Business intelligence and knowledge science groups are given a toolkit by customer journey analytics to help them stitch and analyze cross-channel knowledge. Through its capabilities, the sophisticated multichannel client journey receives context and clarity. When this context is combined with tools like SQL and analysis space, it provides unfair insight into how to eliminate pain points from the client conversion process and provide satisfying experiences at crucial moments.
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Data Bridge Market Research analyses that the Customer Journey Analytics Market was USD 9.93 billion in 2021, is expected to reach the value of USD 41.56 billion by 2029, at a CAGR of 19.60% during the forecast period 2022-2029. Customers today have high expectations when it comes to their interactions with companies. They expect personalized and seamless experiences across multiple touchpoints. Customer journey analytics helps businesses understand and meet these expectations by providing insights into customer behavior, preferences, and pain points throughout their journey.
Key Findings of the Study
Data-driven decision-making is expected to drive the market's growth rate
The availability of vast amounts of customer data has fueled the need for advanced analytics tools. Customer journey analytics leverages data from multiple sources, including CRM systems, customer feedback, web analytics, and social media, to provide a comprehensive view of the customer journey. This data-driven approach enables businesses to make informed decisions, optimize marketing campaigns, identify upsell and cross-sell opportunities, and improve overall business performance.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014-2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Component (Software, Services), Interaction (Mobile, Social Media, Web, Call Center, Email, Branch/Store, Others), Deployment Mode (Cloud, On-Premise), Organization Size (SMEs, Large Enterprises), Application (Customer Churn Analysis, Product Management, Brand Management, Customer Behavioral Analysis, Campaign Management, Customer Segmentation and Targeting, Others), End User (BFSI, Manufacturing, Government and Defense, Telecommunications and IT, Automotive and Transportation, Retail and Ecommerce, Healthcare and Life Science, Media and Entertainment, Travel and Hospitality, Energy and Utilities, Others)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
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Market Players Covered
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Oracle (U.S.), Adobe. (U.S.), Salesforce, Inc. (U.S.), NICE (U.S.),SAP (Germany),Google (U.S.),Microsoft (U.S.), Genesys. (U.S.), Cisco Systems, Inc. (U.S.), Teradata. (U.S.),Alterian. (U.S.), Pointillist. (U.S.),inQuba (South Africa),Kitewheel (U.S.), Verint Systems Inc. (U.S.), Thunderhead (UK),Servion Global Solutions (India), CallMiner. (U.S.), NGDATA, Inc. (Belgium), Acoustic (U.S.),FirstHive (U.S.),CaliberMind (U.S.),Amperity, Inc. (U.S.), Cerebri AI (U.S.)
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Data Points Covered in the Report
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In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
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Segment Analysis:
The customer journey analytics market is segmented on the basis of component, interaction, deployment mode, organization size, application and end user.
- On the basis of component, global customer journey analytics market is segmented into software and services. Software segment is dominating the customer journey analytics market with a CAGR of 18.2% in the forecast period of 2022 to 2029 due to wide range of customer analytics software installation across the globe which is going to dominate the market.
- On the basis of interaction, global customer journey analytics market is segmented into mobile, social media, web, call center, email, branch/store and others. In 2022, mobile segment is dominating the customer journey analytics market with a CAGR of 23.62% in the forecast period of 2022 to 2029 due to increasing adoption of smartphones across consumer market as well as growing usage of mobile apps
In 2022, mobile segment is dominating the interaction segment of the customer journey analytics market with the market
In 2022, mobile segment is dominating the customer journey analytics market with the market share of 17.59% owing to increasing adoption of smartphones across consumer market as well as growing usage of mobile apps for feedback and purchasing of products in the forecast period of 2022 to 2029
- On the basis of deployment mode, global customer journey analytics market is segmented into cloud and on-premise. On-premise segment is dominating the customer journey analytics market with a CAGR of 16.89% in the forecast period of 2022 to 2029 due to increasing cloud benefits such as cost effectiveness and easy availability.
