Customer Journey Analytics Market by Component (Solution and Services), by Deployment Type (On-premise and Cloud), by Data Source (Web, Mobile, Email, Social Media, Store & Call Center, and Others), by Application (Brand & Campaign Management, Customer Behavioral Analysis & Churn Management, Customer Experience Management, Customer Segmentation & Targeting, and Product Management & Others), and by End User (BFSI, IT & Telecom, Healthcare, Retail & eCommerce, Government & Defense, Media & Entertainment, Manufacturing, and Others): Global Opportunity Analysis and Industry Forecast 2024–2030.

Market Definition

The Customer Journey Analytics market size was valued at USD 13.41 billion in 2023, and is predicted to reach USD 47.04 billion by 2030 with a CAGR of 19.64% from 2024 to 2030. Customer journey analytics is a process of analyzing customer interactions with a company to understand customer experience and identify patterns and opportunities for improvement.

This type of analysis helps organizations uncover customer behavior patterns, identify opportunities for improvement, and measure success of marketing campaigns. By understanding how customers interact with a business, companies can make better decisions about how to engage with customers and create a more seamless user experience. 

Market Dynamics and Trends

Customer journey analytics is rapidly growing, owing to rise in digital transformation in various industry verticals such as finance and healthcare. Rise in adoption of digital channels have provided access to a vast amounts of customer data. Customer journey analytics helps companies to identify trends, patterns, and insights that can be used to improve customer experiences across channels, which, in turn, boosts growth of the market.  

In addition, rise in adoption of cloud-based solutions in various industries significantly propels growth of the market. Cloud-based customer journey analytics solutions offer several benefits, including scalability, flexibility, and cost savings. Cloud-based solutions also enable businesses to access customer data from anywhere, allowing them to analyze data in real-time and make informed decisions.

Furthermore, evolving digital landscape, increase in number of online customers, and rise in need for customer analytics to track customer journey across multiple channels are some of the major factors driving growth of the customer journey analytics market.

However, the high initial cost associated with implementation of customer journey analytics solutions is a major factor restraining growth of the market.  On the other hand, implementation of Artificial intelligence (AI) and machine learning, along with rise in real-time customer journey analytics to gain better customer insights is expected to create ample growth opportunities for the market in the future. 

Market Segmentation and Scope of Study

The global customer journey analytics market is segmented on the basis of component, deployment type, data source, application, end user, and geography. By component, the market is classified into solutions and services. By deployment type, it is segmented into on-premise and cloud. On the basis of data source, it is categorized into web, mobile, email, social media, store & call center, and others. On the basis of application, it is divided into brand & campaign management, customer behavioral analysis & churn management, customer experience management, customer segmentation & targeting and product management & others. By end user, it is divided into BFSI, IT & telecom, healthcare, retail & e-commerce, government & defense, media & entertainment, manufacturing, and others. Geographical breakdown and analysis of each of the aforesaid classifications include regions such as North America, Europe, and Asia-Pacific, Rest of the World (RoW).

Geographical Analysis

North America dominates the global customer journey analytics market and is potently expected to remain dominant in the market throughout the forecast period. This is attributed to the rise in adoption of digital communication channels by businesses in the region, which has resulted in generation of vast amount of customer data. The availability of such data has enabled companies in North America to gain insights into customer behavior and preferences, which is crucial in understanding the customer journey.

In addition, presence of major market players such as Microsoft Corporation and Cisco Systems Inc. are adopting various strategies including product launches and partnerships, which further propels the market growth.

For instance, in January 2021, Microsoft Azure partnered with Contentsquare to boost Contentsquare's growth, which leads to top performance and underpin successful innovation. This partnership is aimed to enhance user journeys by leading innovation in the fields of artificial intelligence (AI) and predictive analytics. 

