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The customer journey analytics market size was valued at USD 3.85 billion in 2022 and is projected to grow from USD 4.16 billion in 2023 to USD 8.34 billion by 2030, exhibiting a CAGR of 10.4% during the forecast period. North America dominated the global market with a share of 35.84% in 2022.
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.
Major players operating in the customer journey analytics 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.
Rising Consumer Preference toward Online Shopping Boosted Market Growth
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.
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Rising Integration of Artificial Intelligence (AI) Technology with Analytics Solution to Augment Customer Journey Analytics 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.
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. Thus, it is expected to drive the market growth in the coming years.
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. To meet customer demand, companies are continuously engaged in the development of consumer-facing 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.
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 2022, 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.
The mobile segment is anticipated to grow at the highest CAGR during the forecast period, as the number of mobile app users has significantly increased over the past few years. It helps businesses to understand the customer journey during the onboarding process via mobile apps. The push notifications feature engages mobile app users. Businesses can determine which message and timing yields the best results.
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 2022 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.
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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 2022, 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.
North America Customer Journey Analytics Market Size, 2022 (USD Billion)
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By geography, the market is analyzed across five major regions, North America, South America, Europe, the Middle East & Africa, and Asia Pacific.
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.
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.
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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.
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.
An Infographic Representation of Customer Journey Analytics Market
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The customer journey analytics market 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.
CAGR of 10.4% from 2023 to 2030
Value (USD Billion)
BY Touchpoint, Deployment, Industry, and Region
The market is projected to reach USD 8.34 billion by 2030.
In 2022, the market stood at USD 3.85 billion.
The market is projected to grow at a CAGR of 10.4% in the forecast period.
Based on touchpoint, the website segment is likely to lead the market.
The growing demand to provide better customer experience is expected to drive the market growth.
Adobe Systems, Inc., Salesforce.com, Inc., Nice Ltd., Genesys, Teradata, and Quadient are the top players in the market.
North America is expected to hold the highest market share.
The Asia Pacific market is expected to grow with the highest CAGR over the forecast period.
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