Customer Journey Analytics Market Report Overview
Customer Journey Analytics Market size is analysed to grow at a CAGR of 20.1% during the forecast 2022-2027 to reach $25.92 billion by 2027. Customer Journey Analytics combines each touch-point with which a consumer interacts across multiple channels. Customer journey analytics gives marketers and customer experience professionals a one-of-a-kind and powerful tool for understanding and engaging with each consumer on a personal level. By analysing massive data points in real-time, one can determine the most important consumer journeys and prioritise these opportunities that have a significant impact on business goals, and encourage respective campaign management endeavours. Adoption of consumer behavior data analysts is increasing as a result of rising analytics trends driven by the availability of real-time data and digitization. The necessity of analysing customer behavior data leads to an increase in demand for consumer journey analysis. Much of the marketing world is still focused on customer acquisition, but improving customer retention will yield far better ROI and cost between 5 and 25 times less than customer acquisition. Customer journey analytics is the combination of analytical solutions and marketing tools used to track potential customers in real time by creating a chronological timeline of consumer engagement. It detects consumer movements across multiple channels and reaches points by combining data from customer interactions, feedback, and transactions to provide an end-to-end picture of the consumer journey. It is a combination of advanced analytics, big data technology, and domain expertise that enables businesses to map their customer journey. In November 2020, SAP completed the acquisition of Emarsys, a provider of omnichannel customer engagement platforms. Emarsys’ products will be integrated into the SAP Customer Experience portfolio. With the addition of Emarsys products to the SAP Customer Experience portfolio, SAP will be able to engage customers and provide hyper-personalized, omnichannel analysis in real time. From financial services and telecommunications to healthcare and retail, it is now widely acknowledged that exceptional customer experience can have a significant impact on business outcomes such as share of wallet, retention, and customer lifetime value.
Customer Journey Analytics Market Segment Analysis – By Deployment
By Deployment, Customer Journey Analytics Market has been segmented into On-premises, Cloud. During the forecast period, the cloud segment will grow at a faster CAGR. The cloud segment’s high CAGR can be attributed to the availability of simple deployment options with low capital and time requirements. As social distancing and online purchasing of goods hit the industry, these factors are expected to drive the adoption of cloud-based customer journey analytics solutions, supporting the current COVID-19 lockdown scenario. Customers’ preference for online purchases is expected to drive up demand for customer journey analytics solutions and services. Because of lockdown regulations, the number of online media and entertainment users has increased, creating a demand for customer journey analytics solutions and services for understanding customer needs. In November 2020, NICE and NTT Data Germany have formed a strategic alliance. With CXone, the partnership aims to improve customer experience and drive cloud transformations. NTT DATA will sell and support the entire NICE solution suite in the EMEA region, including CXone, NICE Nexidia Analytics, and NICE Robotic Automation, as a strategic partner.
Customer Journey Analytics Market Segment Analysis – By Vertical
By Vertical, Customer Journey Analytics Market has been segmented into BFSI, Healthcare, Government, Retail & eCommerce, Manufacturing, Travel & Hospitality, Transportation & Logistics, Media & Entertainment, Telecommunication & IT, Others. During the forecast period, the retail and eCommerce vertical is expected to grow at the fastest CAGR, and influence positively to the growth of the Customer Journey Analytics Market share. To meet the rapidly changing customer expectations, retail and eCommerce companies are turning to customer journey analytics solutions, which can track the customer’s journey across multiple channels in real time and guide them to meet their needs. Consumers today not only value, but also expect, a personalised omnichannel experience in the retail market. As a result, many retailers are utilising technologies such as customer analytics to gain a more comprehensive understanding of a consumer’s wants and needs. As retail sales increase, customer analytics is increasingly being used in the retail industry to develop personalised communications and marketing programmes. It also contributes to improved customer experience and loyalty by identifying which buyers are purchasing which products and personalising marketing based on shopper data.
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Customer Journey Analytics Market Segment Analysis – Geography
By geography, Customer Journey Analytics Market has been segmented under North America, Europe, APAC, South America and RoW. North America is analysed to be the major region with a share of 35.2% in 2021 for the Customer Journey Analytics Market share. In 2021, North America will dominate the global customer journey analytics market. Because of the growing proliferation of online applications across the country, the United States is the key market in the region for the adoption of customer journey analytics. The North America customer journey analytics market is expected to remain dominant during the forecast period, as the majority of key players, including IBM Corporation, Verint Systems, and Adobe Systems, are based in this region and have pioneered customer journey analytics products and services. Furthermore, the North America region has a well-developed IT infrastructure, which means that analytics technology is expected to be adopted early on, supporting the market’s growth. In September 2020, IBM Corporation has received the “Holland on the Hill Heineken Award” for its contributions to the economic relationship between the Netherlands and the United States. The award recognition will boost the company’s brand image and sales in North America.
