In a recent published report, Kenneth Research has updated the market report for Customer Journey Analytics Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Customer Journey Analytics Market products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2023.
The Customer Journey Analytics Market is expected to grow with a significant CAGR during the forecast period, i.e. 2021-2025, on the back of growing internet penetration around the world along with the rising adoption of smartphone. The statistics by the GSMA Intelligence stated that the total unique mobile subscribers as on May 2020 around the world was 5.24 billion.
Customer Journey Analytics Market by Roles (Marketing, Customer Experience), Applications (Data Analysis and Visualization, Customer Churn and Behavior Analysis, Campaign Management, Product and Brand Management), Verticals (BFSI, Retail, Telecom, Travel and Hospitality, Healthcare, Government, Others), Regions (North America, Europe, APAC, RoW) – Global Forecast up to 2025.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
This market research report includes a detailed segmentation of the global customer journey analytics market by roles (marketing, customer experience), applications (data analysis and visualization, customer churn and behavior analysis, campaign management, product and brand management), verticals (BFSI, retail, telecom, travel and hospitality, healthcare, government, others), and regions (North America, Europe, APAC, RoW). The market research report identifies IBM, SAP, Salesforce, Adobe Inc., and NICE Ltd. as the major vendors operating in the global customer journey analytics market.
Overview of the Customer Journey Analytics Market
Kenneth research report predicts that the global customer journey analytics market will grow at a CAGR of 21.6% during the forecast period. The market for customer journey analytics is driven by increasing demand for offering personalized experiences to customers, understanding the journey from the customer perspective, knowing about the conversion rate, and creating a long-term, healthy, & profitable relationship with customers. Complications in data synchronization and data & privacy issues are hampering the market growth.
Customer journey analytics helps the companies to know about “what”, “why”, and “how” a customer behaves during the entire journey, as every experience can alter the customer journey in a positive or a negative way. For creating a long-term, healthy, and profitable relationship with customers, more and more companies are adopting customer journey analytics solutions.
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According to the customer journey analytics industry analysis, North America accounted for the largest share of the global customer journey analytics market in 2018. With the presence of the highest number of technology innovators and market disruptors, the adoption of customer journey analytics solutions is highest in this region. Several retailers in this region are focusing on enhancing customer loyalty and level of customer satisfaction. The Asia Pacific region is expected to witness the fastest growth rate due to the increasing need to attract diverse shoppers.
Customer Journey Analytics Market Research Competitive Analysis and Key Vendors
This research report covers and analyzes the global customer journey analytics market. Major vendors across different verticals are planning for high investments in this market, and as a result, the customer journey analytics market is expected to grow at an impressive rate in the coming years. The key players in the customer journey analytics market are adopting various organic as well as inorganic growth strategies such as mergers & acquisitions, collaborations & partnerships, joint ventures, and few other strategies to be in the strong position in the market.
Some of the Key Vendors in the Customer Journey Analytics Market Research:
• IBM
• SAP
• Salesforce
• Adobe
• NICE
• Verint
• Pointillist
Roots, a Canada-based apparel retailer, implemented IBM’s customer experience analytics for delivering a seamless journey to their customers from browsing till purchasing and enhancing digital experiences for online shoppers. A US-based telecom provider deployed NICE Customer Engagement Analytics solution for analyzing all human and digital touchpoints, which resulted in a better understanding of entire customer experience, increased customer satisfaction, and retention.
There are numerous other vendors that have been studied based on the portfolio, geographical presence, marketing & distribution channels, revenue generation, and significant investments in R&D, for analysis of the entire ecosystem.
Customer Journey Analytics Market Research By Roles
• Marketing
• Customer Experience
In terms of roles analysis, customer experience is expected to grow at the highest rate during the forecast period 2019–2025.
Customer Journey Analytics Market Research By Applications
• Data Analysis and Visualization
• Customer Churn and Behavior Analysis
• Campaign Management
• Product and Brand Management
Among the applications mentioned above, data analysis and visualization is estimated to hold the largest market share in 2019 and is likely to continue this trend during the forecast period 2019–2025.
Customer Journey Analytics Market Research By Verticals
• BFSI
• Retail
• Telecom
• Travel and Hospitality
• Healthcare
• Government
• Others
In terms of verticals analysis, the retail market is expected to grow at the highest rate for driving profitability, soothing customer concerns with seamless omnichannel experience, and enhancing loyalty program.
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Customer Journey Analytics Market Research Benefits
The report provides an in-depth analysis of the global customer journey analytics market. Customer journey analytics, by combining the entire journey data, analyzes all the aspects of customer interactions, resulting in improved loyalty and customer acquisitions. By analyzing various customer touch points, customer journey analytics provides companies an opportunity to personalize their customer experiences and drive their revenues. The companies, by understanding customer behavior, can increase the lifetime value of their customers; and by knowing about the CSAT and net promoter score (NPS), they can increase the visibility into the customer journey as well. The companies are focusing on adopting customer journey analytics solutions to build a long-lasting and meaningful customer relationship. The report discusses the market in terms of roles, applications, verticals, and regions. Further, the report provides details about the major challenges impacting the market growth.
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