Customer Journey Analytics Market Size, Share & Industry Analysis, By Touchpoint (Website, Social Media, Email, Mobile, and Others), By Deployment (Cloud and On-premises), By Industry (BFSI, Healthcare, Retail and E-commerce, IT & Telecom, Travel & Hospitality, and Others), and Regional Forecast, 2024-2032

The global customer journey analytics market size was valued at USD 4.16 billion in 2023 and is projected to grow from USD 4.53 billion in 2024 to USD 10.08 billion by 2032, exhibiting a CAGR of 10.5% during the forecast (2024-2032). North America accounted for a market value of USD 1.47 billion in 2023. In the scope of work, we have included solutions offered by companies such as Nice Ltd., Genesys, Adobe Systems, Inc., Salesforce.com, Inc., Teradata, and others. Customer journey analytics is the process of tracking and analyzing customer behavior across all touchpoints in the customer journey. The solution is enabled with innovative technologies such as machine learning, artificial intelligence, Python, and other software tools. The solution is majorly used by enterprises to understand and analyze customer’s data in real time. Customer journey analytics usually include analysis of customer needs, customer satisfaction scores, customer effort scores, and more. It provides real-time analysis of every member of an organization on the basis of their performance. In addition, it integrates data about customer behavior with marketing metrics. In this way, companies can get a better sense of customer requirements and expectations.

Major players operating in the market are offering their services to various industries such as BFSI, healthcare, retail & e-commerce, IT & telecom, travel & hospitality, and others. In the scope of the report, we have included solutions offered by companies such as Nice Ltd., Genesys, Adobe Systems, Inc., Salesforce.com, Inc., Teradata, and others.

The pandemic negatively impacted the market in 2020 due to lockdown restrictions. This led to a shift in customer behavior from offline shopping to online shopping. However, the market started to stabilize from mid-2021. Due to lockdown restrictions, there was a massive increase in the number of online shopping and media & entertainment users across the globe. Further, growing demand for high speed internet and significant rise in digitizing businesses, including providing service to customers by making customer journey maps and creating digital approaches is expected to fuel the market growth during the forecast period. In addition, this solution plays an important role to provide customer-focused marketing insights to businesses to maximize marketing return on investment and reduce marketing investments. This led to a surge in demand for customer journey analytics solutions among enterprises across the globe.

Customer Journey Analytics Market Trends

Rising Integration of Artificial Intelligence (AI) Technology with Analytics Solution to Augment Industry Growth

Adoption of Artificial Intelligence (AI) and machine learning enabled customer journey analytics to play an important role to predict and analyze consumer behavior. Moreover, the market vendors continue to focus on augmenting UI/UX, visualizations, and interactive capabilities to drive better business outcomes. These vendors are also engaged in the development of highly sophisticated, scalable, and native AI capable platform.

According to March 2023 study from CSG Systems International, Inc., with data from over 12 billion global customer journey interactions, businesses are in necessity to speed up digital customer experiences by incorporating novel technologies into customer journey analytics solutions.

Thus, the increasing adoption of AI technology to enhance solution offerings and analyze consumer behavior data in real-time would propel the market growth during the forecast period.

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Customer Journey Analytics Market Growth Factors

Growing Demand to Provide Better Customer Experience to Drive Market Expansion

The adoption of novel technologies and digital transformation have revolutionized the business working model. Companies are more focused on analyzing buying behavior, modes, and choices of customers in real-time. Nowadays, customers prefer to purchase a product based on the shopping experience they receive from the company. The use of customer journey analytics solutions helps businesses to create customer journey maps, enabling them to cover all touchpoints in the customer journey. Further, during the last decade, customer experience has risen in importance and is now considered as a very important factor for business growth across various industries. From BFSI to healthcare and telecommunications to retail, customer journey analytics solutions are considered vital for generating higher business outcomes. As per "The State of Personalization 2022" report by Twilio, around 80% of businesses noted that customers spend more when their experience is highly personalized. Hence, to maintain a competitive edge, businesses are increasingly spending on customer journey analytics to gain insights about customer journeys.

RESTRAINING FACTORS

Increasing Cybersecurity Threats to Hamper Market Growth

The chances of cybersecurity threats are likely to increase with the rapid adoption of digital transformation in customer shopping experience. Cyberattacks are increasing rapidly across the world. Around 30,000 websites are hacked daily across the globe. Additionally, the average number of cyber threats and data breaches surged by 15.1% in 2021 compared to 2020. To meet customer demand, companies are continuously engaged in the development of consumer-friendly platforms. To pay utility bills, make telehealth appointments, and order groceries and other products, users are required to enter their personal details. Owing to this, major players are focusing on making their platforms capable of handling all this vital information in a secure manner. The increasing connected devices and machines will lead to an increase in cyber-attacks. Thus, technology fragmentation and increasing cyber-attacks are expected to hamper the customer journey analytics market growth.

Customer Journey Analytics Market Segmentation Analysis

By Touchpoint Analysis

Website Segment Holds Dominant Share Owing to Benefit of Navigation Optimization

Based on touchpoint, the market is classified as website, social media, email, mobile, and others (stores and call center).

The website segment captured the maximum market share in 2023, as customer journey analytics solution allows businesses to track and analyze the paths users take on a website. By understanding the flow of users from entry points to exit points, businesses can identify common user’s journeys, identify bottlenecks or drop-off points, and optimize the navigation and content structure to guide users toward desired actions.

By Deployment Analysis

Growing Demand for Cloud-based Solution to Fuel Market Growth

Based on deployment, the market is bifurcated into cloud and on-premises.

