Customer Journey Analytics: Introduction
- Customer journey analytics is the process of analyzing and tracking customer experience or customer behavior by using innovative technologies such as artificial intelligence, machine learning, Python, and various software tools such as Woopra or Adobe across various data sources such as social media, and chrome web store. Customer journey analytics are the main component of enterprises or companies to enable customer experience management by analyzing millions of data points in real time. Additionally, enterprises and industries have improved customer experience significantly and also retained the customer lifetime value (CLV) through customer journey mapping.
- Customer journey analytics typically refers to software or solutions that enable companies, enterprises, or industries to manage and improve customer experience across all touchpoints and channels, in order to enhance business productivity in real-time.
Global Customer Journey Analytics Market: Dynamics
Global Customer Journey Analytics Market: Key Drivers
- Surge in demand for customer journey analytics among small & medium, and large enterprises to enhance the customer experience is a key factor likely to accelerate the customer journey analytics market in the next few years.
- Growing need for enhanced customer engagement strategies through omni channels is projected to boost the growth of the customer journey analytics market across the globe.
- Rising data volume is enhancing the demand for customer journey analytics solutions to reduce the consumer churn rate. This is expected to drive the market.
- Increase in adoption of AI-enabled customer journey analytics solutions for predicting and analyzing the customer behavior is expected to accelerate the growth of the customer journey analytics market.
- Currently, increase in demand for real-time customer journey analytics solutions for creating actionable perceptions is expected to create new opportunities for the market during the forecast period. In addition, rise in adoption of augmented reality (AR) / virtual reality (VR) to improve customer experience for retail, telecom, energy & utilities, and other industries is expected to create significant opportunities for the customer journey analytics market.
Global Customer Journey Analytics Market: Restraints
- Technology fragmentation and growing cybersecurity threats are major factors expected to obstruct the growth of the global customer journey analytics market in the next few years.
Impact of COVID-19 on the Global Customer Journey Analytics Market
The COVID-19 outbreak has been a major challenge for the post-pandemic business environment. Governments of different countries across the world have imposed lockdowns to curb the spread of the disease. Hence, people have started to rely on e-commerce to avoid social gatherings during the pandemic outbreak. Global lock-downs have put severe pressure on supply chains of products, causing product shortages. This in turn has raised the demand for customer journey analytics extensively across both developed and developing countries during the pandemic outbreak to enhance customer management capabilities. Customer journey analytics have been broadly adopted during the COVID-19 outbreak for improving the global and localized customer experience. This in turn is expected to enhance the growth of the customer journey analytics market during the COVID-19 outbreak.
North America to Hold Major Share of the Global Customer Journey Analytics Market
- In terms of region, the global customer journey analytics market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- North America dominated the global customer journey analytics market in 2020. The U.S. is the key market in the region for the adoption of customer journey analytics, due to growing proliferation of online applications across the country. Additionally, presence of well-established players who offer customer journey analytics is expected to boost the market in the North America region.
- The customer journey analytics market in Asia Pacific is projected to expand at a rapid pace during the forecast period. This can be attributed to increasing adoption of customer journey analytics, among enterprises across China, Japan, Singapore, Australia, and India, due to growing awareness for enhancing the customer experience.
Global Customer Journey Analytics Market: Competition Landscape
Several local, regional, and global players are active in the customer journey analytics market with a strong presence. Hence, the market is fragmented in nature. Rapid technological advancements have created significant opportunities in the global customer journey analytics market. Providers are increasingly focusing on collaborations, mergers, and acquisition activities with technology partners to develop innovative and advanced solutions in order to improve their offerings and market reach.
Key Players Operating in the Global Customer Journey Analytics Market Include:
- Adobe Inc.
- Cisco Systems, Inc.
- Google LLC.
- Microsoft Corporation
- NGDATA, Inc.
- NICE Ltd.
- Oracle Corporation
- Salesforce.com, Inc.
- SAP SE
- Teradata Corporation
Global Customer Journey Analytics Market: Research Scope
Global Customer Journey Analytics Market, by Component
- Managed Services
- Professional Services
- Support and Maintenance
- Deployment and Integration
Global Customer Journey Analytics Market, by Enterprise Size
- Small & Medium Enterprise
- Large Enterprise
Global Customer Journey Analytics Market, by Deployment
Global Customer Journey Analytics Market, by Touchpoint
- Social Media
- Call Center
Global Customer Journey Analytics Market, by Application
- Customer Segmentation and Targeting
- Customer Experience Management
- Customer Behavioral Analysis
- Customer Churn and Retention Management
- Brand Management
- Campaign Management
- Product Management
Global Customer Journey Analytics Market, by Industry
- Retail & E-commerce
- IT & Telecommunications
- Others (Education, Energy and Utilities)
Global Customer Journey Analytics Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.