Moreover, in October 2020, SAP introduced SAP Customer Data Platform, enabling companies to redefine the user experience, from commerce & marketing to sales and service.  Moreover, in February 2020, Google Cloud acquired Looker, a data analytics company. The acquisition strengthened the resources of both the companies and brings together some of the best minds in both analytics and cloud infrastructure to build an exciting path forward for the customers and partners. 

On the other hand, Asia-Pacific is expected to witness substantial growth in the global customer journey analytics market, owing to the rise in demand for personalized customer experience and increase in digitalization across the region. In addition, companies in the region are increasingly investing in customer journey analytics along with cloud services to get a better understanding of their customers, develop targeted campaigns, and gain insights into customer preferences.

For instance, in November 2021, Oracle launched Oracle Cloud in Singapore region to support the growing demand for enterprise cloud services in Southeast Asia and expand Oracle’s reach to 33 cloud regions globally, thus fueling the region’s economic recovery and contributing to its digital economy.  Furthermore, rise in number of e-commerce players, increase in adoption of advanced technologies such as AI and ML, and growth in focus on customer engagement also propel the market growth in the region.

Competitive Landscape  

The customer journey analytics market includes several market players such as Oracle Corporation, Adobe Inc., Acxiom LLC, Salesforce.com, Inc., NICE Ltd., Quadient, SAP SE, Microsoft Corporation, Amperit, Google LLC., Cisco Systems, Inc., Teradata Corporation, Verint Systems, Genesys Telecommunications Laboratories, Inc., and Kitewheel LLC. These market players are adopting various strategies such as product launch and collaboration to maintain their dominance in the global customer journey analytics market.

For instance, in February 2021, Oracle introduced the latest updates in Oracle Cloud Customer Experience (CX) to assist companies to boost sales cycles, solve customer service inquiries quicker, and make engaging loyalty programs, which can enhance user lifetime value. 

In addition, in May 2021, Genesys acquired Bold360, to provide leading digital offerings that include its conversational AI, dynamic knowledge base, and intuitive agent experience. This acquisition advanced Genesys’ Experience as a Service (SM) vision. 

Moreover, in December 2020, Adobe acquired Workfront. This acquisition aimed to combine Adobe Experience Cloud and Workfront to bring collaboration, efficiency, and productivity achievements to marketing teams challenged with siloed work management solutions.

KEY BENEFITS

• The report provides quantitative analysis and estimations of the customer journey analytics market from 2024 to 2030, which assists in identifying the prevailing market opportunities.

• The study comprises a deep dive analysis of the customer journey analytics market including the current and future trends to depict prevalent investment pockets in the market.

• Information related to key drivers, restraints, and opportunities and their impact on the customer journey analytics market is provided in the report. 

• Competitive analysis of the players, along with their market share is provided in the report.

• SWOT analysis and Porters Five Forces model is elaborated in the study.

• Value chain analysis in the market study provides a clear picture of roles of stakeholders.

KEY MARKET SEGMENTS

By Component

• Solution

• Services

By Deployment Type

• On-premise 

• Cloud

By Data Source

• Web

• Mobile

• Email

• Social Media

• Store & Call Center 

• Others

By Application

• Brand & Campaign Management

• Customer Behavioral Analysis & Churn Management

• Customer Experience Management

• Customer Segmentation & Targeting 

• Product Management 

• Others

By End User

• BFSI

• IT & Telecom

• Healthcare

• Retail & eCommerce

• Government & Defense

• Media & Entertainment

• Manufacturing 

• Others

By Region

• North America

  • The U.S.

  • Canada

  • Mexico

• Europe

  • The UK

  • Germany

  • France        

  • Italy        

  • Spain        

  • Denmark        

  • Netherlands        

  • Finland        

  • Sweden        

  • Norway        

  • Russia        

  • Rest of Europe    

• Asia Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Indonesia

  • Singapore

  • Taiwan

  • Thailand

  • Rest of Asia Pacific

• RoW

  • Latin America

  • Middle East

  • Africa

REPORT SCOPE AND SEGMENTATION:

Test