Customer Journey Analytics Market Drivers
The increasing need to provide a better customer experience is driving the demand for customer journey analytics:
The recent boom in technology and digital transformation has resulted in a customer revolution in terms of changes in purchasing behaviors, options, and modes. Customers’ loyalty is no longer based on price or product. Instead, they remain loyal to companies because of the experiences they have had. Customer experience encompasses all aspects of a company’s offering, including, of course, the quality of customer service, but also advertising, packaging, product and service features, ease of use, and dependability. The best competitive advantage a company can secure is exceptional customer experience. Customer experience has grown in importance over the last decade, and it is now regarded as the primary competitive battleground for businesses of all sizes. From financial services and telecommunications to healthcare and retail, it is now widely acknowledged that exceptional customer experience can have a significant impact on business outcomes such as share of wallet, retention, and customer lifetime value. In January 2021, NICE introduced new integrated capabilities between NICE inContact CXone and Microsoft Teams, enabling real-time recording and compatibility with a variety of related applications. With the introduction of these new capabilities, customers will be able to secure every interaction by utilising global, carrier-grade voice services.
The increased demand for real-time customer journey analytics to generate actionable insights will drive market growth:
In today’s digital and big data era, data can be structured or unstructured, and the majority of it resides outside of enterprises. As a result, having a platform that can be used to integrate various customer data has become critical. Currently, enterprises require a comprehensive customer journey analytics platform that can collect a large volume of customer data in real time and provide meaningful insights. This can assimilate data, structure, refine, provide exploratory capability, identify and evaluate various patterns, and help make insight-based decisions faster. The customer journey analytics provides layers that allow users to explore data in order to better understand customer needs and project trends, as well as draw valuable insights using well-known analysis methods such as sales and marketing optimization, cost optimization, risk management, and social network analysis. The most recent data and analytics tools are expected to provide opportunities for growth in data analysis for the benefit of customers and the market. They aid in the modification of internal processes as well as the development of the product and service model.
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Customer Journey Analytics Market Challenges
Data Security & Privacy Concerns may hinder Customer Journey Analytics market growth:
Security threats are expected to increase in the future. The financial impact of cybercrime has increased by nearly 78% in the last four years, and the time it takes to resolve cyberattacks has more than doubled. The increased volume of data from various sources is causing problems for several IT departments. Inefficiencies in managing exabytes and petabytes of data have increased the likelihood of security breaches and data loss. To provide an exceptional customer experience in today’s competitive market, the marketing team requires real-time and secure data. Organizations collect data through multiple touchpoints and measure it virtually. Such data, which is used in support and communications, can include a wide range of data types, including public information, big data, and small data collected from customers. Permissions, individual preferences, and up-to-date contact information on products, services, and communication platforms are examples of this data. To maintain customer trust, vendors must ensure high-level data security.
Customer Journey Analytics Industry Outlook
Technology launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in this market. In 2021, the market of Customer Journey Analytics industry outlook has been fragmented by several companies. Customer Journey Analytics top 10 companies include
1. Oracle Corporation
2. Adobe, Inc.
3. Salesforce.com, Inc.
4. NICE Ltd.
5. SAP SE
6. Microsoft Corporation
7. Google, Inc.
8. Cisco Systems, Inc.
9. Teradata Corporation
10. Genesys Telecommunications Laboratories, Inc.
In January 2021, NICE launched innovative integrated capabilities between NICE inContact CXone and Microsoft Teams, enabling real-time recording and compatibility with a variety of related applications. With the introduction of these new capabilities, customers will be able to secure every interaction by utilising global, carrier-grade voice services.
In December 2020, Genesys launched Genesys Digital, a new business unit of Genesys. Genesys Digital will focus on enabling businesses to keep up with consumers’ evolving preferences for digital engagement throughout the customer journey, whether it’s using webchat for an inquiry, scheduling an appointment via text, or receiving care from a chatbot.
In January 2020, SAP completed the acquisition of Emarsys, an omnichannel customer engagement platform provider. The Emarsys products will be added to the SAP Customer Experience portfolio. With the addition of Emarsys products to the SAP Customer Experience portfolio, SAP will be able to engage customers and deliver hyper-personalized, omnichannel engagements in real time.
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The customer journey analytics market has been divided into two deployment modes, on-premises and cloud. During the forecast period, the cloud segment is expected to grow at a rapid pace. The cloud segment’s high CAGR can be attributed to the availability of simple deployment options with low capital and time requirements.
North America will dominate the global customer journey analytics market. Because of the growing proliferation of online applications across the country, the United States is the key market in the region for the adoption of customer journey analytics.
Customer journey analytics is a combination of analytical solutions and marketing tools used to track potential customers in real time by creating a chronological timeline of consumer engagement.
Relevant Report Titles:
Customer Experience Management Market
Retail Analytics Market
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