According to a recent report published by Allied Market Research, titled, "Customer Journey Analytics Market by Deployment, Application, Touchpoint, and Industry Vertical: Opportunity Analysis and Industry Forecast, 2019–2026," the customer journey analytics market size was valued at $ 6.08 billion in 2018, and is projected to reach $ 26.88 billion by 2026, growing at a CAGR of 20.5% from 2019 to 2026.
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
Advent of digitalization and industry 4.0 has garnered data silos with amorphous datasets. Rise in need to analyze real-time data especially ecommerce data has grown significantly. With analytics technologies, industries are focusing toward gaining high consumer base, in which customer journey analytics help these industries by performing traffic analytics and e-commerce analytics. this in turn is drives the customer journey analytics market growth. Moreover, 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 growth of the CJA market.
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 applications. 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 2018 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 the customers history, preferences, and interests. This is a major factor that supports the growth on-premise CJA market forecast in various industries across the globe.
North America customer journey analytics market dominated in 2018, 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.
Key Findings of the Study:
- By deployment, the on-premise segment dominated the customer journey analytics market share in 2018. However, the cloud segment is expected to exhibit significant growth during the forecast period.
- By application, the campaign management segment accounted for the highest revenue in 2018, owing to rise in adoption of customer journey analytics for campaign marketing.
- By touchpoint, the email segment dominated the customer journey analytics market in 2018 in terms of revenue. However, the mobile segment is expected to exhibit significant growth during the forecast period in the customer journey analytics industry.
- Depending on industry vertical, the BFSI industry generated the highest revenue in 2018. However, the retail & ecommerce sector is expected to witness a considerable growth in the near future.
- Region wise, Asia-Pacific is expected to witness significant growth in terms of CAGR in the coming years.
Some of the key players in customer journey analytics market analysis that are profiled in the report include Acxiom LLC, Adobe Systems, Inc., BryterCX, IBM Corporation, Nice Ltd, Pointillist, Quadient, Salesforce.com, Inc., SAP SE, and Verint Systems. 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 market analysis, trends, and future estimations to determine the imminent investment pockets.