The cloud segment held the larger share of the market in 2023 and it is likely to gain significant growth during the estimated period as it is easy to deploy and requires minimal initial capital and time. As businesses grow over the period, enterprises are adopting cloud-based software to expand their capability to store a considerable amount of data. Cloud-based solution also offers complete data visibility and control features. This is likely to drive the cloud-based software market.

By Industry Analysis

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Growing Digital Banking Applications to Drive Demand for the Solution in BFSI

By industry, the market is categorized into BFSI, healthcare, retail and e-commerce, IT & telecom, travel & hospitality, and others (energy & utilities).

The BFSI segment held the maximum market share in 2023, as the analytics tool is used to gain insights into customer behavior, preferences, and interactions throughout their journey with a financial institution. Moreover, the tool helps BFSI organizations to determine which marketing campaigns, referral programs, or digital channels are attractive and convert the most valuable customers. Thus, adoption of customer journey analytics solutions in BFSI plays an important role to improve customer satisfaction, loyalty, and business performance.

The retail and e-commerce segment is anticipated to grow at the highest CAGR in the coming years. The solution helps retail and e-commerce businesses to track and understand customers’ journey, preferences, past purchases, interactions, and evaluate the effectiveness of marketing campaigns across various touchpoints. Further, this data can be used by retailers to personalized recommendations, targeted offers, and creating a more personalized and engaging shopping experience.

REGIONAL INSIGHTS

By geography, the market is analyzed across five major regions, North America, South America, Europe, the Middle East & Africa, and Asia Pacific.

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North America is likely to hold a major customer journey analytics market share following Asia Pacific. The U.S. is expected to witness rapid growth owing to rising technological advancements and a strong digital infrastructure. The availability of advanced analytics tools, cloud computing, Big Data processing capabilities, and AI-driven platforms has made it easier for businesses to implement and leverage analytics solutions.

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Asia Pacific is expected to grow at the highest CAGR during the forecast period. Businesses across China, India, Japan, Australia, and Southeast Asian countries have recognized the importance of customer journey to drive better customer experience. Moreover, Asia Pacific has a strong mobile-first culture, with a high proportion of the population accessing the internet and conducting transactions through mobile devices. Thus, the product adoption is expected to further surge in the Asia Pacific region.

Europe is expected to experience a prominent CAGR during the forecast period. European countries, such as the U.K., Germany, France, Spain, and Nordics, have seen increased the adoption of Customer Journey Analytics (CJA). Europe’s open market and ease of cross-border operations have encouraged businesses to adopt CJA to understand and cater to customers across different countries and cultures. This cross-border operation helps businesses to tailor their offerings and experiences to specific markets fostering customer loyalty and international growth.

The Middle East and Africa and South America regions are expected to showcase prominent growth during the forecast period. E-commerce has experienced significant growth in the MEA region, owing to growing adoption of internet access, expanding logistics networks, and an increasing customer base. Moreover, in South America, the presence of diverse regions with varying cultural norms and preferences across countries plays a vital role for significant growth of the market in the region.

List of Key Companies in Customer Journey Analytics Market

Key Players Are Developing and Expanding their Solution Offerings Worldwide

The market players are investing in advanced technologies, such as A.I., cloud, and machine learning, to improve the capabilities of their services. Also, the major players in the market are involved in adopting various strategies, such as mergers, acquisitions, collaborations, and partnerships, in expanding their market presence.

• October 2022 – Nice Ltd. launched FluenCX, a Journey Orchestration platform. It provides real-time customer data as well as customers’ next actions based on their historical purchasing data, time, and place.

LIST OF KEY COMPANIES PROFILED:

• Adobe Systems, Inc. (U.S.)


• Salesforce.com, Inc. (U.S.)


• Nice Ltd. (Israel)


• Genesys (U.S.)


• Quadient (France)


• Pegasystems Inc. (U.S.)


• SAP SE (Germany)


• Acxiom LLC (U.S.)


• Verint Systems Inc. (U.S.)


• Teradata (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• February 2024 – Accenture announced its plans to acquire GemSeek Consulting, a Bulgarian customer analytics firm, for an undisclosed amount. Post-acquisition, more than 170 employees of GemSeek will join Accenture.


• November 2023 – Monetate announced the availability of a journey analytics tool that helps create unique and meaningful digital connections between brands and their customers. The customer journey analytics tool is built for every new Monetate-launched experience for fast results and evaluation.


• September 2022 – Pegasystems Inc. introduced Pega Customer Data Connectors. This will help clients to connect with their existing customer data platforms. These connectors allow businesses to connect to platforms such as ZineOne, Celebrus, and Adobe.


• March 2022 – Adobe Systems, Inc. introduced a new feature in its customer journey analytics tool for tracking customers under Adobe’s Experience cloud. The tool will provide real-time data of the customer journey.


• January 2022 – IgniteTech engaged in an agreement to acquire assets of Bryter CX. Through this acquisition, the company aimed to expand its business capabilities to enhance customer experience across various industries.


• December 2021 – Pegasystems Inc. launched a new AI-powered customer journey tool to enhance traditional customer journey experience. The new solution uses propensity modeling and intelligent decision making to develop optimal customer interactions.


• June 2021 – Acxiom LLC engaged in a partnership with MullenLowe Profero to launch Fuse, a customer data platform for marketing. The platform will help brands to provide connected customer experience in real time.

REPORT COVERAGE

An Infographic Representation of Customer Journey Analytics Market

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The report highlights leading regions across the globe to offer a better understanding to the reader. Furthermore, the report provides insights into the latest industry trends and analyzes technologies that are being deployed at a rapid pace at the global level. It further highlights some of the growth-stimulating factors and restraints, helping the reader gain in-depth knowledge about the market.

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