USD 12.26 Billion
Report ID:
SQMIG45A2097 |
Region:
Global |
Published Date: August, 2024
Pages:
197
|Tables:
116
|Figures:
77
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).
As the name suggests, customer journey analytics emphasizes interpreting and optimizing consumer experience in different touchpoints. It comprises studying data from diverse channels like offline and online communications to obtain an understanding of consumer behavior, their choices, and their concerns. The market is fueled by the increasing significance of personalized marketing, the growing use of big data, and improvements in machine learning and artificial intelligence. Nonetheless, the market is also witnessing a few challenges, including significant implementation costs like infrastructure, technology, and skilled labor, and the rising data security and privacy issues. Yet, the market will grow considerably over the forecast period owing to opportunities like integration of improved technologies and expansion of omnichannel tactics for enhanced consumer interaction.
US Customer Journey Analytics Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 12.26 Billion
Largest Segment
Solution
Fastest Growth
Solution
Growth Rate
20.2% CAGR
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The global customer journey analytics market is segmented based on component, deployment, and region. Based on components, the market is segmented into solutions, and services. In terms of deployment, the market is segmented into on-premise, and cloud. By data source, the market is segmented into web, social media, mobile and others. Based on component it is divided into software and service. Based on vertical it is segmented into BFSI, telecommunication, government, manufacturing and others. By organization size, large enterprises and SMEs. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Customer Journey Analytics Market Analysis by Deployment Model
Based on deployment model, the customer journey analytics market is categorized into on-premises, and cloud. The cloud segment held a notable share of the market in the previous years and is expected to lead over the forecast period as well owing enhanced scalability, cost-effectiveness, better accessibility, and comparatively faster deployment. Cloud services offer streamlined scalability that enables companies to adjust their resources. They are economically priced and save upfront costs related to software and hardware. They also allow access to analytics tools in real-time, simplifying collaboration and remote work. Another reason for the segmental growth comprises faster deployment of cloud solutions that enable companies to gain vision and respond better to consumer requirements.
On the other hand, the on-premises segment is projected to grow considerably over the forecast period owing to better data control, customization, and security issues. Businesses are increasingly preferring on-premises technologies for enhanced data control that helps them confirm better compliance with regulations and security. These deployments can be extensively personalized as required by businesses and integrated with the current IT systems. Companies who have huge data quantities leverage on-premises technology for high performance and improved processing speeds than cloud deployment. Moreover, businesses can help alleviate data security and privacy risks related to cloud by deploying on-premises models in industries like healthcare and finance. These factors will fuel the segment growth in the coming years.
Customer Journey Analytics Market Analysis by Vertical
Based on vertical, the market is segmented into BFSI, government, healthcare and life sciences, retail and ecommerce, manufacturing, telecommunications and information technology, media and entertainment, transportation and logistics, travel and hospitality, and others. The BFSI segment held a notable market share in the previous years and is expected to continue dominance over the forecast period as well owing to supportive regulatory compliance, intensifying competition, and customer-centric focus. Financial institutes demand strong analytics solutions to comply with several regulatory demands for safeguarding consumer information. The BFSI industry is extremely competitive, thus forcing companies to use customer journey analytics for improved customer experiences and differentiation. There is an increased focus on interpreting consumer demand and choices for better trust retention and creating loyalty in minds.
On the other hand, the retail and ecommerce segment will hold a remarkable market share in the coming years owing to the growing consumer expectations, rise of omnichannel strategies, and personalization opportunities. The increasing competition is propelling retailers to offer unique and efficient user experiences. This fuels the demand for better insights in consumer choices and behavior. Retailers are also actively engaged in consumers in various channels that need exhaustive analytics to enhance and track journey. They also have the option of using personalized marketing that improves user engagement and conversion ratios.
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Geographically, North America dominated the market in the previous years and is expected to lead over the forecast period owing to the growing number of technological improvements, faster adoption of improved technologies, and the presence of strong digital infrastructure. North America is the center for a large number of innovations and technological improvements that fuel the use of machine learning and AI technologies. Companies in the region are the speedy adopters of advanced technologies that focus on providing better consumer experience. Strong infrastructure in the region also supports unbroken integration of data and analytics competencies in different platforms. Businesses in the region are also focusing on personalized marketing that fuels the demand for advanced analytics tools for improved consumer interaction. The key players profiled in the region include Adobe Experience Cloud, Salesforce, Oracle, SAP Customer Experience, Google Analytics, Mix panel, and more.
Asia-Pacific is the fastest-growing region in the global customer journey analytics market due to speedily growing digital transformation. Several nations in the region are speedily adopting digitalization that boosts the demand for improved analytics to interpret consumer choices and behavior. Regional growth is also impacted by a major request for customer journey insights to enhance online shopping experience for consumers. As customers are becoming aware of technologies, they expect and demand unified interaction that forces businesses to offer improved analytics solutions.
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Customer Journey Analytics Market Drivers
Omnichannel Marketing Strategies and Mounting Demand for Personalization
Rise of E-Commerce and Digital Transactions
Restraints
Overpowering Data Volume
Lack of Skilled Professionals
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The global customer journey analytics market is a highly competitive global market driven by many international competitors. Prominent corporations with cutting-edge AI and ML technology are Google, IBM, Microsoft, and NVIDIA. To support a wide range of applications across industries, these industry experts concentrate on creating cutting-edge algorithms, scalable platforms, and reliable infrastructure. Rapid advances in technology, strategic alliances, and large expenditures on research and development define the competitive environment.
Customer Journey Analytics Market Top Player’s Company Profiles
Customer Journey Analytics Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the customer journey analytics market is considerably progressing due to the growing focus on customer experience, improvements in technologies, and rising demand for personalization. However, the market is restrained by growing resistance to change, fragmented consumer journeys, and mounting consumer expectations. North America is anticipated to lead the market owing to increased adoption rates of advanced technologies, emphasis on personalization, and easy access to capital. Nonetheless, a few opportunities for the growth of the customer journey analytics market include an emphasis on customer retention, cross-industry applications, and growth of subscription-based models.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 12.26 Billion |
Market size value in 2031 | USD 64.21 Billion |
Growth Rate | 20.2% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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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 |
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the 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 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.
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With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Customer Journey Analytics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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Report ID: SQMIG45A2097