The market is segmented By Component Type (Solutions, Services), By Deployment Mode Type (Cloud, On-premise), By Enterprise Size Type (Large Enterprise, Small & Medium Enterprises), By Verticals Type (BFSI, Government, Healthcare and Life Sciences, Retail and e-Commerce, Manufacturing, Transportation and Logistics, Media and Entertainment, Telecommunications and IT, Travel and Hospitality, Other Verticals),and By Region.
The market is segmented By Component Type (Solutions, Services), By Deployment Mode Type (Cloud, On-premise), By Enterprise Size Type (Large Enterprise, Small & Medium Enterprises), By Verticals Type...
The Customer Journey Analytics Market is projected to grow from USD 8.3 billion in 2020 to USD 23.2 billion by 2026 at a CAGR of over 19.0% during the forecast period of 2021-2026.
Customer journey analytics gives business intelligence and data science teams a toolkit for stitching and analyzing cross-channel data. Its capabilities add context and clarity to the multichannel customer journey.
When combined with tools like SQL and Analysis Workspace, this context provides actionable insight into how to remove pain points from the customer conversion process and deliver positive experiences at critical moments.
Customer Journey Analytics MarketFeatures
Market Size in 2020
US$ 8.3 Bn
Market Size in 2026
US$ 23.2 Bn
Market Growth (2021-2026)
CAGR of 19%
Base Year of Study
2020
Trend Period
2015-2019
Forecast Period
2021-2026
Segment Covered
By Component Type (Solutions, Services),
By Deployment Mode Type (Cloud, On-premise),
By Enterprise Size Type (Large Enterprise, Small & Medium Enterprises),
By Verticals Type (BFSI, Government, Healthcare and Life Sciences, Retail and e-Commerce, Manufacturing, Transportation and Logistics, Media and Entertainment, Telecommunications and IT, Travel and Hospitality, Other Verticals),
By Region.
Dominant Region
North America accounted for the largest market share in 2020.
The customer journey analytics market is mainly driven by:
The growing need to provide a seamless customer experience, a greater emphasis on better customer engagement strategies via omnichannel.
The adoption of advanced analytics solutions to leverage increasing customer data and reduce customer churn rate.
Demand for real-time customer journey analytics to generate actionable insights is increasing.
Data in the digital and big data era can be structured or unstructured, and the majority of it resides outside of enterprises.
As a result, having a platform that can be used to integrate various customer information has become critical.
Enterprises currently require a comprehensive customer journey analytics platform capable of collecting a large volume of customer data in real time and providing meaningful insights.
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Segments Analysis
Deployment Mode Trends
The market has been classified into Cloud, On-premise. Under these, the On-premise segment held a significant market share in 2020. The cloud segment's high CAGR can be attributed to the availability of simple deployment options with low capital and time requirements.
As social distancing and online purchasing of goods hit the industry, these factors are expected to drive the adoption of cloud-based customer journey analytics solutions, supporting the current COVID-19 lockdown scenario.
Regional Trends
The market in North America accounted for the largest market share in 2020. Growing customer experience awareness in key countries such as China, India, and Japan will drive the adoption of customer journey analytics solutions and services.
Know the high-growth countries in this report, Click Here.
The commercialization of AI and ML technology, which has resulted in increased customer data, and the need for further advancements to fully leverage its benefits are expected to drive the region's adoption of customer journey analytics solutions.
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.
Report – Features
Market Segmentation
5
Regions Covered
4
Countries/Sub-Regions Covered
>16
No. of Figures & Tables
>160
Company Profiles
11
The following are the key features of the report:
Overview, industry life cycle analysis, supply chain analysis.
Environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
Trend and forecast analysis.
Segment trend and forecast.
Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc.
Attractive market segments and associated growth opportunities.
Emerging trends.
Strategic growth opportunities for the existing and new players.
Key success factors.
Research Methodology
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.
We conducted more than 10 detailed primary interviews with companies across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.
Target Audience
The target audience of Customer journey analytics Market includes-
Customer journey analytics companies
Customer journey analytics distributors
Transportation & Logistics
Government
COVID-19 Impact on the market
Due to COVID-19 lockdowns imposed globally, the market is expected to experience a slight slowdown in growth in 2020. Retail and e-commerce, BFSI, healthcare and life sciences, media and entertainment, and government have all been affected by these lockdowns. Customers' purchasing habits have shifted as a result of the pandemic, with lockdown forcing them to go Omni channel. The condition is expected to be under control by the middle of 2021. Customers' preference for online purchases is expected to drive up demand for customer journey analytics solutions and services.
Critical Questions Answered in the Report
What are the key trends in the market?
How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in next five years?
What is the impact of COVID-19 on the market?
What are the key strategies adopted by the major vendors to lead in the market?
What is the market share of the top vendors?
Customization Options
Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
Detailed profiling of additional market players (up to three players)
SWOT analysis of key players (up to three players)
Competitive Benchmarking
Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances
Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@Stratviewresearch.com.
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The key players operating in the market are Oracle (US), Adobe (US), Salesforce (US), NICE (US), SAP (Germany), Google (US), Microsoft (US), Genesys (US), Cisco (US), Teradata (US), Alterian (US).
The target audience of the market includes Customer journey analytics companies, Customer journey analytics distributors, Transportation & Logistics, Government.
Various factors, including the growing need to provide a seamless customer experience, a greater emphasis on better customer engagement strategies via omnichannel, and the adoption of advanced analytics solutions to leverage increasing customer data and reduce customer churn rate, are expected to drive demand for customer journey analytics solutions and services.
