Global Customer Journey Analytics Market Trends, Applications, Analysis, Growth, and Forecast: 2018 to 2027

Global Customer Journey Analytics Market Overview :

“The global Customer Journey Analytics Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

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The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint.

The global customer journey analytics market report has been segmented on the basis of application, touchpoint, component, deployment, organization vertical, and region.

In order to measure customer experience which is often referred to as customer journey is linked to an analytical tool called customer journey analytics.

The tool provides assembled information that shows how a customer interacts with a business or brand over a period of time.  Customer journey analytics enables the ability to understand how exactly a customer thinks, feels, and reacts at each step of the journey and also which step in the journey is causing concern or frustration.

Customer journey analytics applies a combination of technologies that includes contact reasoning across channels which automatically assigns a reason for all customer contacts based on speech, text, desktop, and transaction analytics.

It tracks where customers began and ended their interactions.  Contact sequencing identifies the customer in each interaction and transaction and connects the dots between them. Predictive analytics detects and analyses cross-channel behavior patterns, enabling to make future calls and reduce customer effort.

Increasing demand for personalized customer experience is the key factor driving the growth of the market in the forecast period. Customers expect to be treated as individuals with specific preferences, due to which the focus has been shifted to personalized brand interactions. Increasing adoption of customer journey analytics is the ongoing trend observed. It drives customer acquisition, brand loyalty, and customer lifetime value.

The emphasis is to develop a unified view of the customer as they interact with a brand and personalize customers' experience across channels, locations, and always at the moment. In order to achieve this combined customer experience, customer analytics must grow from retrospective reporting to real-time, behavior-driven engagement. Customer journey analytics is the key to enabling this transformation.

However, difficulty in the consistency of data is the factor that hinders the growth of the market over the forecast period. It is important that all events are properly tracked across the various customer touchpoints. Furthermore, a customer should be uniquely identifiable across all touchpoints so that the corresponding information can be correctly matched.

The market in North America dominates the global customer journey analytics market in terms of revenue. The market in the Asia Pacific is projected to have the fastest growth with the highest CAGR, owing to the increasing adoption of customer journey analytics services is expected to boost the growth of the global customer journey analytics market.

Segmentation on the basis of application:

• Customer segmentation and targeting
• Customer behavioural analysis
• Customer churn analysis
• Campaign management
• Brand management
• Product management
• Others (customer loyalty and process management)

Segmentation on the basis of touchpoint

• Web
• Social media
• Mobile
• Email
• Branch/store
• Call center
• Others (surveys, promotional events, and sales representatives)

Segmentation on the basis of component

• Software
• Services
• Managed services
• Professional services

Segmentation on the basis of deployment  

• On-premises
• Cloud

Segmentation on the basis of organization:

• Small and Medium-Sized Enterprises (SMEs)
• Large enterprises

Segmentation on the basis of vertical:

• Banking, Financial Services, and Insurance (BFSI)
• Retail and eCommerce
• Healthcare and Life Sciences
• Telecommunications and IT
• Government and Defence
• Energy and Utilities
• Media and Entertainment
• Manufacturing
• Travel and Hospitality
• Automotive and Transportation
• Others (Education and Real Estate)

Segmentation on the basis of region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa