Customer Journey Analytics Market

Market Overview

The global customer journey analytics market size was valued at USD 55,748.53 million in 2022. It is estimated to reach USD 287,650.16 million by 2031, growing at a CAGR of 20% during the forecast period (2023–2031). The market is anticipated to increase as major organizations embrace customer journey analytics solutions to offer consistent customer assistance throughout their business interactions.

Customer Journey Analytics is an analytics feature that enables you to combine Adobe Experience Platform data with the strength of Analysis Workspace. It combines with the Platform's capacity to store a wide range of data schemas and types to enable the breakdown, filtering, querying, and visualization of years' worth of data. Thanks to journey analytics, Marketers may better grasp how to interact with each customer within the context of their complete trips. In other words, rather than how they interact with certain channels, you should focus on your consumers' steps to achieve their objectives. This enables you to develop personalization initiatives and demonstrate to your clients that you comprehend their needs, enhancing campaigns for acquisition, up-sell, and cross-sell products and boosting client loyalty and retention.

Segmentation is made easier by customer journey analytics in addition to demographic, geographic, and firmographic data. It makes it possible to segment your clients based on their behavior, known as behavioral segmentation. This enables marketers to improve targeting and boost campaign effectiveness. This technique also allows marketers to link strategy and tactics to client satisfaction and financial performance. The ability to link campaign results to customer experience goals and company objectives like revenue, cost, and retention allows marketers to move beyond openings and clicks.

Market Dynamics

Global Customer Journey Analytics Market Drivers

Increasing Requirement for Ongoing Customer Assistance During Company Interactions

High customer retention, acquisition, and satisfaction rates are crucial for a firm to achieve its goals. Globally expanding digital enterprises have forced corporations to enhance customer service reputation metrics as a key differentiator in a cutthroat market. Due to the increase in the number of new players entering the customer services sector, business-to-business firms have recognized the need for consumers to have better experiences as part of customer service. Larger companies that offer customer support services and a global digital presence are leaning toward customer journey analytics solutions to track customer interactions. At the same time, they use the company's many touchpoints, including mobile applications and websites.

Consistent services required across channels have become extremely vital because existing customers are potential consumers who help the business boost its sales. Therefore, the market is anticipated to increase as major organizations embrace customer journey analytics solutions to offer consistent customer assistance throughout their business interactions.

Availability of Real-Time Data

Consumers are starting to identify the link between healthy food intake and preventing diseases such as type II diabetes and cardiovascular diseases. The growing prevalence of chronic diseases like cancer, diabetes, and heart disease is accelerating the demand for weight management products such as diet products, fitness equipment, and appropriate nutrition. Additionally, the increase in disposable income has increased the purchasing power of consumers, which could boost the procurement of weight management products in the forecast period.

Consumers are increasingly opting for immune-supporting nutraceuticals and healthy foods. Moreover, nearly nine in ten consumers actively take measures to prevent sugar contained in products. People understand the significance of nutrition for a healthy lifestyle, which has made it imperative for manufacturers, businesses, and governments to collaborate and drive the revolution forward. Consumers worldwide are shifting toward data-driven and science-based personalized nutrition products, such as dietary supplements and nutraceuticals, functional foods and beverages, sports nutrigenomics, and digitalized DNA, driving market growth.

Global Customer Journey Analytics Market Restraint

Complexity in Overall Data Synchronization and Data Privacy

Due to integration issues, big data hurts the current database. The complexity of data flows in the current systems has increased due to data classification and synchronization within existing databases. It has been time-consuming and expensive to parse real-time data while regularly keeping its data integrity properties. Due to the need for data collaboration from many sources for customer journey analytics, the market is anticipated to grow slowly. Customer journey analytics also requires data pretreatment techniques that take time since they entail preprocessing, generating models, scoring data sets, and other applications inside a database system.

Additionally, the analytics framework executes extract, transform, load (ETL) transformations, sometimes called data cleansing, aggregation, and column transformations, which take significant time to organize a data set. However, a business faces an equal threat or a missed opportunity if it ignores the trend in data analytics for revenue growth. Furthermore, one of the key factors anticipated to restrain market growth is the rise in data privacy concerns brought on by increased cyberattacks and threats.

Global Customer Journey Analytics Market Opportunities

Focus on Virtual Touchpoints

To offer a convenient, knowledgeable, and informed customer experience at any point along the customer journey, emerging technologies like artificial intelligence (AI) are predicted to produce huge revenue development prospects for the market for customer journey analytics. As a result, end-to-end customer journey patterns and experiences will be reorganized and centered around personal information. Additionally, the new generation of data unification tools will make data synchronization cost-efficient, quick, and comparatively painless thanks to the development of machine learning skills in behavioral analytics. Customer journey analytics SaaS systems will enable thorough real-time touchpoint integration with no investment, thanks to in-the-moment engagement models.

Additionally, the introduction of cutting-edge applications like chatbots, virtual assistants, and others, along with cross-channel journey analytics, is anticipated to accelerate the market's growth further.

Regional Analysis

Based on region, the global customer journey analytics market is bifurcated into North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa.

North America Dominates the Global Market

North America is the most significant global customer journey analytics market shareholder and is estimated to exhibit a CAGR of 18.7% over the forecast period. A key element anticipated to fuel market expansion in the region is the presence of a sizable population of technology-based customers. In this area, there is much need for data-driven consumer experiences. As a result, economic strategies are now extremely competitive, and analytics is one of them. Businesses in this region strongly desire data-driven client experiences that provide various benefits, such as increased revenue. Additionally, most important businesses, like IBM Corporation, Verint Systems, and Adobe Systems, are based in this area and have been at the forefront of developing customer journey analytics products and services.

Europe is anticipated to exhibit a CAGR of 19.9% over the forecast period. With the introduction of Industry 4.0 and supportive government measures toward digitization, Europe is catching up with the rest of the world regarding technological development. These are the main drivers of analytics adoption in the region. As the world has undergone dramatic technological development, European nations are moving toward digital enterprises. Businesses are attempting to get a competitive edge over the leading competitors. Thus, the European government has launched high-development initiatives that are projected to promote market expansion in the area. Due to encouraging European government initiatives, the UK is also regarded as one of the key industrial participants in the shift toward digital transformation.

Asia-Pacific has emerged as one of the fastest-growing regions in the global market. Due to the large consumer base in the region, customer journey analytics is anticipated to be in high demand in Asia-Pacific-based industries like telecommunications, retail and e-commerce, healthcare, and BFSI. The emergence of new technologies and trends, particularly those linked to the beginning of the industrial revolution and digitization, hastened the development of a strong digital ecosystem supporting digital enterprises.

Another significant driver supporting the market's growth over the projection period is the region's high smartphone adoption, which has produced a variety of data sources for consumer personalization. One of the key reasons for boosting the market growth in the upcoming years is the high penetration of consumer analytics among SMEs. In addition, rising consumer spending due to rising disposable income, demand for high-quality goods, and increased involvement of foreign and private players to improve retail infrastructure are some of the key factors anticipated to fuel the global market expansion in the region over the forecast period.

LAMEA is a developing market for analytics goods and is anticipated to adopt cutting-edge technologies gradually. Growth in LAMEA's digital transformation initiatives has dramatically increased the amount of digital data being produced in the region's nations. The expansion of the Internet of Things ecosystem, a rise in the adoption of cloud computing, social media, and e-governance platforms across LAMEA countries, and an increase in customer analytics across various touchpoints are all credited with this.

As a result, businesses in the area combine traditional approaches to boost efficiency and improve customer service to compete in the market. This factor encourages organizations to use big data and analytics tools to obtain insightful information and create specialized marketing campaigns, pricing structures, and promotional methods. This key element will likely fuel market expansion in the LAMEA region. Additionally, the expansion of digital transformation initiatives in LAMEA is the key driver behind the region's numerous industrial verticals adopting predictive customer journey analytics.

