The Global Customer Journey Analytics Market Growth, COVID-19 Impact and Forecast (2021-2025)
The global customer journey analytics market is segmented based on deployment type as On-premise and cloud; based on industry vertical as BFSI, IT and telecom, retail and e-commerce, healthcare, media & entertainment, travel & hospitality, and others; based on geography as APAC, Europe, North America, and ROW.
Introduction
Customer journey analytics is the fusion of analytical solutions and marketing tools to track its potential consumers from real-time by creating a chronological timeline of consumer engagement.
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.
Increasing trends of analytics owing to the rise in availability of real-time data and digitization results in adoption for consumer behavior data analysts. The analysis primarily focuses on operations of the market to make effective marketing decisions. The necessity of customer behavior data analysis leads to the increase in demand for analysis of consumer journey.
Table of Contents
Market Overview
The Global customer journey analytics market is expected to grow to $20.91 billion by 2025 at CAGR of 20.3%.
Maximizing satisfaction with customer journeys has the potential not only to increase customer satisfaction by 20 percent but also to lift revenue by up to 15 percent while lowering the cost of serving customers by as much as 20 percent.
Customer journey analytics includes diagnostics, dataset creation and visualization.
Key Trends
Increasing trends of analytics owing to a rise in the availability of real-time data and digitization results in the adoption for consumer behavior data analytics. The analysis primarily focuses on operations of the market to make effective marketing decisions.
The latest investments and strategies of organizations in almost every sector curtail modern techniques and analysis methods that can assist them to have a better relationship with customers.
Key Market Players
The market is dominated by global vendors like Oracle, Adobe, Salesforce ,NICE, Microsoft and Google.
Growth Drivers and Challenges
The expansion of the modern retail industry and the over-penetration of mobile and smartphone applications across the world are the key driving factors of the market.
Adopting large data analytics in enterprises, the requirement to gain competitive control in the retail industry and increasing demand for improved consumer experience are other leading factors influencing the expansion of the customer journey analytics market.
The factor that can act as a restraint in the growth of the market is the complexity related to data management which was collected from various touchpoints may hamper the customer journey analytics market.
Data security and privacy concerns are the major challenges faced by the customer journey analytics market. In the past four years, the financial impact of cybercrimes has increased by nearly 78%, and the time it takes to resolve cyber-attacks has doubled.
The demand for customer journey analytics solutions and services is expected to increase due to customers shifting toward online purchasing. Due to lockdown regulations, there was a surge in the number of online media and entertainment users, which has created the demand for customer journey analytics solutions and services for understanding customer needs.