Rising trends of analytics due to increased digitization and availability of real-time data results into adoption for customer behaviour data analysis. This analysis majorly focuses on marketing operations to take effective marketing decisions. The requirement of customer behaviour data analysis creates/increases the demand for customer journey analytics. Customer journey analytics is a combination of marketing tool and analytics solution to track their potential customers from time to time by generating a chronological timeline of customer engagement. It tracks customer movement across multiple channels and touch points by aggregating data related to customer interactions, transactions, feedback to provide an end to end picture of the customer journey. Technically, it is an integration of big data technology, advanced analytics and domain expertise to help enterprises map their customer journey.
Customer journey analytics features journey visualization, diagnostics, and dataset creation. In retail enterprises, customer journey analytics helps to manage and integrate the customer data for improving customer satisfaction and interaction.
Growth of modern retail and increased penetration of smartphones and mobile applications globally are the major factors driving the growth of the customer journey analytics market. Moreover, factors such as adoption of big data analytics in enterprises, need to gain competitive edge in retail industry and the demand for enhanced customer experience are also important factors resulting in the growth of the customer journey analytics market. However factors such as data privacy issues and data management complexity are restricting the growth of customer journey analytics market.
The customer journey analytics market can be segmented on the basis of component, deployment mode, touch-point, end-user size, industry vertical and region wise. On the basis of component it is further segmented into software and services. Deployment mode is sub-segmented into on-premise and cloud. On the basis of touch point it is further segmented into web, mobile, email, call centre, and store. On the basis of end-user size customer journey analytics market is sub-segmented into small and medium sized enterprises and large enterprises. Industry vertical segment is sub-segmented into BFSI, retail and e-commerce, government and defence, IT and telecom, media and entertainment, manufacturing, travel and hospitality, automotive, healthcare and life sciences, energy and utilities and others. Region wise customer journey analytics market is further segmented into key regions such as North America, Latin America, Asia-Pacific, Western Europe, Eastern Europe, Japan and Middle East & Africa.
North America is largest contributor of customer journey analytics market, and presence of major industry players in analytics followed by Europe owing to adoption of emerging technologies. Asia Pacific’s customer journey analytics market is expected to witness high growth in the forecast period due to growing adoption of analytics software in various industries and huge smartphone penetration. Customer journey analytics market in Latin America and MEA region is also expected to grow at a considerable rate due to increasing adoption of advanced analytics in enterprises.
IBM Corporation, Adobe Systems Incorporated, SAP SE, Salesforce.com, Inc., Verint Systems Inc., NICE Ltd., ClickFox, Quadient, Kitewheel, CallMiner, Inc., and Servion Global Solutions Ltd. are some of key players in customer journey analytics market.
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