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Customer Journey Analytics Market Growing at a CAGR 20.3% | Key Player Oracle, Adobe, Salesforce, NICE, SAP

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Customer Journey Analytics Market Growing at a CAGR 20.3% | Key Player Oracle, Adobe, Salesforce, NICE, SAP

May 06
22:37 2022
Customer Journey Analytics Market Growing at a CAGR 20.3% | Key Player Oracle, Adobe, Salesforce, NICE, SAP
Oracle (US), Adobe (US), Salesforce (US), NICE (US), SAP (Germany), Microsoft (US), Google (US), Genesys (US), Cisco (US), Teradata (US), Alterian (US), [24]7.ai (US), Pointillist (US), BryterCX (US), inQuba (South Africa), Kitewheel (US), Verint (US), Thunderhead (UK), Servion (India), CallMiner (US), NGDATA (Belgium), Acoustic (US), FirstHive (US), CaliberMind (US).
Customer Journey Analytics Market by Component, Organization Size, Deployment Mode, Data Source, Application (Campaign Management & Product Management), Vertical (BFSI, Retail & eCommerce, & Telecommunications and IT), and Region – Global Forecast to 2026

The global customer journey analytics market size to grow from USD 8.3 billion in 2020 to USD 25.1 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 20.3% during the forecast period. Various factors such as the growing need to provide seamless customer experience, a higher focus on better customer engagement strategies through omnichannel, and adoption of advanced analytics solutions to leverage the increasing customer data and reduce customer churn rate, are expected to drive the demand for customer journey analytics solutions and services.

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The customer journey analytics market is projected to witness a slight slowdown in its growth in 2020 due to COVID-19 lockdowns imposed worldwide. These lockdowns have been impacting all the verticals, including retail and eCommerce, BFSI, healthcare and life sciences, media and entertainment, and government. The pandemic has led to a shift in customer behavior, with lockdown driving customers to opt for omnichannel for purchasing. The condition is expected to come under control by mid-2021. The demand for customer journey analytics solutions and services is expected to increase due to customers shifting toward online purchasing. Due to lockdown regulations, there was a surge in the number of online media and entertainment users, which has created the demand for customer journey analytics solutions and services for understanding customer needs.

The cloud segment to grow at a higher CAGR during the forecast period

The customer journey analytics market by deployment mode has been segmented into on-premises and cloud. The cloud segment is expected to grow at a rapid pace during the forecast period. The high CAGR of the cloud segment can be attributed to the availability of easy deployment options and minimal requirements of capital and time. These factors are supporting the current lockdown scenario of COVID-19 as social distancing, and online purchasing of goods hit the industry and are expected to drive the adoption of cloud-based customer journey analytics solutions. Highly secure customer data encryption and complete data visibility and control feature are responsible for the higher adoption of on-premises-based customer journey analytics solutions.

Customer journey analytics is the process of analyzing the customer experience across every touchpoint in the user journey. Companies use customer journey analytics to measure the effectiveness of initiatives they launch and their attribution toward their customers’ success. Customer journey analytics enables marketers and customer experience professionals to understand and engage with every customer at a personal level. It examines the customer journeys, based on behavior and emotions, through sales funnel, websites, social media platforms, and call center interactions. Businesses should focus on providing a smooth customer journey through leveraging new technologies, such as AI, automation, and big data. Customer journey analytics emerged as a more relevant solution to uncover the bottleneck to high-quality and consistent customer experiences.

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Some of the key players operating in the customer journey analytics market include Oracle (US), Adobe (US), Salesforce (US), NICE (US), SAP (Germany), Microsoft (US), Google (US), Genesys (US), Cisco (US), Teradata (US), Alterian (US), [24]7.ai (US), Pointillist (US), BryterCX (US), inQuba (South Africa), Kitewheel (US), Verint (US), Thunderhead (UK), Servion (India), CallMiner (US), NGDATA (Belgium), Acoustic (US), FirstHive (US), CaliberMind (US), Amperity (US), and Cerebri AI (US). These customer journey analytics vendors have adopted various organic and inorganic strategies to sustain their positions and increase their market shares in the global customer journey analytics market.

Oracle was incorporated in 1977 and is headquartered in California, US. The company is a global leader in delivering a broad spectrum of products, solutions, and services designed to meet the requirements of corporate IT environments, such as platforms, applications, and infrastructure. Oracle’s customers include businesses of various sizes, government agencies, educational institutions, and resellers. The company, directly and indirectly, sells its products and services through a worldwide sales force and Oracle Partner Network, respectively. It specializes in developing, manufacturing, and marketing hardware systems, databases, and middleware software, and application software. It provides SaaS offerings that are designed to incorporate emerging technologies, such as IoT, AI, ML, and blockchain. It operates through three business segments: cloud and license, hardware, and services, in more than 175 countries and caters to 4,30,000 customers across banking, telecommunications, engineering and construction, financial services, healthcare, insurance, public sector, retail, and utilities verticals. Oracle offers the Oracle Analytics for Marketing to understand the customer journey more than ever before and process, sort, graph, and drill down into insights that provide both macro and micro views of marketing campaigns.

Adobe is a provider of digital media software services. The company was founded in 1982 and is headquartered in California, US. It offers various products and services, which are utilized by professionals, marketers, knowledge workers, students, application developers, and enterprises. These products and services help enterprises manage, deliver, measure, and optimize business operations. The company also offers license products through its websites and application store. It provides products through the Software-as-a-Service (SaaS) model, managed service model, and pay-per-use model. Adobe operates through three business segments: digital media, digital experience, and publishing. It provides an Adobe Experience Platform for its clients. The platform enables them to generate better customer insights. The company distributes its products and services through a network of distributors, which includes VARs, SIs, Independent Software Vendors (ISVs), and OEMs. It has operations in various regions, which include North America, Europe, APAC, and MEA. The company offers the Customer Journey Analytics build on Adobe Experience Platform. Customer journey analytics solution provides an experience system for its clients. It helps them in understanding customer data insights.

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