Customer Journey Analytics Market to Post 18.70% CAGR during 2023 to 2032

Pune, India, August 2019, MRFR Press Release/- Market Research Future has Published a Half-Cooked Research Report on the Global Customer Journey Analytics Market.

Market Overview

With increased digitization worldwide the need for sophisticated analytical tools continue to rise. This is benefiting the global customer journey analytics market. As per the report published by Market Research Future (MRFR), the global customer journey analytics market is poised to exhibit 18.70% CAGR between 2023 and 2032. In addition, the market is projected to surpass a valuation of USD 47.71 bn by the end of the assessment period.

Marketers utilize customer journey analytics to understand customer behaviour and develop a robust business-to-customer relationship. Modern businesses are increasingly investing on understanding consumer journeys from enquiry to purchase. Analytical tools allow businesses to analyse data pints in real-time. Such analysis helps in improving customer experience thereby impacting the bottom line.

Over the years, more and more companies have started offering customer journey analysis which in turn is making the market highly competitive. Companies are implementing aggressive strategies to maintain a competitive edge. Mergers and acquisitions are expected to remain a major industry trend during the assessment period. At the same time, many players are actively focusing on product innovation and trying to develop a customer friendly product portfolio.

The global customer journey analytics market is also being favoured by the increasing deployment cloud-based solutions which are not only effective but also pocket-friendly. In addition, modernization of the retail industry and rise of Internet of Things (IoT) is also creating attractive market prospects. Enterprises all over the world are increasing relying data analytics tools to optimise operational efficiency, which is driving the adoption of customer journey analytics.

Global Customer Journey Analytics Market: Segmental Analysis

MRFR’s report includes detailed segmental analysis of the market based on deployment model, application, interaction type, end-user, organization size and region.

On the basis of deployment, the market has been segmented into cloud and on-premises. Based on application, campaign management, customer journey mapping and visualization, customer attrition analysis, customer behavioral analysis product management, brand management and others. The customer attrition analysis segment is expected to remain highly attractive during the assessment period. On the basis of interaction type the market has been segmented into social media, email, call center, branch/store, mobile, web and others. Based on organization size, the market has been segmented into large enterprises and small and medium-sized enterprises (SMEs). On the basis of end-user, the market has been segmented into telecommunications and IT, banking, financial services, and insurance (BFSI), healthcare, automotive and transportation, media and entertainment, government and defense, retail and eCommerce, travel and hospitality and other (real estate and education).

Global Customer Journey Analytics Market Regional Analysis:

On the basis of region, the market has been segmented into Asia Pacific, Europe, North America and rest of the world. A special mention to countries such as the U.S., Canada, Mexico, the U.K., France, Germany, Japan, China and India. These countries are expected to make significant contribution to the market during the forecast period. North America is expected to remain the standout market for customer journey analytics over 2023. Faster adoption and favourable infrastructure are two important factors supporting the market growth in North America.

The market is Asia Pacific (APAC) is also expected to exhibit an impressive growth during the assessment period. Industrial boom in countries such as China and India has reflecting favourably on the market in APAC. Development of data centers in these countries is driving the need for customer journey analytics. Moreover, increased internet penetration coupled with the growing number of smartphone users is also influencing the region’s market.

Global Customer Journey Analytics Market: Competition Analysis

Some of the top-notch market participants mentioned in MRFR’s report include Verint Systems, Adobe Systems, Nice Systems, IBM, Salesforce and Acxiom.