Customer Journey Analytics Market, By Interaction Type (Web, Social media, Mobile), By Organization Size (SMEs and Large enterprise), By Application (Customer Journey Mapping and Visualization, Customer behavioral analysis, Product management), By End-users (BFSI, Retail, Healthcare, Telecommunications) - Forecast 2027

Market Synopsis of Customer Journey Analytics Market:

MARKET OVERVIEW

The customer journey analytics market is undergoing tremendous growth due to the growing need to provide a smooth and consistent customer experience. There are various international, domestic as well as newcomers' brands that are establishing a competitive environment. The key players are continuously looking for market expansions through various strategic mergers and acquisitions, significant investments, innovations, and cost-effective portfolios. The customer journey analytics market size is very large and very competitive due to the presence of a large number of vendors.

The customer journey analytics market share is expected to grow from 8.5 billion in 2020 to 14.65 billion by the end of 2023, with a compound annual growth rate of 20% during the period of forecast. Many leading players are forming strategic relationships with the prominent players of data analytics which will help them in driving the market growth. 

CUSTOMER JOURNEY ANALYTICS MARKET COVID-19 ANALYSIS

The coronavirus pandemic has given a very tough time to most of the manufacturing, developing, production, and logistic units of businesses. The growth of the customer Journey Analytics Market Is witnessing a slight slowdown due to lockdowns imposed all over the world. This situation is expected to get better by mid-2022. A shift in customer behavior was noticed due to this pandemic, leading the people to go cross channel for purchasing. Customer Journey Analytics Market Opportunities will increase as the demand for a different type of solution and services is going high because most of the customers are inclining towards online shopping and there was a sudden rush in the number of online media users.

Due to these lockdown restrictions, every person who seems to be a customer of the companies is using online sources for trifle things like buying groceries, clothes, or medicines. So this shift of customers going towards online media platforms will open a new field for customer Journey Analytics Market Key Players for providing their customers with better services.

CUSTOMER JOURNEY ANALYTICS MARKET DYNAMICS

DRIVERS 

The Customer Journey Analytics Market Analysis shows that this new technology and digital platforms thunder has led to customer revolt in terms of change in buying behavior, choices, modes, etc. now the customers no longer root their loyalty to price or product. Instead of that, they remain loyal to those companies from whom they receive a better experience. Now when we talk about the customer experience on digital platforms, then that experience no more surrounds itself just with customer care quality but also includes the way of advertising and packaging, services and features of the product, and its reliability.

 In many industries, customer experience is considered as a factor that can significantly impact business outcomes and its goodwill in the market. Companies should have the capability to use both active and passive data and must analyze, understand that data to make the customer experience an exceptional one.

CUSTOMER JOURNEY ANALYTICS MARKET OPPORTUNITIES

In today’s digital and big data world, most of the data reside out of the enterprise whether it is structured or unstructured. So it’s high time to have a digital platform that can help the organizations to sum up all the customer information in one place. The discovery or making of this platform is one of the greatest opportunities which can be looked at among other Customer Journey Analytics Market Opportunities. At present companies needs a complete and broad customer journey analytics platform that can collect a very large volume of customer data and also which can grasp, structure, sort, refine and can evaluate various patterns, and help make a decision faster based on insight data. This type of tool helps the users in exploring the data, making internal changes, and developing product and service models.

TECHNOLOGY ANALYSIS

With Customer Journey Analytics Market Growth, the security and privacy threats are also projected to grow further in the future. In the past 5 years, the financial impact of cybercrimes has increased by 82 % and the time to solve or get out of those cyber-attacks is even doubled. In an era of the competitive market, companies need real-time and secure data for providing a better customer experience. Companies need to have a high data security base to maintain the trust of customers as it includes a variety of things like individual preferences, permissions, public information, etc. On the other hand, the thundering IT industries combined with increasing cloud facilities are helping to grow the Customer Journey Analytics demand in the world market.

