Customer Journey Analytics Market Statistics: 2030
The global customer journey analytics market was valued at $8,285.00 million in 2020, and is projected to reach $46,680.00 million by 2030, registering a CAGR of 18.8%.
Advent of digitalization and industry 4.0 has garnered data silos with amorphous datasets. Rise in need to analyze real-time data, especially e-commerce data has grown significantly. With analytics technologies, industries are focusing toward gaining high consumer base. Customer journey analytics helps these industries by performing traffic analytics and e-commerce analytics. In addition, rise in need to convert information into digital form to gain insights that support strategic decision-making in an organization is further expected to drive the customer journey analytics market growth.
Customer journey analytics provides a toolkit to business intelligence and data science teams that help them stitch and analyze cross-channel data. Its capabilities deliver context and clarity to the complex multichannel customer journey. This context, when paired with tools such as SQL and Analysis Workspace, provide actionable insight into how to remove pain points from the customer conversion process and deliver positive experiences in the moments that matter the most
In today’s era, omni-channel retail customers generate digital trails when they are engaged in e-commerce interactions. These digital footprints also known as data-logs include data that have the information of checkouts, views, add to carts, likes, and even bounces rate at every point in the shopping expedition. Customer journey analytics allow online marketers or retailers a better understanding of its customer interactions with its application. Further, the analyzed data can be used to brand and gain untouched business insights, which will help them to optimize their businesses. Mostly, these insights are widely used to find, target, or retain their ideal customers in a better way.
By deployment, the on-premise segment dominated the overall customer journey analytics market in 2020 and is further expected to endure traction for customer journey analytics among various organizations during the forecast period. In today’s digital era, companies strive to provide consistent information and seamless experiences across diversified channels that reflect customer’s history, preferences, and interests. This is a major factor that drives the on-premise customer journey analytics adoption among industries across the globe.
North America customer journey analytics market dominated in 2020, and is expected to continue this trend during the forecast period, owing to high availability of number of players that are operating and using analytics in the countries such as the U.S. and Canada. Asia-Pacific is expected to anticipate high CAGR in the global market in the coming years, due to adoption of customer journey analytics tools across various touchpoints. Major players operating in this market have witnessed high growth in demand for customer journey analytics, especially due to increase in consumer expectations to provide consistent information and seamless experiences across diversified channels. This study includes customer journey analytics market share analysis, trends, and future estimations to determine the imminent investment pockets.
The report focuses on the growth prospects, restraints, and customer journey analytics market share analysis. The study provides Porter’s five forces analysis of the customer journey analytics industry to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the customer journey analytics market trends.
Top Impacting Factors
Rise in demand for consistent customer support throughout business interaction, customer journey analytics has garnered high traction from the recent years among digital businesses. This is a major factor expected to drive the growth of the customer journey analytics industry in the coming years. Increase in real-time data generated through connected devices and application is also among some of the major factors expected to boost growth of the market. Moreover, proliferation of real-time data generated through e-commerce application and evolving retail industry across digitalization are factors that further drive the growth of the market. However, rise in multi-channel business and marketing has increased the complexity of overall data synchronization and data privacy, which is expected to hamper the growth of the market to a certain extent.
Furthermore, rise in focus toward improvising and increasing virtual touchpoints are opportunistic factors for the global market, which is expected to support the growth during the customer journey analytics market forecast period.
By Component
Services segment is projected as one of the most lucrative segments.
Expansion of Retail Industry
Retail industry witnesses significant transformation from store sales to online platforms. Retailers have recognized the imperativeness to have a strong distribution and logistics network that supports global consumer demand. Rise in disposable income of individuals has positively impacted the growth of retailing industry as the consumer expenditure increased.
This has also led to rise in demand for quality products with higher customer experiences paving the way for digital businesses. Advent of e-commerce has driven the online retailing segment at a higher rate from the recent past. For instance, according to India Brand Equity Foundation report published in November 2018, the total consumption expenditure was from $1,824 billion in 2017 and is expected to reach nearly $3,600 billion by 2020. In addition, online retail sales anticipated to grow at the rate of 31% year-on-year to reach US$32.70 billion in 2018.
By Application
Customer Churn Analysis segment is projected as one of the most lucrative segments.
Focus on Virtual Touchpoints
Emergence of technologies such as artificial intelligence (AI) is expected to create enormous revenue growth opportunities for the customer journey analytics market to provide a convenient, intelligent, and informed customer experience at any point along the customer journey. This will lead to re-structure customer experiences and end-to-end customer journeys patterns that are unified around personal information.
