In addition to the price, quality and quantity of the chosen product, a desirable after sales service and rich user Experience (UX) are making an indelible impression on customer’s mind. This is how customer journey analytics market comes into being, by making customer facing portals more attractive.
Drivers
Customer facing portal includes creating a more enjoyable customer experience devoid of customer pain points and inviting the consumer to take a favorable decision. Expanding customer expectations and adoption of consumer journey analytics will boost the customer journey analytics market.
New systems, technology and swift computer systems to enable processing of large datasets and improved workloads in real-time, will bring opportunistic market growth to the customer journey analytics industry.
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Opportunities
To make the market robust, the key stakeholders are setting out to impress markets with product innovations and timely M&A’s, recent developments and tie-ups.
The cloud model segment by deployment type is anticipated to grow at breakneck speed of 19 % in the forecast period.
Restraints
A lack of unbeatable authentication standards and security glitches will decelerate the customer journey analytics market in the forecast time-frame. This can be averted by improving the site with innovative and streamlined customer experiences across the vertical, during the forecast period.
Opportunities
By End-User
The End-user segment is classified into entertainment, travel & hospitality, retail & E-commerce, BFSI (Banking, financial services & insurance), manufacturing, media government, healthcare, life sciences, transportation & logistics, telecommunications, IT, and others.
The retail and e-commerce segment are expected to pursue market growth on the back of seamless customer engagement in conclusive online transactions. The market is expected to grow at 20.5% in the forecast timeframe.
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By Region
North America held the largest market share in 2021. The growth might be accredited to the evolving pace of various industry verticals such as finance, telecommunications and retail. Furthermore, expanding outpour of funds in digital media and marketing by US industries is enhancing regional market growth.
The increased consumer inclination to pen reviews and share leanings on digital media is calling businesses and organizations to participate in a digital transformation front. This accelerates the pace of CEM solutions to impart a customer tending business model. Businesses in the United States and Canada are hence furnishing funds in marketing and digital media.
Because of the rising acceptance of key technology grants, Asia Pacific is proving to be the fastest-growing region over the forecast period. With the burgeoning rise of IoT-based connectivity in sensors and devices, it has cemented itself as a proven industry in customer journey analytics progression.
Rise in AI and ML have provided Asia pacific with progressive number of SME’s, thus providing industry growth for CJA market. The number of SMEs in countries such as India is quickly increasing.
These SMEs are increasingly concentrating on executing solutions as part of their drive in regional and global companies.
The rising fame of social media and the diligence of customers and buyer satisfaction are all ensuring regional market growth.
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Key Developments
On Oct 2022, NICE launches enlighten Journey Orchestration in a sensational breakthrough to capture customer intent and sentiment and assess real time customer data.
Key Players
Key players in the customer journey analytics market include IBM, Verint Systems, Nice Systems, Adobe Systems, Salesforce, SAP, Pointillist, Servion, Quadient, Trustwave, Clickfox, Ust Global, Kitewheel, Callminer and Acoustic, L.P amongst others.
By Application:
Customer Segmentation and Targeting
Customer Behavioral Analysis
Customer Experience Management
Brand Management
Product Management
Customer Churn and Retention Management
Others
By End User:
BFSI (Banking, Financial Services & Insurance)
Manufacturing
Media and Entertainment
Travel and Hospitality
Retail and E-Commerce
Government
Healthcare and Life-Sciences
Transportation and Logistics
Telecommunications and IT
Others
By Region
North America
Europe
Asia Pafcific
Middle East & Africa (MEA)
South America

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