USD 12.26 Billion
Customer Journey Analytics Market Size, Share, Growth Analysis, By Deployment model(On-premises, Cloud), By Application(Brand Management, Campaign Management, Product Management, Customer Segmentation and Targeting), By Data source(Email, Social Media, Mobile, Web), By Organization size(Large enterprises, and SMEs), By Vertical(BFSI, Government, Healthcare and Life Sciences, Retail and Ecommerce), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45A2097 |
Region:
Global |
Published Date: August, 2024
Pages:
197
|Tables:
118
|Figures:
77
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).
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.
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 (%)
To get more reports on the above market click here to Buy The Report
Customer Journey Analytics Market Segmental Analysis
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.
Global Customer Journey Analytics Market Size By Deployment Model
To get detailed analysis on other segments, Request For Free Sample Report
Customer Journey Analytics Market Regional Insights
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.
Global Customer Journey Analytics Market Size By Geography
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Customer Journey Analytics Market Dynamics
Customer Journey Analytics Market Drivers
Omnichannel Marketing Strategies and Mounting Demand for Personalization
- Since consumers interact with brands in diverse channels like websites, social media, offline stores, there has been an increased need for simplified view of consumer journey. Advanced analytics for consumer journey aids businesses to analyze and track their connections inclusively. Consumers are expecting more tailored experience hence companies are using analytics to differentiate consumers and personalize marketing messages, services, and products to meet the increasing demands.
Rise of E-Commerce and Digital Transactions
- The rise of online shopping along with digital services is speeding up the demand for interpreting consumer behavior. For this, advanced analytics tools like customer journey analytics play a key role. Analytics helps to enhance customer journey online, resulting in enhanced conversion rates and less cart discard. This helps the growth of the customer journey analytics market.
Restraints
Overpowering Data Volume
- With increased penetration of the internet, online shopping, and platforms of e-commerce, the data is also intensely growing. This propels the demand for better analytics tools. The mounting data volume from different customer categories may be overpowering, which could be a difficult task for businesses to manage. Businesses may struggle to interpret useful insights resulting in wrong or poor analysis.
Lack of Skilled Professionals
- Despite several improvements and innovations taking place in the market, lack of skilled experts with the required expertise and skills in customer experience and associated technologies may notably hamper the growth of the market. The gap in skills may significantly slow down implementation of customer journey analytics technologies and restrict their efficiency.
Request Free Customization of this report to help us to meet your business objectives.
Customer Journey Analytics Market Competitive Landscape
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
- Adobe Inc. (US)
- Salesforce.com, Inc. (US)
- IBM Corporation (US)
- SAP SE (Germany)
- Verint Systems Inc. (US)
- NICE Ltd. (Israel)
- Salesforce.com, Inc. (US)
- Woopra Inc. (US)
- Acquia, Inc. (US)
- ClickFox, Inc. (US)
- ENGAGEMENT LABS INC. (Canada)
- Glassbox (Israel)
- Adoreboard (Northern Ireland)
- CaliberMind (US)
- LatentView Analytics (US)
- Oracle Corporation (US}
- Google Analytics (US)
- SAS Institute Inc. (US)
- Teradata Corporation (US)
- Pega Systems Inc. (US)
Customer Journey Analytics Market Recent Developments
- In May 2024, Salesforce expanded its Einstein Copilot competencies by launching novel features for vendors and marketers. This trustworthy and reliable AI assistant by Salesforce assists businesses of all types with everyday merchandizing and marketing tasks besides its extra functionalities for services and sales.
- In March 2023, Adobe declared the launch of its novel solutions to communicate with cross-channel information and understanding on customer journey analytics. The novel competencies allow product groups to self-seek their insights and data on service experience by guided workflows.
- In October 2022, Appier announced the final completion of Woopra for strengthening its dominant ranking in processing 1st party data to create next-gen CDP using user-centric visualization analytics and improved AI technology.
Customer Journey Analytics Key Market Trends
- Focus on Real-Time Analysis and Personalization: The market is witnessing increased demand for data processing in real-time for streamlined and quick decision-making. Businesses are heavily investing in technologies that offer real-time understandings for consumer connections in diverse channels. Personalized marketing is of growing significance as customers are expecting customized experiences. Hence, businesses are using customer journey analytics solutions for offering more customized services and offers depending on individual needs.
- Rise of Cloud-Based Solutions: Cloud Deployment is gaining significance owing to its cost-effectiveness, scalability, and easy access. Businesses are shifting their existing systems to cloud-based systems for enhanced flexibility. Also, the growing integration of customer journey analytics with CRM offers an inclusive view of consumer interactions, for better informed decision-making. This trend is projected to gain momentum in the forthcoming years.
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 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 |
|
| 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:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
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 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 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 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.
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 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 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.
USA (+1) 351-333-4748
