Customer Journey Analytics Market

GMI Research analysis indicates that the Customer Journey Analytics Market size was estimated at USD 12.2 billion in 2022 and is slated to register a double digit CAGR of 18.6% over the period 2023-2030 and is projected to reach USD 47.8 billion in 2030.

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Major Customer Journey Analytics Market Drivers

The global customer journey analytics market is driven by rising demand for building, organizing, and collaborating on work in one place virtually from anywhere during the COVID-19 pandemic. Growing demand for customer journey analytics platforms with the surge in the trend towards adopting the online e-commerce sale through the leading online portals such as Flipkart, Amazon, etc., have propelled the market growth. For instance, according to the UNCTAD organization report, the global e-commerce sale is valued at USD 26 trillion, increasing rapidly. Thus, such a rising trend towards adopting the e-commerce portal for shopping has created a massive demand for the customer journey analytics market for accessing the consumer’s behavior and enhancing the sale by promoting the product through online portals. Customer journey analytics is used to track and analyze the customer’s behavior and combinations of channels for interacting with an organization that interfaces directly with customers.

The rising trend towards adopting AI, machine learning, etc. technology to generate sales and interact with customers worldwide is expected to strengthen the customer journey analytics market growth. For instance, in 2021, Adobe launched an AI-infused customer analytics platform for offline data that enables organizations to apply AI to data from online and offline sources to gain deeper customer behavior insights.

Restraint in the Customer Journey Analytics Market

However, a highly skilled workforce and difficult to predict the exact customer base using the customer journey analytics tools hamper the global customer journey analytics market. All organizations require to measure and manage efforts with numbers to quantify the Return on Investment of customer experience is a challenging factor for the customer journey analytics market.

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Component – Segment Analysis

Based on the component, services are expected to grow at the fastest rate in the global customer journey analytics market during the forecast period due to the rising launching of several digital tools services that can track consumer behavior. For instance, in 2017, Amazon has launched a virtual customer service with creating cost-efficient employment prospects for skilled candidates with more flexible work opportunities.

Function – Segment Analysis

Based on the function, call center projected to capture the largest market share over the forecast period in the global customer journey analytics market due to the rising KPO, BPO sector at a rapid pace along with the surge in demand for accessing the consumer behavior for tracking the exact audiences related to the products and any market.

Deployment Mode – Segment Analysis

Based on the deployment mode, cloud holds the highest market share in 2020 in the global customer journey analytics market owing to the rising adoption of the cloud platforms by the leading players to access the customer data and predict the consumers and store the information on cloud platforms to get better customer insights. For instance, in 2019, Flybuys, Australia’s most extensive loyalty program, has shifted its infrastructure to the cloud to better serve more than 8.6 million active members. This program has unlocked the new capabilities for providing deeper customer insights and to offer more relevant, personalized services by safeguarding sensitive user’s data.

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Regional – Segment Analysis:

North America region is dominated the global market share in the customer journey analytics market in 2020 due to the rising presence of leading players, growing consumer spending through the online e-commerce shopping portal, and rising demand for online shopping during the Covid-19 pandemic in this region. Also, several leading players are launching new technologies for better insight into the consumers and track the consumer’s behavior in this region. For instance, in 2020, one of the leading technology players in the United States, Microsoft Corporation has launched Clarity, the general availability of the web analytics tool. Microsoft Clarity is a free-to-use analytics product that helps website managers improve their website experiences to understand site consumer behavior better.

Top Market Players

Various notable players operating in the market include Adobe, IBM Corporation, NICE Ltd., Verint, SAP SE, NetBase Quid, Salesforce, Cisco Webex, Acoustic, L.P., Insider, BryterCX, Servion Global Solutions, CallMiner, Trustwave Holdings, Inc., Woopra, Inc., WebEngage and among others. 

Key Developments:

• • In 2020, Pointillist launched the AI-driven software orchestration and customer journey analytics platform on the Genesys AppFoundry. Pointillist’s Genesys customer experience and contact center solutions help companies reduce cost-to-serve and improve customer experience.
  • In 2020, IBM Corporation launched new innovative capabilities for Watson, a global brand to infuse intelligence into their workflows. IBM will build research innovations using automation, natural language processing, and building trust to commercialize Watson’s products.
  • In 2020, Verint launched the Digital Behaviour Analytics tool to understand the customer’s navigation on the Digital Properties to enhance the quality of customer experiences to improve the business outcomes.

Segments covered in the Report:

The global customer journey analytics market has been segmented on the basis of component, function, deployment mode, application and key regions. Based on component, the market is segmented into software and services. Based on the function, the market is divided into web, mobile, call centre, branch/store, social media, email and others. In terms of the deployment mode, the global customer journey analytics market is divided into cloud and on-premise. Based on the organization size, the global market is divided into smes and large enterprises. Based on the application, the market is divided into product management, brand management, customer churn analysis, customer behavioural analysis, campaign management, customer, segmentation and targeting and others. Based on end user, the global market is divided into BFSI, government & defence, manufacturing, IT & telecommunications, automotive & transportation, retail & ecommerce, healthcare & life science and others. 

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Market Segmentation

Global Customer Journey Analytics Market by Component

• • Software
  • Services

Global Customer Journey Analytics Market by Function

• • Web
  • Mobile
  • Call Centre
  • Branch/Store
  • Social Media
  • Email
  • Others

Global Customer Journey Analytics Market by Deployment Mode

• • Cloud
  • On-Premise

Global Customer Journey Analytics Market by Organization Size

• • SMEs
  • Large Enterprises

Global Customer Journey Analytics Market by Application

• • Product Management
  • Brand Management
  • Customer Churn Analysis
  • Customer Behavioural Analysis
  • Campaign Management
  • Customer Segmentation and Targeting
  • Others

Global Customer Journey Analytics Market by End-User

• • BFSI
  • Government & Defence
  • Manufacturing
  • Telecommunications & IT
  • Automotive & Transportation
  • Retail & Ecommerce
  • Healthcare & Life Science
  • Others

Global Customer Journey Analytics Market by Region

• • North America Customer Journey Analytics Market (Option 1: As a part of the free 25% customization)

    • By Component
    • By Function
    • By Deployment Mode
    • By Organization Size
    • By Application
    • By End-user
    • US Market All-Up
    • Canada Market All-Up

  • Europe Customer Journey Analytics Market (Option 2: As a part of the free 25% customization)

    • By Component
    • By Function
    • By Deployment Mode
    • By Organization Size
    • By Application
    • By End-user
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Customer Journey Analytics Market (Option 3: As a part of the free 25% customization)

    • By Component
    • By Function
    • By Deployment Mode
    • By Organization Size
    • By Application
    • By End-user
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Customer Journey Analytics Market (Option 4: As a part of the free 25% customization)

    • By Component
    • By Function
    • By Deployment Mode
    • By Organization Size
    • By Application
    • By End-user
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Customer Journey Analytics (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Adobe
  • IBM Corporation
  • NICE Ltd.
  • Verint
  • SAP SE
  • NetBase Quid
  • Salesforce
  • Cisco Webex
  • Acoustic, L.P.
  • Insider
  • BryterCX
  • Servion Global Solutions
  • CallMiner
  • Trustwave Holdings, Inc.
  • Woopra, Inc.
  • WebEngage