Customer Journey Analytics Market to have 14.65 % growth during forecast period 2020-2027

Market Research Future Published a Half Cooked Research Report on Global Customer Journey Analytics Market Research Report.

Market Overview

Customer Journey Analytics is weaving together of each touch-point that a consumer interacts across multiple channels. It provides marketers and professionals a unique and powerful tool to understand and engage with each consumer at a personal level. It’s easy to determine the most important consumer journeys and can help prioritize these opportunities that substantially impact business goals by analyzing enormous data points in real-time. This leads to better customer experience which correlates with higher revenue growth.

The global customer journey analytics market is projected to reach roughly USD 8.5 billion with a 14.65 % CAGR during forecast period 2020-2027, according to a detailed report by Market Research Future (MRFR). The global customer journey analytics market is extremely competitive. Various established global brands, domestic brands as well as new entrants shape the competitive landscape. Various strategic mergers and acquisitions, increasing investments in research and development, innovation and cost-effective software portfolio lead the key vendors to seek market expansion.

Furthermore, factors that drive the market growth are cost-effectiveness and easy availability of cloud-based deployment. Moreover, expansion of modern retail industry and over penetration of mobile and smartphone applications around the world also leave a positive impact. Additionally, adoption of large data analytics in enterprises, increasing demand for improved consumer experience and competition to gain control in retail industry are other leading factors fuelling the expansion of customer journey analytics market. However, complexity of data synchronization coupled with data privacy issues pose a threat to the market growth.

Popular trends are prevalent owing to rise in availability of real-time data and digitization that results into adoption of consumer behavior data analysts. Other trends are increasing investments in advanced analytics tools for enhancing the customer experience, robotic process automation (RPA), work at home providing millennials with flexible jobs, investments in text and speech analytics and many more. 

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Segmentation

The global customer journey analytics market is segmented on the basis of interaction type, deployment model, organization size, application, end-user, and region.

The market is segmented on the basis of interaction type, which is segmented into web, social media, mobile, email, branch/store, and call center and others. The customer journey analytics automatically captures and record anything typed or swiped by the customer on their mobiles. Additionally, IP address, the geographical location, and contact details are also recorded so the entire digital customer journey and online customer experience can be examined automatically and extensively for better future customer experience, be it in call centers, stores or social media.

Based on deployment model, the customer journey analytics market is segmented into on-premises and cloud. Small and medium-sized enterprises (SMEs) and large enterprises are the organization size segments of the customer journey analytics market. The applications under the customer journey analytics market include customer attrition analysis, campaign management, brand management, customer journey mapping and visualization, customer behavioral analysis product management and many more. An important benefit of performing customer attrition analysis is that it might indicate a failure in aspects such as the customer experience as well as the product or the service sold. This helps to retain the customers and guides the companies to position themselves better in the market.

The market is also segmented on the basis of end-users that are healthcare, telecommunications and IT, media and entertainment, banking, retail and eCommerce, government and defense, travel and hospitality, financial services, and insurance (BFSI), automotive and transportation and others (education and real estate).

Regional Analysis

Geographically, the market is segmented into North America, Europe, Asia Pacific and Rest of the World. The regional segment is further segmented into U.S., Mexico, Canada, UK, Germany, France, China, Japan, and India.

The booming IT industry coupled with increasing cloud facilities in North America propels the growth of the market in this region. On the other hand, Asia Pacific is estimated to be the fastest growing market owing to the increasing industrialization and new data centers in the emerging countries like Japan and India. Enormous smartphones penetration into the global platform enhances the demand for customer journey analytics in these countries.

Competitive Landscape

The key players in the global customer journey analytics market are Nice Systems, Verint Systems, Acxiom, Adobe Systems, Salesforce, and IBM.

Industry News

Nice Systems has announced that together with its subsidiaries, NICE Systems Inc. and Nice Acquisition Sub Inc., has extended the expiration of its tender offer to acquire all of the outstanding shares of Mattersight Corporation’s common stock and 7% Series B Convertible Preferred Stock. This extension will allow additional time for the satisfaction of the conditions to the offer.

Adobe Systems Inc.is planning to buy the e-commerce company Magento for $1.68 billion, in a bid to strengthen its position in the digital-commerce industry from Salesforce.com Inc. and Oracle Corporation. This will be company’s third biggest acquisition to create an end to end system for designing digital ads and other online customer experiences.