Customer Journey Analytics Market to Reach $26.88 Bn, Globally, by 2026 at 20.5% CAGR: Allied Market Research
Increase in demand for consistent customer support throughout business interaction, availability of real time data, and expansion of retail industry drive the growth of the global customer journey analytics market
PORTLAND, Oregon, Feb. 13, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Customer Journey Analytics Market by Deployment (On-premise and Cloud), Application (Customer Segmentation and Targeting, Customer Behavioral Analysis, Customer Churn Analysis, Brand Management, Campaign Management, Product Management, and Others), Touchpoint (Web, Social Media, Mobile, Email, Branch/Store, Call Center, and Others), and Industry Vertical (BFSI, IT and Telecommunications, Retail and E-Commerce, Healthcare, Media and Entertainment, Travel and Hospitality, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global customer journey analytics industry garnered $6.08 billion in 2018, and is estimated to reach $26.88 billion by 2026, growing at a CAGR of 20.5% from 2019–2026.
Drivers, restraints and opportunities:
Increase in demand for consistent customer support throughout business interaction, availability of real time data, and expansion of retail industry fuel the growth of the global customer journey analytics market. On the other hand, complexity in overall data synchronization and data privacy impede the growth to certain extent. Nevertheless, focus on virtual touchpoints is expected to create lucrative opportunities for the key players in the industry.
Based on deployment, the on-premise segment contributed to nearly two-thirds of the global customer journey analytics market share in 2018, and is expected to rule the roost by the end of 2026. This is due to its integration capability with in-house analytics tools. Simultaneously, the cloud segment would cite the fastest CAGR of 24.1% during 2019–2026. Rise in cloud migration among various industries across the globe has boosted the growth of the segment.
The campaign management segment held the largest share in 2018:
Based on application, the campaign management segment held the major share in 2018, generating nearly one-fourth of the global customer journey analytics market, owing to rise in e-commerce businesses. At the same time, the product management segment would showcase the fastest CAGR of 23.3% throughout the forecast period. Increase in investment in the innovative product or service has driven the growth of the customer journey analytics solutions at a significant rate.
North America to rule the roost in terms of revenue:
Based on geography, North America accounted for more than one-third of the global customer journey analytics market revenue in 2018, and is projected to dominate during the study period. Data-driven customer experience has garnered high demand in this region. This has led to hyper-competitive economy strategies among which analytics has gained high momentum. Simultaneously, the region across Asia-Pacific would register the fastest CAGR of 22.0% by 2026. Emergence of new technologies and trends, especially those associated with the advent of industrial revolution and digitization are rapidly evolving in this province and shaping a robust digital ecosystem that supports digital businesses.
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