The customer journey analytics market is projected to grow from USD 8.3 billion in 2020 to USD 25.1 billion by 2026, recording a CAGR of 20.3% during the forecast period. Key factors, such as the growing need to provide seamless customer experience, a higher focus on better customer engagement strategies through omnichannel, and adoption of advanced analytics solutions to leverage the increasing customer data and reduce customer churn rate, are expected to drive the demand for customer journey analytics solutions and services. The objective of the report is to define, describe, and forecast the customer journey analytics market size based on component, organization size, deployment mode, data source, application, vertical, and region.
The rise in demand for real-time customer journey analytics to generate actionable insights and COVID-19-led focus on new customer engagement models through digital experience are expected to offer growth opportunities to customer journey analytics vendors. However, key factors such as difficulties in quantifying customer experience RoI, the concern of data privacy laws, and protection of customer data from cyberattacks and breaches are restraining the market growth. Data security and privacy concerns, growing difficulty in synchronizing silos with customer experience data collected across multiple sources, and lack of understanding the single view of the customer journey are key challenges in the adoption of customer journey analytics solutions and services.
The services segment to grow at a higher CAGR during the forecast period
The customer journey analytics market is segmented based on components, such as solutions and services. The services segment is expected to grow at a rapid pace during the forecast period. The growth can be attributed to the increasing demand for deployment and integration, and support and maintenance services by end users to effectively integrate customer journey analytics tools for analyzing customer data collected from multiple data sources.
The cloud segment to grow at a higher CAGR during the forecast period
The customer journey analytics market by deployment mode has been segmented into on-premises and cloud. The cloud segment is expected to grow at a rapid pace during the forecast period. Highly secure data encryption, complete data visibility, and control features have resulted in larger market size for on-premises mode customer journey analytics solutions. The high CAGR of the cloud segment can be attributed to the availability of easy deployment options and minimal requirements of capital and time. These factors are supporting the current lockdown scenario of COVID-19 as social distancing and lack of workforce hit the industry, and are expected to drive the adoption of cloud-based customer journey analytics solutions.
Among verticals, the retail and eCommerce segment to grow at a the highest CAGR during the forecast period
The customer journey analytics market is segmented based on verticals into BFSI, government, healthcare and life sciences, retail and ecommerce, manufacturing, transportation and logistics, media and entertainment, telecommunications and IT, travel and hospitality, and other verticals (energy and utilities, and education). The BFSI vertical is expected to account for the largest market size during the forecast period. Moreover, the retail and eCommerce vertical is expected to grow at the highest CAGR during the forecast period. To meet the rapidly changing customer expectations, retail and eCommerce companies are inclining toward customer journey analytics solutions, which can monitor the customer’s journey in real time across different channels and guide them to meet their requirements.
Among regions, Asia Pacific (APAC) to grow at the highest CAGR during the forecast period
APAC is expected to grow at the highest CAGR during the forecast period. The increasing investments by the tech companies in major APAC countries, such as China, India, and Japan, increasing government regulations and initiatives are expected to drive the growth of the market in APAC. Businesses in the APAC region are deploying customer journey analytics solutions to generate statistical data and make faster business decisions. Countries such as China, India, and Japan are focusing on procifind seamless customer experience by tracking customer sentiments throughout the customer journey and stay competitive.
Breakdown of primaries
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the CUSTOMER JOURNEY ANALYTICSmarket.
- By Company: Tier I: 34%, Tier II: 43%, and Tier III: 23%
- By Designation: C-Level Executives: 50%, Directors: 30%, and Others: 20%
- By Region: North America: 25%, APAC: 30%, Europe: 30%, MEA: 10%, and Latin America: 5%
The report includes the study of key players offering customer journey analytics solutions and services. It profiles major vendors in the global customer journey analytics market. The major vendors in the global customer journey analytics market are Oracle (US), Adobe (US), Salesforce (US), NICE (US), SAP (Germany), Google (US), Microsoft (US), Genesys (US), Cisco (US), Teradata (US), Alterian (US), 7.ai (US), Pointillist (US), BryterCX (US), inQuba (South Africa), Kitewheel (US), Verint (US), Thunderhead (UK), Servion (India), CallMiner (US), NGDATA (Belgium), Acoustic (US), FirstHive (US), CaliberMind (US), Amperity (US), and Cerebri AI (US).
The market study covers the customer journey analytics market across segments. It aims at estimating the market size and the growth potential of this market across different segments, such as components, organization sizes, deployment modes, data sources, applications, verticals, and regions. It includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report would provide the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall customer journey analytics market and its subsegments. It would help stakeholders understand the competitive landscape and gain more insights better to position their business and plan suitable go-to-market strategies. It also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.