Customer Journey Analytics Global Market Report 2024

Customer journey analytics refer to evaluating customer behavior across touchpoints and time to determine how customer behavior affects behavior outcomes. The methods for customer journey analytics are predictive analytics, real-time analytics, and customer segmentation. The customer journey analytics are used to assist organizations in activating and improving engagement throughout the customer journey with their accessible, collaborative interface.

The main components of customer journey analytics are solutions and services. Solution refers to applications that enable businesses to manage the customer experience across channels and interfaces. The various organization levels in customer journey analytics are large enterprises, small and medium-sized enterprises (SMEs) that use several data sources such as the web, social media, mobile, email, stores, call centers, and others. The different applications include customer segmentation and targeting, customer behavioral analysis, customer churn analysis, brand management, campaign management, product management, and others. It is employed in BFSI, IT and telecom, healthcare, retail and eCommerce, government and defense, media and entertainment, manufacturing, and other industry verticals.

The customer journey analytics market research report is one of a series of new reports that provides Customer journey analytics market statistics, including customer journey analytics industry global market size, regional shares, competitors with a customer journey analytics market share, detailed Customer journey analytics market segments, market trends and opportunities, and any further data you may need to thrive in the customer journey analytics industry. This anomaly detection market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The customer journey analytics market size has grown exponentially in recent years. It will grow from $12.31 billion in 2023 to $14.84 billion in 2024 at a compound annual growth rate (CAGR) of 20.6%. The growth in the historic period can be attributed to customer-centric business approach, proliferation of data sources, personalization and targeted marketing, real-time insights and actionability, compliance and data privacy concerns.

The customer journey analytics market size is expected to see exponential growth in the next few years. It will grow to $31.2 billion in 2028 at a compound annual growth rate (CAGR) of 20.4%. The growth in the forecast period can be attributed to enhanced customer experience focus, omnichannel customer journey analysis, ai and machine learning adoption,real-time analytics capabilities, data integration and unification solutions. Major trends in the forecast period include cross-functional collaboration, business process optimization, privacy and data security compliance, customer retention and loyalty,predictive and prescriptive analytics.

The adoption of big data analytics is expected to propel the growth of the customer journey analytics market going forward. Data analytics can be referred to as the process of analyzing raw data in order to draw conclusions and help businesses optimize their performance. Businesses employ big data and data analytics to have a strong customer journey analytics platform, where companies collect user actions in one central database to get valuable insight into customer behavior, which results in an increase in the demand for analytics services. For instance, according to ZDNet, a US-based business technology news website, the big data analytics market is expected to reach $103 billion by 2023, with 45% of enterprises running their big data workloads in the cloud. Therefore, the adoption of big data analytics is driving the demand for the consumer journey analytics market growth.

The increasing adoption of social media is expected to propel the growth of customer journey analytics market going forward. Social media data provides valuable insights into customer feedback, sentiment, multichannel engagement, and real-time interactions. It enables businesses to enhance customer experiences, personalize marketing efforts, and respond promptly to customer needs. Social media data also aids in competitive analysis, influencer marketing, crisis management, product development, predictive analytics, and the creation of more comprehensive customer profiles. For instance, in September 2022, according to Meta Platforms, Inc., a US-based multinational technology company, as of September 2022, the average daily active users (DAUs) on Facebook were 1.98 billion, with a 3% year-over-year increase. Therefore, rising adoption of social media is driving the growth of customer journey analytics market.

The emergence of artificial intelligence and machine learning is a key trend gaining popularity in the customer journey analytics market. Artificial intelligence is used as part of a comprehensive digital transformation strategy to increase customer satisfaction, make strategic use of customer data, automate labor, increase responsiveness, and speed up data-driven decision-making. Major companies operating in the customer journey analytics sector are focused on introducing new technologies to improve customer experience. For instance, in January 2021, BryterCX, a US-based customer journey intelligence company, launched IRIS, an AI-enabled flagship platform with the development of new journeys science tools such as orchestration, mapping, and CX (Customer experience) monitoring and management, offers a comprehensive solution for managing and enhancing customer journeys to journey analysts, business line owners, and CX executives.

Major companies operating in the customer journey analytics market are focused on developing new customer tracking solutions to gain a competitive edge in the market. Customer tracking refers to the process of monitoring and recording interactions and activities of customers across various touchpoints and channels. For instance, in March 2022, Adobe Inc., a US-based software company launched a new experimentation feature in its Customer Journey Analytics tool, enhancing its ability to track and personalize the customer experience across various platforms. This new feature enables businesses to test real-world scenarios and analyze their impact on the overall customer journey. For example, companies can assess how changes to their mobile app might reduce call center interactions or lead to increased website downloads of the mobile app. Powered by machine learning models, this feature considers historical data, comparable campaigns, and benchmarks to help businesses understand customer behavior better and personalize experiences. It simplifies the process of omni-channel analysis and provides actionable insights for businesses, ultimately boosting customer engagement and satisfaction.

In December 2021, Genesys, a US-based software company engaged in offering customer experience orchestration, acquired Pointillist and Exceed. ai. for an undisclosed amount. With this acquisition, Genesys aims to extend the market leadership of the company and enhance customer and employee experiences across the workplace with journey analytics and conversational AI for marketing and sales. Pointillist is a US-based company that provides customer-centric enterprises to optimize the customer experience. Exceed. ai is a US-based conversational marketing and sales platform.

Major companies operating in the in the customer journey analytics market report are Acxiom LLC, NICE Ltd, Quadient, Salesforce. com Inc., Verint Systems Inc., Kitewheel LLC, Servion Global Solutions Limited, Amperity Inc., Google LLC, Microsoft Corporation, Genesys Telecommunications Laboratories Inc, Alterian Software Holdings LLC (now known as Acxiom LLC), Oracle Corporation, International Business Machines Corporation, Adobe Inc., SAP SE, Pointillist Inc., ClickFox Inc., BryterCX Inc., Teradata Corporation, MoEngage Inc., NetBase Quid Inc., Accenture plc, SAS Institute Inc., Tealium Inc., Mixpanel Inc., Woopra Inc., FullStory Inc., Amplitude Inc., ContentSquare SAS, Quantum Metric Inc., Glassbox Ltd., SessionCam Ltd., Decibel Insight Ltd., Smartlook s. r. o., UserReplay Ltd.

North America was the largest region in the customer journey analytics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the customer journey analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the customer journey analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The customer journey analytics market consists of revenues earned by entities by providing customer journey analytics through web, social media and email. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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