IMARC Group has recently released a new research study “Customer Journey Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
The global customer journey analytics market size reached US$ 11.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 29.6 Billion by 2028, exhibiting a growth rate (CAGR) of 17.5% during 2023-2028.
What Is A Customer Journey Analytics?
Customer journey analytics includes examining and tracking customer experience at each touchpoint in the customer journey. It involves three key phases, including acquisition, activation, and adoption. It is commonly used by businesses and organizations to offer real-time insights regarding customer behavior. It assists in customer behavior prediction, enhancing the user experience, increasing revenues, and improving customer acquisition. As a result, customer journey analytics finds extensive applications in the hospitality, travel, telecommunications, healthcare, and banking, financial services, and insurance (BFSI) industries across the globe.
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What Are The Key Factors Driving In The Customer Journey Analytics Market?
The global customer journey analytics market is primarily driven by increasing demand for converting information into digital form to produce insights that facilitate strategic decision-making across various organizations. Moreover, numerous technological advancements, such as the integration of artificial intelligence (AI) that help provide intelligent, convenient, and informed customer experience during the customer journey, are positively influencing the market growth.
Additionally, the surging adoption of customer journey analytics to perform traffic and e-commerce analytics is another major growth-inducing factor. Furthermore, the development of a customized omnichannel experience and the increasing product adoption in the retail and e-commerce sectors to track the customer journey across multiple channels in real time are contributing to the market growth. Other factors, including increasing penetration of smartphones, rising demand for consistent customer support across various platforms, and rapid digitization, are also anticipated to create a positive market outlook.
Who Are The Key Players/Companies In Customer Journey Analytics Market?
Adobe Inc., Callminer Inc., Cisco Systems Inc., Genesys Telecommunications Laboratories Inc., Google LLC (Alphabet Inc.), International Business Machines Corporation, Microsoft Corporation, NICE Ltd., Oracle Corporation, Salesforce Inc., SAP SE, Teradata Corporation and Verint Systems Inc.
Report Segmentation:
The report has been segmented the market into following categories:
Breakup by Component:
- Solution
- Services
Breakup by Touchpoint:
- Web
- Social Media
- Mobile
- Branch and Store
- Call Center
- Others
Breakup by Deployment:
- On-premises
- Cloud-based
Breakup by Organization Size:
- Large Enterprises
- Small and Medium-sized Enterprises
Breakup by Application:
- Customer Segmentation and Targeting
- Customer Behavioral Analysis
- Customer Churn Analysis
- Brand Management
- Campaign Management
- Product Management
- Others
Breakup by Industry Vertical:
- BFSI
- IT and Telecommunications
- Retail and E-Commerce
- Healthcare
- Media and Entertainment
- Travel and hospitality
- Others
Breakup by End-Use Sector:
- Utility
- Residential
- Commercial and Industrial
Based on the end-use sector, the report finds that the utility sector dominates the market. There are many ongoing development projects undertaken by various nations, which require a continuous flow of electricity. Owing to this, there is a rising demand for power inverters in this sector.
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