Moreover, with proliferation of machine learning capabilities in behavioral analytics, the new generation of data unification tools will make the daunting task of data synchronization cost efficient, fast, and relatively pain-free. In-the-moment engagement models will lead the customer journey analytics SaaS platforms to deliver comprehensive real-time touchpoint integration with minimal investment. Furthermore, cross-channel journey analytics with launch of advance application such as chatbot, virtual assistants, and others, is further expected to boost the growth of the market in the near future.
By Region
Asia-Pacific is projected as one of the most significant region.
Segment Review
The customer journey analytics market is segmented on the basis of component, deployment, application, touchpoint, organization size, industry vertical, and region. According to the component, the market is segmented into solutions and services. By deployment, it is categorized into on-premise and cloud. On the basis of application, it is divided customer segmentation and targeting, customer behavioral analysis, customer churn analysis, brand management, campaign management, product management, and others. On the basis of touchpoint, it is divided into web, social media, mobile, email, branch/store, call center, and others.
On the basis of organization size, it is divided into large enterprises and small and medium-sized enterprises. Depending on industry vertical, it is categorized into BFSI, IT & telecommunications, retail & e-commerce, healthcare, media & entertainment, travel & hospitality, and others. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
COVID Impact Analysis
Post COVID-19, the customer journey analytics market size was valued at $8,285.0 million in 2020, and is projected to reach $46,680.0 million by 2030, growing at a CAGR of 18.8% from 2021 to 2030. The pandemic has boosted the customer journey analytics market, due to rising need among the businesses to be customer-focused in terms of marketing to build informed customer experiences by minimizing marketing investments and maximizing the impact of marketing efforts. This is mainly attributed to the significant rise in digital efforts of businesses, which includes the servicing customers by mapping customer journeys and designing digital approaches.
In addition to this, the customer journey analytics market is projected to prosper in the upcoming years after the COVID-19 pandemic. Various organizations across the globe have initiated work-from-home culture for their employees, which is creating demand for the cloud-based analytics solutions to manage critical information of organizations, thus creating lucrative opportunity for the market.
Key Benefits for Stakeholders
- This study includes the customer journey analytics market analysis, trends, and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and customer journey analytics market opportunity.
- The customer journey analytics market size is quantitatively analyzed from 2020 to 2030 to highlight the financial competency of the industry.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in customer journey analytics market.
Customer Journey Analytics Market Report Highlights
| Aspects | Details |
 By COMPONENT |
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 By DEPLOYMENT |
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 By APPLICATION |
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 By TOUCHPOINT |
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 By ORGANIZATION SIZE |
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 By INDUSTRY VERTICAL |
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 By Region |
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 By Key Market Players |
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Analyst Review
In today’s digital business, companies are collecting large volume of data in their quest to better understand consumer requirement and interest so that they can create great experiences and innovative products. This need for holistic approach toward customer journey is a major factor expected to garner high revenue growth of the market in the coming years. Nonetheless, companies not only face challenges in collecting data, but also integration, analysis, insights, and reporting of the data across the business has proven to be a tedious task for its IT team. Hence, right data collected from right sources with right analytics tools has gained high traction that help companies to analyze the journey and quickly activate discovered insights as a holistic dashboard or in graphical format of the customer journey.
Advent of web analytics with emergence of Internet services that are customer centric has increased the adoption of analytics solutions among various industries across the globe. Customer journey analytics is widely being preferred by the retail industry through touch points such as smartphones, social media application, and e-commerce, as today’s consumers are more empowered and connected than ever before.
High penetration of smartphones and availability of large number of connected individuals are factors that have gained high customer journey analytics traction in the Asia-Pacific countries such as India and China. Japan is expected to garner high adoption of customer journey analytics owing to businesses in Japan being focused toward providing customer centric product and experiences. Whereas, the market in North America anticipated high revenue growth in 2020 owing to number of major players operating in the market are headquartered in North America.
The key players operating in the global customer journey analytics market include Acxiom LLC, Adobe Systems, Inc., BryterCX, IBM Corporation, Nice Ltd, Pointillist, Quadient, Salesforce.com, Inc., SAP SE, and Verint Systems. Major players in the market have adopted various revenue and business growth strategies to enhance and develop their product portfolio, strengthen their customer journey analytics market share, and help them increase their market penetration.
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