a unified view of the customer journey, analysis using techniques such as segmentation and predictive modeling, and visualization to present insights in a meaningful way for decision-making. Ultimately, the goal is to use these insights to improve customer satisfaction, loyalty, and ultimately, business performance.
By deployment, the on-premise segment dominated the overall customer journey analytics market in 2020 and is further expected to endure traction for customer journey analytics among various organizations during the forecast period. In today's digital era, companies strive to provide consistent information and seamless experiences across diversified channels that reflect customer's history, preferences, and interests. This is a major factor that drives the on-premise customer journey analytics adoption among industries across the globe.
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Based on application, the campaign management segment held the major share in 2018, generating nearly one-fourth of the global customer journey analytics market, owing to rise in e-commerce businesses. At the same time, the product management segment would showcase the fastest CAGR of 23.3% throughout the forecast period. Increase in investment in the innovative product or service has driven the growth of the customer journey analytics solutions at a significant rate.
North America customer journey analytics market dominated in 2020, and is expected to continue this trend during the forecast period, owing to high availability of number of players that are operating and using analytics in the countries such as the U.S. and Canada. Asia-Pacific is expected to anticipate high CAGR in the global market in the coming years, due to adoption of customer journey analytics tools across various touchpoints. Major players operating in this market have witnessed high growth in demand for customer journey analytics, especially due to increase in consumer expectations to provide consistent information and seamless experiences across diversified channels. This study includes market analysis, trends, and future estimations to determine the imminent investment pockets.
The Asia-Pacific region is projected to experience the most significant growth rate in the coming forecast period. There is anticipated to be a notable demand for customer journey analytics within industries such as telecommunications, retail & e-commerce, healthcare, and BFSI due to the region's substantial consumer base. The rapid evolution and adoption of new technologies and trends, particularly those associated with the industrial revolution and digitization, are shaping a robust digital ecosystem that fosters digital businesses. Additionally, the widespread use of smartphones in the region has expanded the range of data sources for customizing customer experiences, further bolstering the growth of the customer journey analytics industry in the forecasted period.
Leading market players:
• Adobe Systems Inc.
• IBM Corporation
• Acxiom LLC
• Nice Ltd
• BryterCX
• Pointillist
• Quadient
• Salesforce.com Inc.
• SAP SE
• Verint Systems
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