- On the basis of organization size, global customer journey analytics market is segmented into SMEs and large enterprises. Large enterprises segment is dominating the customer journey analytics market with a CAGR of 17.47% in the forecast period of 2022 to 2029 due to increasing number of SMEs across APAC and Europe region with tailored solutions for the unique needs of large enterprises
- On the basis of application, global customer journey analytics market is segmented into customer churn analysis, product management, brand management, customer behaviour analysis, campaign management, customer segmentation and targeting and others. Customer churn analysis segment is dominating the customer journey analytics market with a CAGR of 19.5% in the forecast period of 2022 to 2029 due to rise in demand for quality products with higher customer experiences
In 2022, customer churn analysis segment is dominating the application segment of the customer journey analytics market
In 2022, customer churn analysis segment is dominating the customer journey analytics market with a CAGR of 19.5% in the forecast period of 2022 to 2029 due increasing proliferation of online applications as well as growing importance of product specification in customer journey analytics market; the demand for product management is expected to increase. Rise in demand for quality products with higher customer experiences.
- On the basis of end user, global customer journey analytics market is segmented into BFSI, manufacturing, government and defence, telecommunication and it, automotive and transportation, retail and ecommerce, healthcare and life science, media and entertainment, travel and hospitality, energy and utilities and others. BFSI segment is dominating the customer journey analytics market with a CAGR of 19.5% in the forecast period of 2022 to 2029 owing to rise in disposable income of individuals has positively impacted the growth of the retailing industry as the consumer expenditure increased.
Major Players
Data Bridge Market Research recognizes the following companies as the major customer journey analytics market players in Customer Journey Analytics market are Oracle (U.S.), Adobe. (U.S.), Salesforce, Inc. (U.S.), NICE (U.S.),SAP (Germany),Google (U.S.),Microsoft (U.S.), Genesys. (U.S.), Cisco Systems, Inc. (U.S.)
Market Development
- In 2021, The new integrated features between NICE in Contact CUSTOMER EXPERIENCEone and Microsoft Brigades were introduced by NICE, enabling real-time recording and comradery with a variety of affiliated operations. With the introduction of these new features, customers will be able to protect every transaction using carrier-grade, international voice services.
- In 2020, Emarsys, a provider of omnichannel client engagement platforms, has officially joined SAP. The portfolio of Emarsys products will be added to SAP Client Experience. With the inclusion of Emarsys products, SAP will be able to engage customers and deliver hyperactive, substantiated, omnichannel engagements in real time.
- In 2020, A new business division of Genesys called Genesys Digital was introduced. Genesys Digital will focus on making it possible for businesses to keep up with customers' evolving preferences for digital engagement throughout the client journey, whether using webchat for a question, cataloging an appointment via textbook, or entering care from a chatbot.
- In 2020, Pointlist introduced the Genesys AppFoundry Orchestration Platform and Customer Travel Analytics, which enables customers to easily deploy a wide range of solutions integrating AI-driven applications with Genesys customer experience and contact centre solutions to empower businesses to optimise customer experience and reduce service costs. The company has enhanced the brand value of the company along with profit maximization that is going to earn more profit for the company.
- In 2020, Cisco introduced Webex Experience Management which is a artificial intelligence powered journey analytics that is going to transform the customer experience by delivering various insights and transformation to track the customer activities. The company is going to enhance the brand image and portfolio through the recognition of the award leading towards the profit maximization.
Regional Analysis
Geographically, the countries covered in the customer journey analytics market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
As per Data Bridge Market Research analysis:
North America is the dominant region in customer journey analytics market during the forecast period 2022 - 2029
The U.S. holds the largest market share for the customer journey analytics organization size segment in North America due to the significant presence of large enterprises in the country. The US is home to many major corporations across various industries, including retail, banking, telecommunications, and healthcare. These enterprises have recognized the importance of understanding and optimizing customer journeys, driving the adoption of customer journey analytics solutions to enhance customer experiences and gain a competitive edge in the market.
Europe is estimated to be the fastest growing region in customer journey analytics market the forecast period 2022 - 2029
Germany has emerged as the second-largest market for the organization size customer journey analytics infrastructure segment in Europe due to its advanced analytics capabilities and expertise in big data. The country is known for its strong emphasis on data-driven decision making and technological advancements. German businesses, particularly in sectors like manufacturing, finance, and retail, have leveraged advanced analytics and big data to gain insights into customer journeys, leading to increased adoption of customer journey analytics infrastructure solutions for improved customer experiences and business performance.
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