Segmental Analysis

The global customer journey analytics market is bifurcated into deployment, touchpoint, application, and industry vertical.

Based on the deployment, the global Market is bifurcated into on-premises and cloud.

The on-premises segment dominates the global market and is projected to exhibit a CAGR of 17.7% over the forecast period. On-site customer journey analytics is a set of technologies installed on a company's server to lessen the complexity of the analytical flow. These products assist organizations in tracking and tracing client interactions using historical data and assist them in real-time iteration analysis. Due to its ability to integrate with internal analytics tools, small and medium-sized businesses (SMEs) are key adopters of on-premises customer journey analytics solutions. As a result, on-premises customer journey analytics systems are more affordable, significantly contributing to their popularity among SMEs.

Customer journey analytics must use company data and analyze it through customer preferences, even while on-premises solutions protect enterprise data. Due to eliminating nearly all security flaws, large-scale businesses prefer to construct internal customer analytics software that uses internal data. This additional aspect is anticipated to fuel the segment's growth in the global market.

Based on touchpoint, the global market is segmented into the web, social media, mobile, email, branch/store, call center, and others.

The email segment dominates the global market and is predicted to exhibit a CAGR of 13.23% during the forecast period. Customer journey analytics at email touchpoints analyzes clickstream and conversion rates a user engages with the product or services through email marketing. Email marketing that significantly aids in customer journey mapping frequently uses email touchpoints. Additionally, the simplicity with which email apps may be used on smartphones contributes to the market segment's expansion. As email marketing and campaigns become more prevalent, they also contribute to the market's expansion by pushing new offerings and answering customer questions.

Based on application, the global market is bifurcated into customer segmentation and targeting, customer behavioral analysis, customer churn analysis, brand management, campaign management, and product management.

The campaign management segment owns the highest market share and is predicted to exhibit a CAGR of 21.9% over the forecast period. Customer journey analytics uses a series of procedures called "campaign management" to assist firms in tracking the efficacy of their digital marketing campaigns across all publishing media and traffic sources. Diversified marketers are under pressure to deliver high-quality leads to expand their companies. Due to the growth of e-commerce enterprises, digital marketing has recently accelerated in campaign management applications.

Moreover, from email-only campaigns, business-to-business campaign management platforms and business-to-business marketing automation systems have expanded to include online, SMS, mobile applications, and many other sources. Therefore, an additional driver anticipated to spur market expansion is the rise of online applications.

Based on industry verticals, the global market is divided into BFSI, IT and telecommunications, retail and e-commerce, healthcare, media and entertainment, travel and hospitality.

The BFSI segment is the most significant contributor to the market and is estimated to exhibit a CAGR of 18.6% over the forecast period. Due to the widespread adoption of analytics solutions by banking companies worldwide, the BFSI segment is anticipated to dominate the global market in the next few years. Additionally, the BFSI industry is benefiting from sophisticated software that uses data mining and artificial intelligence (AI) to analyze vast volumes of information. As a result, businesses in the financial services industry increasingly use analytics to identify the potential for revenue development. Banks and financial institutions must now include web analytics in their marketing and business strategy due to the growth of digital banking and ongoing digitization efforts. Banks are mapping customer journeys across various digital channels, including online and mobile applications. These main elements are anticipated to encourage market expansion in the BFSI sector.

Additionally, banks and other financial institutions can gather important data about customer interactions thanks to a precise customer analytics approach and data privacy setup. This has created opportunities for effective product and service innovation and improvement.

Recent Developments

• June 2023- CallRail's integration with Adobe Analytics enables enhanced call data-driven customer journey tracking. The new connection connects calls to data from online interactions, enabling multi-channel attribution effortlessly.
• March 2023- At its Las Vegas Adobe Summit conference, Adobe launched a product team analytics tool. This new service, Adobe Product Analytics, gives product teams access to crucial indicators in product lifecycles that were previously segregated within an organization and had to be procured from data analyst teams. Adobe Customer Journey Analytics is also getting an AI-focused update today.