 STUDY OBJECTIVES

• To take up the viewpoint of various industry experts and leaders into consideration and predict compound annual growth rate and market growth rate by the end of the global forecast in 2023.


• To bring out a competitive market outlook and analyze the yield models of key market players, worldwide. 


• To examine the various market dynamics like trends, drivers, and opportunities that are most probable to play a role in helping the market and its different segments growing in the domestic as well as international market.

CUSTOMER JOURNEY ANALYTICS MARKET SEGMENT OVERVIEW

Notwithstanding in which industry you are or what kinds of products and services you provide or in what country your industry is established, your customer is the most important part of your business. Many industries work on this motto, “if you fail to take customers' journey and viewpoint into marketing consideration then your campaign is a big fail”. In the view of market research future, Customer Journey Analytics Markets is being categorized into the following types

• Based on interaction type, it has sources like web, social media, mobile, email, branch store, call center, surveys, promotional events, and sales representatives.


• Based on the deployment model, it has on-premises and cloud.


• Based on organization size, it has small and medium-sized enterprises and large enterprises


• Based on the application, it has Customer Journey Mapping and Visualization, Customer behavioral analysis, Customer attrition analysis, Campaign management, Brand management, Product management, and customer process management.


• On the basis of end-user, it has Banking, Financial Services, and Insurance (BFSI), Retail and e-commerce, Government and Defence, Healthcare, Telecommunications and IT, Media and Entertainment, Travel and Hospitality, Automotive and Transportation, and Education and Real Estate.

CUSTOMER JOURNEY ANALYTICS MARKET REGIONAL ANALYSIS

The Customer Journey Analytics Markets movements are remarkably working in 3 major regions of the world and those are North America, Asia Pacific, and Europe. The North American market is expected to hold the largest market size during the forecast period up to 2023 and the reason behind it is growing demand is high tech adoption in the IT industry and other industries like healthcare, media, and entertainment. Also, the Asia Pacific region is predicted to be the fastest-growing region during the forecast period. The expanding consciousness for enhancing customer experiences in key countries like China, India, and Japan is expected to fuel the creation of customer journey analytics solutions and services.

CUSTOMER JOURNEY ANALYTICS MARKET COMPETITIVE LANDSCAPE 

To get a detailed and profound idea about the Customer Journey Analytics Market share, it is very important to create a competitive environment amongst the different key players at different market locations all around the globe. All those market players and leaders compete with each other globally in the international markets by implementing various types of strategies such as product launches and upgradations, mergers, and acquisitions, partnerships, etc. the prime players in the global customer journey analytics market include: - 

• Oracle(US)


• Adobe(US)


• NICE(US)


• SAP(Germany)


• Microsoft (US)


• Google (US)


• Thunderhead (UK)


• NGDATA (Belgium)

RECENT DEVELOPMENTS

• In April 2020, Teradata announced the general availability of Teradata Vantage Customer Experience (CX) through the partnership with Celebres. A relevant, personalized experience in time across all customers and touch-points is being delivered by the brands, Vantage CX assists in that.


• In January 2021, NICE launched the new integrated capabilities between NICE in Contact and Microsoft Teams, empowering real-time recording as well as compatibility with a range of related applications. New capabilities launched will allow the customers to safeguard every single interaction using global carrier-grade voice services.


• In November 2019, customer 360 was launched by Salesforce. Companies would be allowed to construct a single source of truth across all their customer relationships and a new set of data and identity services will help them to do so. This will enable vendors to better feed to their customers and foresee their requirements, such as contacting customer service for the problem, creating a personalized marketing journey, speculating the best sales opportunities.

CUSTOMER JOURNEY ANALYTICS MARKET REPORT OVERVIEW

The customer journey analytics market report presents a shift analysis that includes market drivers, opportunities, and restraints that are available in the global market. The customer journey analytics market report discusses the impact of covid-19 on customer behavior. The report also tells about the segmentation of the market on a different basis and how a competitive environment is developed among the key players around the globe. At last, the report presents some recent developments in the field of the customer journey analytics market.