Customer Journey Analytics: Introduction
- Customer journey analytics is the process of analyzing and tracking customer experience or customer behavior by using innovative technologies such as artificial intelligence, machine learning, Python, and various software tools such as Woopra or Adobe across various data sources such as social media, and chrome web store. Customer journey analytics are the main component of enterprises or companies to enable customer experience management by analyzing millions of data points in real time. Additionally, enterprises and industries have improved customer experience significantly and also retained the customer lifetime value (CLV) through customer journey mapping.
- Customer journey analytics typically refers to software or solutions that enable companies, enterprises, or industries to manage and improve customer experience across all touchpoints and channels, in order to enhance business productivity in real-time.
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Global Customer Journey Analytics Market: Dynamics
Global Customer Journey Analytics Market: Key Drivers
- Surge in demand for customer journey analytics among small & medium, and large enterprises to enhance the customer experience is a key factor likely to accelerate the customer journey analytics market in the next few years.
- Growing need for enhanced customer engagement strategies through omni channels is projected to boost the growth of the customer journey analytics market across the globe.
- Rising data volume is enhancing the demand for customer journey analytics solutions to reduce the consumer churn rate. This is expected to drive the market.
- Increase in adoption of AI-enabled customer journey analytics solutions for predicting and analyzing the customer behavior is expected to accelerate the growth of the customer journey analytics market.
- Currently, increase in demand for real-time customer journey analytics solutions for creating actionable perceptions is expected to create new opportunities for the market during the forecast period. In addition, rise in adoption of augmented reality (AR) / virtual reality (VR) to improve customer experience for retail, telecom, energy & utilities, and other industries is expected to create significant opportunities for the customer journey analytics market.
Global Customer Journey Analytics Market: Restraints
- Technology fragmentation and growing cybersecurity threats are major factors expected to obstruct the growth of the global customer journey analytics market in the next few years.
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Impact of COVID-19 on the Global Customer Journey Analytics Market
The COVID-19 outbreak has been a major challenge for the post-pandemic business environment. Governments of different countries across the world have imposed lockdowns to curb the spread of the disease. Hence, people have started to rely on e-commerce to avoid social gatherings during the pandemic outbreak. Global lock-downs have put severe pressure on supply chains of products, causing product shortages. This in turn has raised the demand for customer journey analytics extensively across both developed and developing countries during the pandemic outbreak to enhance customer management capabilities. Customer journey analytics have been broadly adopted during the COVID-19 outbreak for improving the global and localized customer experience. This in turn is expected to enhance the growth of the customer journey analytics market during the COVID-19 outbreak.
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North America to Hold Major Share of the Global Customer Journey Analytics Market
- In terms of region, the global customer journey analytics market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- North America dominated the global customer journey analytics market in 2022. The U.S. is the key market in the region for the adoption of customer journey analytics, due to growing proliferation of online applications across the country. Additionally, presence of well-established players who offer customer journey analytics is expected to boost the market in the North America region.
- The customer journey analytics market in Asia Pacific is projected to expand at a rapid pace during the forecast period. This can be attributed to increasing adoption of customer journey analytics, among enterprises across China, Japan, Singapore, Australia, and India, due to growing awareness for enhancing the customer experience.
Global Customer Journey Analytics Market: Competition Landscape
Several local, regional, and global players are active in the customer journey analytics market with a strong presence. Hence, the market is fragmented in nature. Rapid technological advancements have created significant opportunities in the global customer journey analytics market. Providers are increasingly focusing on collaborations, mergers, and acquisition activities with technology partners to develop innovative and advanced solutions in order to improve their offerings and market reach.
Key Players Operating in the Global Customer Journey Analytics Market Include:
- Adobe Inc.
- Cisco Systems, Inc.
- Google LLC.
- Microsoft Corporation
- NGDATA, Inc.
- NICE Ltd.
- Oracle Corporation
- Salesforce.com, Inc.
- SAP SE
- Teradata Corporation
Global Customer Journey Analytics Market: Research Scope
Global Customer Journey Analytics Market, by Component
- Managed Services
- Professional Services
- Support and Maintenance
- Deployment and Integration
Global Customer Journey Analytics Market, by Enterprise Size
- Small & Medium Enterprise
- Large Enterprise
Global Customer Journey Analytics Market, by Deployment
Global Customer Journey Analytics Market, by Touchpoint
- Social Media
- Call Center
Global Customer Journey Analytics Market, by Application
- Customer Segmentation and Targeting
- Customer Experience Management
- Customer Behavioral Analysis
- Customer Churn and Retention Management
- Brand Management
- Campaign Management
- Product Management
Global Customer Journey Analytics Market, by Industry
- Retail & E-commerce
- IT & Telecommunications
- Others (Education, Energy and Utilities)
Global Customer Journey Analytics Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
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