The global Customer Journey Analytics market size is expected to grow from USD 4.76 billion in 2017 to USD 12.22 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 20.8%. Enterprises are recognizing the importance of providing personalized, engaging, and efficient customer experience to drive customer brand loyalty, acquisition, and customer lifetime value.
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Increased need for competitive differentiation and consistent customer experience throughout Customer Journey Analytics are the major driving factors of the Customer Journey Analytics analytics market.
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Moreover, Customer Journey Analytics helps to reduce customer churn rate through real-time alerts to marketing professionals. However, the complexity in data synchronization gathered through multiple touch points has been limiting the market growth.
Factors such as major focus on virtual touch point to reduce cost and time spent on feedback management, and need to predict customer behavior based on customer intents would provide attractive opportunities for the market growth.
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“Campaign management application is estimated to hold the largest market size in 2017 in the Customer Journey Analytics market. The trend is expected to continue during the forecast period.”
Businesses need to adopt cross-channel campaign management strategies and unify the customer data gathered through a number channels to deliver the right message to customers at the right time. Moreover, the need to optimize the campaign management activities through personalized channels, offline or online, would foster the growth of Customer Journey Analytics solutions.
“APAC is projected to grow at the highest rate during the forecast period.”
Rising adoption of smart phones and increased need for integrating and analyzing the data generated through multiple channels are expected to drive the market growth in the APAC region. The customer buying behavior in the region is experiencing change, shifting from traditional shopping to online shopping.
The social media usage has driven the growth of the ecommerce industry, which is a major growth factor of the market in this region.
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In the process of determining and verifying the market size for several segments and sub segments gathered through secondary research, extensive primary interviews were conducted with key people. The break-up of the profiles of the primary participants is given below:
- By Company: Tier 1:22%, Tier 2: 30%, and Tier 3:48%
- By Designation: C-level: 30%, Director level:45%, and Others:25%
- By Region: North America: 48%, Europe:30%, and APAC:22%
The key vendors profiled in the report are as follows:
Salesforce (US), IBM (US), Adobe Systems (US), NICE Ltd (Israel), SAP (Germany)
Verint Systems (US), Pointillist (Luxembourg), ClickFox (US), Quadient(Switzerland), Kitewheel (US), CallMiner (US), Servion (India).
The report segments the Customer Journey Analytics analytics market based on components, which include software and services; the services segment is segmented into managed services and professional services.
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The professional services segment is further segmented into support and maintenance, and consulting services. Based on deployment models, the market is segmented into on-premises and cloud.
Under the organization size, the market is segmented into Small and Medium-Sized Enterprises (SMEs) and large enterprises, whereas under the application segment, the market is divided into customer segmentation and targeting, customer behavioral analysis, customer churn analysis, brand management, campaign management, product management, and others. Under the touch point segment, the market includes web, social media, mobile, email, branch/store, call center, and others.
Under the industry vertical segment, the report covers Banking, Financial Services, and Insurance (BFSI); retail and ecommerce; telecommunications and IT; energy and utilities; manufacturing, automotive and transportation; government and defense, healthcare and life sciences; media and entertainment; travel and hospitality; and other verticals. The market is segmented into 5 major regions: North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA),
Key points offered by the report
- The report will help the market leaders/new entrants in this market in the following ways:
- It segments the Customer Journey Analytics market comprehensively and provides the closest approximations of the revenue numbers for the overall market and sub segments across various industry verticals and regions.
- The report helps stakeholders to understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
- The report will help stakeholders to better understand the competitors and gain more insights to enhance their position in the market. The competitive landscape section includes new product launches/upgrades, partnerships, collaborations, acquisitions, and expansions.