According to the latest report by IMARC Group, titled “Customer Journey Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the global customer journey analytics market share. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global customer journey analytics market size reached US$ 11.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 29.6 Billion by 2028, exhibiting a growth rate (CAGR) of 17.5% during 2023-2028.
Customer journey analytics includes examining and tracking customer experience at each touchpoint in the customer journey. It involves three key phases, including acquisition, activation, and adoption. It is commonly used by businesses and organizations to offer real-time insights regarding customer behavior. It assists in customer behavior prediction, enhancing the user experience, increasing revenues, and improving customer acquisition. As a result, customer journey analytics finds extensive applications in the hospitality, travel, telecommunications, healthcare, and banking, financial services, and insurance (BFSI) industries across the globe.
The global customer journey analytics market is primarily driven by increasing demand for converting information into digital form to produce insights that facilitate strategic decision-making across various organizations. Moreover, numerous technological advancements, such as the integration of artificial intelligence (AI) that help provide intelligent, convenient, and informed customer experience during the customer journey, are positively influencing the market growth.
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Additionally, the surging adoption of customer journey analytics to perform traffic and e-commerce analytics is another major growth-inducing factor. Furthermore, the development of a customized omnichannel experience and the increasing product adoption in the retail and e-commerce sectors to track the customer journey across multiple channels in real time are contributing to the market growth. Other factors, including increasing penetration of smartphones, rising demand for consistent customer support across various platforms, and rapid digitization, are also anticipated to create a positive market outlook.
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Adobe Inc., Callminer Inc., Cisco Systems Inc., Genesys Telecommunications Laboratories Inc., Google LLC (Alphabet Inc.), International Business Machines Corporation, Microsoft Corporation, NICE Ltd., Oracle Corporation, Salesforce Inc., SAP SE, Teradata Corporation and Verint Systems Inc.
Report Segmentation:
The report has been segmented the market into following categories:
Breakup by Component:
- Solution
- Services
Breakup by Touchpoint:
- Web
- Social Media
- Mobile
- Branch and Store
- Call Center
- Others
Breakup by Deployment:
- On-premises
- Cloud-based
Breakup by Organization Size:
- Large Enterprises
- Small and Medium-sized Enterprises
Breakup by Application:
- Customer Segmentation and Targeting
- Customer Behavioral Analysis
- Customer Churn Analysis
- Brand Management
- Campaign Management
- Product Management
- Others
Breakup by Industry Vertical:
- BFSI
- IT and Telecommunications
- Retail and E-Commerce
- Healthcare
- Media and Entertainment
- Travel and hospitality
- Others
Regional Insights:
- Asia Pacific
- North America
- Europe
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
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