This market research report includes a detailed segmentation of the global customer journey analytics market by roles (marketing, customer experience), applications (data analysis and visualization, customer churn and behavior analysis, campaign management, product and brand management), verticals (BFSI, retail, telecom, travel and hospitality, healthcare, government, others), and regions (North America, Europe, APAC, RoW). The market research report identifies IBM, SAP, Salesforce, Adobe Inc., and NICE Ltd. as the major vendors operating in the global customer journey analytics market.
Overview of the Customer Journey Analytics Market
Infoholic’s market research report predicts that the global customer journey analytics market will grow at a CAGR of 21.6% during the forecast period. The market for customer journey analytics is driven by increasing demand for offering personalized experiences to customers, understanding the journey from the customer perspective, knowing about the conversion rate, and creating a long-term, healthy, & profitable relationship with customers. Complications in data synchronization and data & privacy issues are hampering the market growth.
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Customer journey analytics helps the companies to know about “what”, “why”, and “how” a customer behaves during the entire journey, as every experience can alter the customer journey in a positive or a negative way. For creating a long-term, healthy, and profitable relationship with customers, more and more companies are adopting customer journey analytics solutions.
According to the customer journey analytics industry analysis, North America accounted for the largest share of the global customer journey analytics market in 2018. With the presence of the highest number of technology innovators and market disruptors, the adoption of customer journey analytics solutions is highest in this region. Several retailers in this region are focusing on enhancing customer loyalty and level of customer satisfaction. The Asia Pacific region is expected to witness the fastest growth rate due to the increasing need to attract diverse shoppers.
Customer Journey Analytics Market Research Competitive Analysis and Key Vendors
This research report covers and analyzes the global customer journey analytics market. Major vendors across different verticals are planning for high investments in this market, and as a result, the customer journey analytics market is expected to grow at an impressive rate in the coming years. The key players in the customer journey analytics market are adopting various organic as well as inorganic growth strategies such as mergers & acquisitions, collaborations & partnerships, joint ventures, and few other strategies to be in the strong position in the market.
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Some of the Key Vendors in the Customer Journey Analytics Market Research:
Roots, a Canada-based apparel retailer, implemented IBM’s customer experience analytics for delivering a seamless journey to their customers from browsing till purchasing and enhancing digital experiences for online shoppers. A US-based telecom provider deployed NICE Customer Engagement Analytics solution for analyzing all human and digital touchpoints, which resulted in a better understanding of entire customer experience, increased customer satisfaction, and retention.
There are numerous other vendors that have been studied based on the portfolio, geographical presence, marketing & distribution channels, revenue generation, and significant investments in R&D, for analysis of the entire ecosystem.
Customer Journey Analytics Market Research By Roles
- Customer Experience
In terms of roles analysis, customer experience is expected to grow at the highest rate during the forecast period 2019–2025.
Customer Journey Analytics Market Research By Applications
- Data Analysis and Visualization
- Customer Churn and Behavior Analysis
- Campaign Management
- Product and Brand Management
Among the applications mentioned above, data analysis and visualization is estimated to hold the largest market share in 2019 and is likely to continue this trend during the forecast period 2019–2025.
Customer Journey Analytics Market Research By Verticals
- Travel and Hospitality
In terms of verticals analysis, the retail market is expected to grow at the highest rate for driving profitability, soothing customer concerns with seamless omnichannel experience, and enhancing loyalty program.
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Customer Journey Analytics Market Research Benefits
The report provides an in-depth analysis of the global customer journey analytics market. Customer journey analytics, by combining the entire journey data, analyzes all the aspects of customer interactions, resulting in improved loyalty and customer acquisitions. By analyzing various customer touchpoints, customer journey analytics provides companies an opportunity to personalize their customer experiences and drive their revenues. The companies, by understanding customer behavior, can increase the lifetime value of their customers; and by knowing about the CSAT and net promoter score (NPS), they can increase the visibility into the customer journey as well. The companies are focusing on adopting customer journey analytics solutions to build a long-lasting and meaningful customer relationship. The report discusses the market in terms of roles, applications, verticals, and regions. Further, the report provides details about the major challenges impacting the market growth.