Presence of large industries in analytics field has led North America to contribute more in the growth of journey analytics market. In addition, Europe, due to acceptance of emerging technologies is procuring second position in the customer journey analytics market. The customer journey analytics market in Asia Pacific region is likely to expand at high growth rate owing to increasing adoption of analytics software in number of industries and enormous smartphone penetration throughout the forecast period. Moreover, the market in MEA and Latin America is anticipated to expand at significant growth rate on the back of growing adoption of enhanced analytics in enterprises.
Customer journey analytics is weaving together of each touchpoint that a consumer interacts across multiple channels. Customer journey analytics provides marketers and professionals of customer experience a unique and powerful tool to understand and engage with each consumer at personal level.
One can determine the most important consumer journeys and can prioritize these opportunities that considerably impact business goals by analyzing enormous data points in real-time.
Increasing trends of analytics owing to rise in availability of real-time data and digitization results into adoption for consumer behavior data analysts.
The analysis primarily focuses on operations of the market to take effective marketing decisions. The necessity of customer behavior data analysis leads to the increase in demand for analysis of consumer journey.
The customer journey analytics is the fusion of analytical solution and marketing tool to track its potential consumers from real time by creating a chronological timeline of consumer engagement. It notices consumer movements across various channels and reach points by combining data associated with customer interactions, feedback and transactions to give an end to end image of the consumer journey.
It is an integration of advanced analytics, large data technology, and domain expertise to allow enterprises to map their consumer journey.
Customer journey analytics includes diagnostics, dataset creation and visualization. Customer journey analytics benefits to integrate and manage the customer data for enhancing consumer interaction and satisfaction.
Factors Influencing Growth of Customer Journey Analytics Market
Expansion of modern retail industry and over penetration of mobile and smartphone applications across the world are the key driving factors of the market. In addition, adoption of large data analytics in enterprises, requirement to gain competitive control in retail industry and increasing demand for improved consumer experience are another leading factors influencing expansion of customer journey analytics market.
However, several factors like data management complexity and data privacy issues are major restraints of the market.
Dynamics of Market Based on Segments
Based on deployment mode, end-user size, component, touch-point, region and industry verticals, the market is fragmented on a large scale. By component, the market has been segmented into services and software.
Segments under deployment mode includes cloud and on-premise. Segmentation of market based on touch-point consists of mobile, email, web, store and call centre.
Moreover, based on end-user size, the market has been further segmented into large enterprises, as well as small and medium size enterprises. The market on the basis of industry vertical segment has been classified into utilities, BFSI, government and defence, energy, IT and telecom, manufacturing, travel and hospitality, media and entertainment, automotive, healthcare and life sciences, and retail and e-commerce.
The report analyzes the market in several key regions such as Latin America, North America, Western Europe, Eastern Europe, Middle East & Africa, Japan and Asia-Pacific.
Several leading market players that are contributing on large scale to the growth of the market are profiled in the report, includes ClickFox, Servion Global Solutions Ltd, IBM Corporation, SAP SE, CallMiner, Inc., Salesforce.com, Inc., NICE Ltd., Quadient, Verint Systems Inc., Kitewheel, and Adobe Systems Incorporated.
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