USD 12.26 Billion
Global Customer Journey Analytics Market Size, Share, Growth Analysis, By Type(Software, Services), By Deployment(On-premise, Cloud), By Organization Size(Small and Medium-sized Enterprises (SMEs), Large Enterprises), By Industry Vertical(Retail, BFSI) - Industry Forecast 2024-2031
Report ID:
SQMIG45A2097 |
Region:
Global |
Published Date: April, 2024
Pages:
197
|
Tables:
116 |
Figures:
77
Global Customer Journey Analytics Market Insights
Global Customer Journey Analytics Market size was valued at USD 12.26 Billion in 2022 and is poised to grow from USD 14.74 Billion in 2023 to USD 64.21 Billion by 2031, at a CAGR of 20.2% during the forecast period (2024-2031).
The global Customer journey analytics market refers to the analysis and tracking of a customer’s journey or experience with a business, from the initial contact to post-sale follow-up. Customer journey analytics solutions help businesses gain a comprehensive view of the customer journey and identify areas for improvement in their customer experience strategy. The purpose of the customer journey analytics market is to provide businesses with the ability to improve their customer experience strategy by understanding their customers’ needs, wants, and behaviors at each stage of their journey. This market aims to help businesses increase customer satisfaction, retention, and loyalty by providing actionable insights and data-driven strategies. The growing demand for personalized customer experiences, increasing competition among businesses, and the need for better customer engagement and retention are the key driving factors of the customer journey analytics market. The rise of social media and the increasing volume of customer interactions across various channels have made it more challenging for businesses to track and understand their customers' behavior, thus driving the demand for customer journey analytics solutions. The high implementation cost and lack of technical expertise required to operate customer journey analytics tools are the major restraining factors for the market. Data security concerns and privacy regulations may hinder the growth of the market in some regions. The challenges in the customer journey analytics market include the integration of multiple data sources, the need for real-time data processing, and the ability to provide actionable insights that drive business outcomes.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Solution
Fastest Growth
Solution
Growth Rate
20.2% CAGR
Global Customer journey analytics Market ($ Bn)
Country Share for North America Region (%)
Global Customer journey analytics Market Size By Component ($ Bn)
Global Customer journey analytics Market Size By Component (%)
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Global Customer Journey Analytics Market Segmental Analysis
The global customer journey analytics market is segmented on the basis of component, deployment, and region. Based on components, the market is grouped into solutions, and services. In terms of deployment, the market is segmented into on-premise, and cloud. Regionwise, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Customer Journey Analytics Market Analysis by Component
Customer journey analytics solutions segment earned the dominant share. Solutions provide a comprehensive view of the customer journey and allow businesses to identify areas for improvement in customer engagement and experience. Customer journey analytics solutions can also provide real-time insights and predictive analytics to help businesses anticipate customer behavior and respond to their needs proactively.
Customer journey analytics services include consulting, implementation, and support services. Consulting services help businesses develop a customer journey strategy, define key performance indicators, and identify the data sources required for effective analysis. Implementation services help businesses set up and configure customer journey analytics solutions, integrate them with existing systems, and migrate data. Support services provide ongoing technical support and maintenance for customer journey analytics solutions.
Customer Journey Analytics Market Analysis by Deployment
On-premise deployment involves installing customer journey analytics solutions directly onto a business's hardware and software infrastructure. This deployment model provides businesses with complete control over their data and analytics processes. On-premise deployment is also preferred by businesses that have strict security and compliance requirements and need to keep customer data on their own servers.
Cloud deployment involves accessing customer journey analytics solutions through a third-party provider's cloud infrastructure. This deployment model allows businesses to avoid the cost and complexity of setting up and maintaining their own hardware and software infrastructure. Cloud deployment also provides greater scalability and flexibility, as businesses can easily add or remove resources as needed. cloud deployment enables remote access to customer journey analytics solutions, making it easier for businesses to work with teams in different locations.
Global Customer journey analytics Market Size By Component, 2023 (%)
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Global Customer Journey Analytics Market Regional Insights
North America dominates the customer journey analytics market due to the presence of key players and the high adoption rate of advanced technologies such as artificial intelligence, machine learning, and big data analytics. Additionally, North American businesses have a strong focus on customer satisfaction and experience, which has led to the widespread adoption of customer journey analytics solutions.
Asia-Pacific region is expected to be the fastest-growing region in the customer journey analytics market due to the increasing demand for advanced technologies to gain insights into customer behavior and enhance customer experience. The growing number of internet users, digitalization, and the increasing adoption of mobile devices have led to the generation of vast amounts of customer data, which has fueled the demand for customer journey analytics solutions in the region. the rising need to improve customer engagement and retention is expected to drive the market growth in the Asia-Pacific region.
