The global customer journey analytics market is forecast to reach USD 25.70 Billion by 2026, according to a new report by Reports and Data. Customer journey analytics platforms are used to track and monitor the consumer habits across multiple channels, considering the first introduction to the brand or company and throughout the entire association. Customer analytics solutions go beyond the point of purchase to monitor and analyze customer behavior through service interactions and others.
The journey analytics solutions combine both quantitative and qualitative data, allowing companies to identify the customer’s journey that have the most significant impact on specific business goals, such as increasing revenue or reducing customer churn, and designing decisions data-driven to influence those outcomes.
For instance, the technology might identify an essential set of touchpoints of the businesses through which the majority of leads visit before making a purchase. The insights are then used to leverage and optimize interactions at those touchpoints to increase the percentage of leads that convert to customers. Alternatively, marketers may optimize the path to purchase by driving more points to those key touchpoints.
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Key participants include
Salesforce.com, Inc., IBM Corporation, SAP SE, Adobe Systems Incorporated, NICE Ltd., Pointillist, Verint Systems Inc., Quadient, ClickFox, Servion Global Solutions Ltd., Kitewheel, and CallMiner, Inc., among others.
Further key findings from the report suggest
Customer behavior analysis accounted for the largest market share of ~35% in the year 2018. Customer data is essential in any business, and companies are investing millions for more information on their customers. Customer purchase patterns and trends play a crucial role in stocking such products in the warehouse. This improves the customer relationship with the organization.
Data mapping and virtualization is forecasted to witness the highest growth rate of 1% during the forecast period. Data virtualization provides a unique way to integrate and manage data. It transforms simple data access into a full-fledged data discovery & search system, with complete data security.
Data mapping is an essential way to prevent issues before they create more significant problems later. For example, two critical data sources may provide information in different formats, which may be incompatible with the data destination configuration. This may increase the danger of data duplicated, getting lost, or simply incomplete.
Among the components, the solutions accounted for a larger market share of ~54% in the year 2018. The solutions are used by end-use industries for applications such as operations, human resources, financial, IT, marketing, and sales, among others.
The banking, financial services, and insurance (BFSI)industry accounted for the largest market share of ~21% in the year 2018. The organizations in the banking industry have colossal infrastructure spread across multiple locations, which rely on different systems and devices. Banks are looking for ways to analyse the data about their customers, be it with credit card sales or discounts on a customers’ particular interest, like food or fashion.
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For this report, Reports and Data have segmented into the global Customer Journey Analytics market on the basis of resin type, composite phases, industry vertical, and region:
TouchPoints Outlook (Revenue, USD Billion; 2016-2026)
Component Outlook (Revenue, USD Billion; 2016-2026)
Deployment Mode Outlook (Revenue, USD Billion; 2016-2026)
Organization Size Outlook (Revenue, USD Billion; 2016-2026)
Small and Medium-Sized Enterprise
End-Use Outlook (Revenue, USD Billion; 2016-2026)
Data Mapping and Virtualization
Customer Behavior Analysis
Product and Brand Management
Industry Vertical Outlook (Revenue, USD Billion; 2016-2026)
Healthcare and Life Sciences
Retail and E-commerce
IT and Telecommunication
Media and Entertainment
Travel and Hospitality
Banking, Financial Services, and Insurance (BFSI)
Regional Outlook (Volume, Kilo Tons; 2018-2028 and Revenue, USD Million; 2018-2028)
- North America
- Asia Pacific
- Latin America
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