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Unlocking Insights: Global Customer Journey Analytics Report 2024
Customer Journey Analytics Market Drivers
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According to The Business Research Company's, The customer journey analytics market size has grown exponentially in recent years. It will grow from $12.31 billion in 2023 to $14.84 billion in 2024 at a compound annual growth rate (CAGR) of 20.6%. The growth in the historic period can be attributed to customer-centric business approach, proliferation of data sources, personalization and targeted marketing, real-time insights and actionability, compliance and data privacy concerns..
The customer journey analytics market size is expected to see exponential growth in the next few years. It will grow to $31.2 billion in 2028 at a compound annual growth rate (CAGR) of 20.4%. The growth in the forecast period can be attributed to enhanced customer experience focus, omnichannel customer journey analysis, ai and machine learning adoption,real-time analytics capabilities, data integration and unification solutions.. Major trends in the forecast period include cross-functional collaboration, business process optimization, privacy and data security compliance, customer retention and loyalty,predictive and prescriptive analytics..
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Market Drivers and Trends:
The adoption of big data analytics is expected to propel the growth of the customer journey analytics market going forward. Data analytics can be referred to as the process of analyzing raw data in order to draw conclusions and help businesses optimize their performance. Businesses employ big data and data analytics to have a strong customer journey analytics platform, where companies collect user actions in one central database to get valuable insight into customer behavior, which results in an increase in the demand for analytics services. For instance, according to ZDNet, a US-based business technology news website, the big data analytics market is expected to reach $103 billion by 2023, with 45% of enterprises running their big data workloads in the cloud. Therefore, the adoption of big data analytics is driving the demand for the consumer journey analytics market growth.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Acxiom LLC, NICE Ltd, Quadient, Salesforce. com Inc., Verint Systems Inc., Kitewheel LLC, Servion Global Solutions Limited, Amperity Inc., Google LLC, Microsoft Corporation, Genesys Telecommunications Laboratories Inc, Alterian Software Holdings LLC (now known as Acxiom LLC), Oracle Corporation, International Business Machines Corporation, Adobe Inc., SAP SE, Pointillist Inc., ClickFox Inc., BryterCX Inc., Teradata Corporation, MoEngage Inc., NetBase Quid Inc., Accentur*e plc, SAS Institute Inc., Tealium Inc., Mixpanel Inc., Woopra Inc., FullStory Inc., Amplitude Inc., ContentSquare SAS, Quantum Metric Inc., Glassbox Ltd., SessionCam Ltd., Decibel Insight Ltd., Smartlook s. r. o., UserReplay Ltd.
Customer Journey Analytics Market 2024 Key Insights:
• The customer journey analytics market size is expected to see exponential growth in the next few years. It will grow to $31.2 billion in 2028 at a compound annual growth rate (CAGR) of 20.4%.
• Big Data Analytics Fueling The Rise Of Customer Journey Analytics Market
• Ai And Machine Learning Reshaping The Customer Journey Analytics Landscape
• North America was the largest region in the customer journey analytics market in 2023
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