Global Customer journey analytics Market Size By Region, 2024-2031
- Largest
- Fastest
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Global Customer Journey Analytics Market Dynamics
Customer Journey Analytics Market Drivers
Demand for Better Customer Experience
The advent of modern technology and the rapid advancements in digital transformation have sparked a significant shift in customer behavior, preferences, and methods of purchasing. In today's landscape, customers are no longer solely driven by price or product when it comes to their loyalty. Rather, their allegiance is now deeply influenced by the quality of the overall experience they encounter. This customer experience encompasses various facets of a company's offerings, including the excellence of customer care, advertising efforts, packaging design, product and service features, user-friendliness, and dependability. It is crucial for companies to recognize that delivering an exceptional customer experience is the ultimate key to gaining a competitive edge in the market. By prioritizing the satisfaction of their customers, businesses can establish a solid foundation for sustained success and growth. Therefore, in this era of ever-evolving technology and digital transformation, it is paramount for companies to focus on crafting remarkable customer experiences that go beyond mere products or prices.
Increasing Adoption of Customer Journey Analytics Solutions
The rise in competition has propelled businesses to seek new ways to enhance customer experience and satisfaction, thereby, gaining a competitive edge. Customer journey analytics provides businesses with insights into customer behavior and preferences, enabling them to tailor their services and products to meet customer demands.
Customer Journey Analytics Market Restraints
Data Security Concerns
- Customer journey analytics solutions require the collection and analysis of vast amounts of customer data, data security concerns arise. Businesses need to ensure the safety and privacy of customer data, which can be a challenging task.
Lack of Technical Expertise in Handling Customer Journey Analytics Tools
- Customer journey analytics tools require technical expertise to operate effectively. Businesses may face challenges in finding the right personnel with the necessary skills to handle the tools. The tools used for customer journey analytics require a certain level of technical proficiency to operate effectively. The lack of skilled personnel can hinder the adoption of customer journey analytics tools and impact the growth of the market.
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Global Customer Journey Analytics Market Competitive Landscape
The global customer journey analytics market is highly competitive, with a large number of global and regional players competing for market share. To maintain their market position and gain a competitive edge, players are focusing on strategies such as mergers and acquisitions, partnerships, and collaborations. Players are focusing on providing customized solutions to meet the specific needs of their clients and enhance their customer satisfaction. The market is expected to remain highly competitive, with players adopting various strategies to gain market share and strengthen their position in the market.
Customer Journey Analytics Market Top Player’s Company Profiles
- SAP SE (Germany)
- Verint Systems Inc. (US)
- Pointillist (US)
- NICE Ltd. (Israel)
- Salesforce.com, Inc. (US)
- Woopra Inc. (US)
- Acquia, Inc. (US)
- Kitewheel (US)
- Thunderhead (UK)
- ClickFox, Inc. (US)
- ENGAGEMENT LABS INC. (Canada)
- CoolaData (Israel)
- Glassbox (Israel)
- UserReplay (UK)
- Adoreboard (Northern Ireland)
- CaliberMind (US)
- LatentView Analytics (US)
Customer Journey Analytics Market Recent Developments
- In February 2024, 8x8, Inc., a leading integrated cloud contact center and unified communications platform provider, announced the availability of 8x8 Engage, an AI-powered, tailored solution that enables cross-organization customer engagement for enhanced customer experiences, fostering loyalty and driving business success.
- In October 2023, RedTrack, a leading provider of analytics and media-buying automation solutions for e-com and DTC brands, announced the release of its Customer Journey Reporting. This development will unlock full-funnel visibility for advertisers who invest in multiple ad channels and struggle to attribute revenue results to the relevant channels, campaigns, or ads.
- In September 2023, TikTok launched a new tool to help advertisers better understand campaign performance and user insight.
Global Customer Journey Analytics Key Market Trends
- Integration of AI and machine learning: AI and machine learning are being integrated into customer journey analytics solutions to enable businesses to gain more insights and make better decisions. For instance, AI-powered chatbots can be used to collect data on customer preferences and behavior, which can be analyzed to improve customer experience.
- Use of omnichannel customer journey analytics: Businesses are adopting omnichannel customer journey analytics solutions to gain a comprehensive view of customer behavior across various channels. This enables businesses to provide personalized and seamless customer experiences.
Global Customer Journey Analytics Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global customer journey analytics market report, the increasing demand for better customer experience, rising competition, and the need for real-time customer behavior analysis are some of the major factors driving the growth of the market. The solution segment is expected to hold the largest market share due to the increasing demand for advanced analytics solutions to analyze customer behavior and improve customer experience. The cloud-based deployment segment is expected to grow at a higher rate during the forecast period. The increasing adoption of cloud-based solutions by organizations to store and analyze customer data, and the advantages such as scalability, cost-effectiveness, and easy accessibility are contributing to the growth of this segment. The global customer journey analytics market is expected to witness significant growth during the forecast period, driven by factors such as the need for better customer experience, rising competition, and the increasing demand for real-time customer behavior analysis. The lack of technical expertise in handling customer journey analytics tools may pose a challenge for market growth.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 12.26 Billion |
| Market size value in 2031 | USD 64.21 Billion |
| Growth Rate | 20.2% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Customer Journey Analytics Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Customer Journey Analytics Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Customer Journey Analytics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Customer Journey Analytics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Customer Journey Analytics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Customer Journey Analytics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Customer Journey Analytics Market Report Snapshots
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