The global Customer Journey Analytics Market size to grow from USD 8.3 billion in 2020 to USD 25.1 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 20.3% during the forecast period. Various factors such as the growing need to provide seamless customer experience, a higher focus on better customer engagement strategies through omnichannel, and adoption of advanced analytics solutions to leverage the increasing customer data and reduce customer churn rate, are expected to drive the demand for customer journey analytics solutions and services.
The services segment to grow at a higher CAGR during the forecast period
The customer journey analytics market is segmented on the basis of components into solutions and services. Services are further segmented into professional and managed services. Professional services include consulting, deployment and integration, and support and maintenance services. The demand for professional services is expected to rise due to a rise in tailored demand for customers. Customers are coming up with customization requirements in the already installed customer journey analytics solutions to enhance the overall performance.
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The mobile segment to grow at a higher CAGR during the forecast period
The customer journey analytics market is segmented on the basis of data sources into web, social, mobile, email, store, call center, and other data sources (advertising, loyalty programs, surveys, and promotional events). The mobile segment is expected to grow at the highest CAGR during the forecast period. This growth is attributed as the growing interaction of users through mobile devices enables them to communicate with businesses in a more personalized manner. Therefore, enterprises are willingly implementing customer journey analytics solutions to analyze mobile data.
Customer journey analytics is the process of analyzing the customer experience across every touchpoint in the user journey. Companies use customer journey analytics to measure the effectiveness of initiatives they launch and their attribution toward their customers’ success. Customer journey analytics enables marketers and customer experience professionals to understand and engage with every customer at a personal level. It examines the customer journeys, based on behavior and emotions, through sales funnel, websites, social media platforms, and call center interactions. Businesses should focus on providing a smooth customer journey through leveraging new technologies, such as AI, automation, and big data. Customer journey analytics emerged as a more relevant solution to uncover the bottleneck to high-quality and consistent customer experiences.
Some of the key players operating in the customer journey analytics market include Oracle (US), Adobe (US), Salesforce (US), NICE (US), SAP (Germany), Microsoft (US), Google (US), Genesys (US), Cisco (US), Teradata (US), Alterian (US), 7.ai (US), Pointillist (US), BryterCX (US), inQuba (South Africa), Kitewheel (US), Verint (US), Thunderhead (UK), Servion (India), CallMiner (US), NGDATA (Belgium), Acoustic (US), FirstHive (US), CaliberMind (US), Amperity (US), and Cerebri AI (US). These customer journey analytics vendors have adopted various organic and inorganic strategies to sustain their positions and increase their market shares in the global customer journey analytics market.
Oracle was incorporated in 1977 and is headquartered in California, US. The company is a global leader in delivering a broad spectrum of products, solutions, and services designed to meet the requirements of corporate IT environments, such as platforms, applications, and infrastructure. Oracle’s customers include businesses of various sizes, government agencies, educational institutions, and resellers. The company, directly and indirectly, sells its products and services through a worldwide sales force and Oracle Partner Network, respectively. It specializes in developing, manufacturing, and marketing hardware systems, databases, and middleware software, and application software. It provides SaaS offerings that are designed to incorporate emerging technologies, such as IoT, AI, ML, and blockchain. It operates through three business segments: cloud and license, hardware, and services, in more than 175 countries and caters to 4,30,000 customers across banking, telecommunications, engineering and construction, financial services, healthcare, insurance, public sector, retail, and utilities verticals. Oracle offers the Oracle Analytics for Marketing to understand the customer journey more than ever before and process, sort, graph, and drill down into insights that provide both macro and micro views of marketing campaigns.
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Adobe is a provider of digital media software services. The company was founded in 1982 and is headquartered in California, US. It offers various products and services, which are utilized by professionals, marketers, knowledge workers, students, application developers, and enterprises. These products and services help enterprises manage, deliver, measure, and optimize business operations. The company also offers license products through its websites and application store. It provides products through the Software-as-a-Service (SaaS) model, managed service model, and pay-per-use model. Adobe operates through three business segments: digital media, digital experience, and publishing. It provides an Adobe Experience Platform for its clients. The platform enables them to generate better customer insights. The company distributes its products and services through a network of distributors, which includes VARs, SIs, Independent Software Vendors (ISVs), and OEMs. It has operations in various regions, which include North America, Europe, APAC, and MEA. The company offers the Customer Journey Analytics build on Adobe Experience Platform. Customer journey analytics solution provides an experience system for its clients. It helps them in understanding customer data insights.
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