Customer Journey Analytics Market Size, Share, Analysis 2031

Report Description

The global customer journey analytics market size was valued at USD 8.4 billion in 2021, is projected to reach at USD 25.2 billion by 2030 and expanding at a CAGR of 20.4% during the forecast period, 2022–2030. The growth of the market is attributed to increasing demand for better customer experience.

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Customer journey analytics is a procedure of evaluating customer behavior across touchpoints and in due course of time to determine how it affects company outcomes. Customer journey analytics capabilities provide context and clarity to the multichannel customer journey. Customer journey analytics benefits several sectors since it performs traffic and e-commerce analytics. Customer journey analytics offers specialists a powerful tool for understanding and engaging with each customer on a personal basis. It tracks consumer behavior across several channels and touch points by merging data from customer contacts, comments, and transactions to create a complete picture of the customer journey. It's a combination of sophisticated analytics, big data technologies, and domain knowledge that enables businesses to map their customers' journeys. Customer journey analytics includes dataset creation, diagnostics and visualization.

The coronavirus pandemic affected manufacturing firms, production, development, and logistics departments. The growth of the customer journey analytics market has hampered due to mandated lockdowns across the globe. There has been a shift in customer behavior, customers are using different channels for the same purchase. Customers are inclined towards online shopping using online sources to buy things including clothes, buying groceries, and medicines. Customer journey analytics market is increasing due to the demand for a different type of solutions and services.

Market Trends, Drivers, Restraints, and Opportunities

• Increasing demand for customer satisfaction and assistance is expected to drive the market.
• Rising demand for real-time customer journey analytics to generate actionable insights is projected to propel the market during the forecast period.
• Data security and privacy concerns is anticipated to hinder the market.
• Complex process of data synchronization is expected to hamper the market in the coming years.
• Increasing focus on virtual touchpoints is projected to create lucrative opportunities for market players. 

Scope of the Report

The report on the global customer journey analytics market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Cloud-based segment to expand at a considerable CAGR

On the basis of deployments, the customer journey analytics market is bifurcated into cloud-based and on-premise. The cloud-based segment is projected to expand at a considerable CAGR during the forecast period, due to the availability of simple deployment options with low capital and time requirements. The on-premise segment is anticipated to account for a major market share during the forecast period, owing to the increasing demand for customer satisfaction.  

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Services segment to hold a significant share of the market

Based on components, the market is divided into services and solutions. The services segment is expected to hold a significant share of the market in the coming years, due to the increasing demand for consistent customer support throughout business interaction. The solutions segment accounts for a significant market share, to understand customer needs.

Customer behavioral analysis segment to expand at a substantial CAGR

On the basis of applications, the customer journey analytics market is segregated into customer behavioral analysis, product management, customer segmentation and targeting, brand management, customer churn analysis, and others. The customer behavioral analysis segment is anticipated to expand at a substantial CAGR during the forecast period, owing to the increasing demand for customer satisfaction. The product management segment is expected to hold a significant share of the market, due to the increasing implementation of tools related to analytics.

Retail & E-commerce segment to register considerable market share

Based on industry verticals, the market is segmented into it & telecommunications, media & entertainment, healthcare, BFSI, retail & e-commerce, travel & hospitality, and others. The retail & e-commerce segment is projected to register considerable market share of the market in the coming years, due to the rapidly changing customer expectations. The BFSI segment is expected to hold substantial CAGR, as it enables high-performing teams to make data -driven decisions using complete data toolkit.

North America is anticipated to constitute a key market share

In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the forecast period, owing to technological advancements in the region. The market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period, due to the presence of key market players in the region.

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