Dublin, March 19, 2021 (GLOBE NEWSWIRE) -- The "Customer Journey Analytics Market by Component, Organization Size, Deployment Mode, Data Source, Application (Campaign Management & Product Management), Vertical (BFSI, Retail & eCommerce, & Telecommunications and IT), and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The customer journey analytics market is projected to grow from USD 8.3 billion in 2020 to USD 25.1 billion by 2026, recording a CAGR of 20.3% during the forecast period.
Key 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 objective of the report is to define, describe, and forecast the customer journey analytics market size based on component, organization size, deployment mode, data source, application, vertical, and region.
The rise in demand for real-time customer journey analytics to generate actionable insights and COVID-19-led focus on new customer engagement models through digital experience are expected to offer growth opportunities to customer journey analytics vendors.
However, key factors such as difficulties in quantifying customer experience RoI, the concern of data privacy laws, and protection of customer data from cyberattacks and breaches are restraining the market growth. Data security and privacy concerns, growing difficulty in synchronizing silos with customer experience data collected across multiple sources, and lack of understanding the single view of the customer journey are key challenges in the adoption of 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 based on components, such as solutions and services. The services segment is expected to grow at a rapid pace during the forecast period. The growth can be attributed to the increasing demand for deployment and integration, and support and maintenance services by end users to effectively integrate customer journey analytics tools for analyzing customer data collected from multiple data sources.
The cloud segment to grow at a higher CAGR during the forecast period
The customer journey analytics market by deployment mode has been segmented into on-premises and cloud. The cloud segment is expected to grow at a rapid pace during the forecast period. Highly secure data encryption, complete data visibility, and control features have resulted in larger market size for on-premises mode customer journey analytics solutions.
The high CAGR of the cloud segment can be attributed to the availability of easy deployment options and minimal requirements of capital and time. These factors are supporting the current lockdown scenario of COVID-19 as social distancing and lack of workforce hit the industry, and are expected to drive the adoption of cloud-based customer journey analytics solutions.
Among verticals, the retail and eCommerce segment to grow at the highest CAGR during the forecast period
The customer journey analytics market is segmented based on verticals into BFSI, government, healthcare and life sciences, retail and e-commerce, manufacturing, transportation and logistics, media and entertainment, telecommunications and IT, travel and hospitality, and other verticals (energy and utilities, and education). The BFSI vertical is expected to account for the largest market size during the forecast period.
Moreover, the retail and eCommerce vertical is expected to grow at the highest CAGR during the forecast period. To meet the rapidly changing customer expectations, retail and eCommerce companies are inclining toward customer journey analytics solutions, which can monitor the customer's journey in real time across different channels and guide them to meet their requirements.
Among regions, Asia Pacific (APAC) to grow at the highest CAGR during the forecast period
APAC is expected to grow at the highest CAGR during the forecast period. The increasing investments by the tech companies in major APAC countries, such as China, India, and Japan, increasing government regulations and initiatives are expected to drive the growth of the market in APAC.
Businesses in the APAC region are deploying customer journey analytics solutions to generate statistical data and make faster business decisions. Countries such as China, India, and Japan are focusing on providing seamless customer experience by tracking customer sentiments throughout the customer journey and stay competitive.
Market Dynamics
Drivers
- Growing Need to Provide Better Customer Experience to Drive the Need for Customer Journey Analytics
- Rising Need to Plan Better Customer Engagement Strategies Through Omnichannel
- Increasing Data Volume to Drive the Demand for Advanced Customer Journey Analytics Solution to Reduce Customer Churn Rate
Restraints
- Difficulties in Quantifying Customer Experience Roi
- Compliance with Region-Specific Data Privacy Laws and Regulations
Opportunities
- Rise in the Demand for Real-Time Customer Journey Analytics for Generating Actionable Insights
- COVID-19-Led Acceleration of Organizations for New Customer Engagement Through Digital Experiences
Challenges
- Data Security and Privacy Concerns
- Difficulty in Data Synchronization as Customer Data Collected from Multiple Sources is Stored in Silos
- Lack of Understanding Single View of the Customer Journey
Cumulative Growth Analysis
- Customer Journey Analytics Market: Ecosystem
Case Study Analysis
- Metro Bank Reinvented Customer Service with Microsoft Dynamic 365
- Spar Switzerland, Supplier of Merchandising and Marketing Services, Implemented Sap Marketing Cloud
- Salesforce Enabled Indian School of Business and Finance to Grow Applicants Year by Year
- Abu Dhabi Digital Authority Strived to Lead Digital Future with Microsoft Dynamic 365
- Hearst Corporation Increased Customer Engagement with Aws
- Sprint Built Superior Customer Experience with Adobe Marketing Cloud
- Western Union Adopted Nice Customer Journey Analytics to Maximize Retention and Improve Customer Experience
- Energie Baden-Wurttemberg Delivered True Customer with Thunderhead One Engagement Hub
- Northwell Adopted Microsoft Dynamic 365 to Optimize Patient Care
- A Luxury Hotel and Resort Company Discovered Upsell Opportunities Through Pointillist Customer Journey Analytics
- Salesforce Helped Philips Develop New Ways to Cater to the Needs of Customers
- Salesforce Enabled Maersk Team to Create Personalized Customer Experience
Patent Analysis
Supply Chain Analysis
Companies Mentioned
- [24]7.Ai
- Acoustic
- Adobe
- Alterian
- Amperity
- Brytercx
- Calibermind
- Callminer
- Cerebri Ai
- Cisco
- Firsthive
- Genesys
- Inquba
- Kitewheel
- Microsoft
- Ngdata
- Nice
- Oracle
- Pointillist
- Salesforce
- Sap
- Servion
- Teradata
- Thunderhead
- Verint
For more information about this report visit https://www.researchandmarkets.com/r/8mvbow