The Customer Journey Analytics market is one of the fastest-growing sectors in our industry today, and market forecasts predict that it will exponentially grow from $5.92 billion in 2018 to 25.93 billion by 2026, at a CAGR of 21%, according to Verified Market Research.
By analyzing the customer journey, analysts are able to glue together a comprehensive map of each touchpoint that a user interacts with across multiple channels. By levering these insights, analysts, marketers, and professionals gain a powerful tool to understand and engage with the customer at a personal level.
By having a readily available real-time, data-driven view of their customer journey, businesses can prioritize which opportunities to pursue first, which business goals to prioritize, and where to improve their customer engagement and interactions.
The Customer Journey Analytics market covers all areas of Customer Segmentation and Targeting, Customer Behavioral Analysis, Customer Churn Analysis, Brand Management, Campaign Management, and more. It is a critical facilitator to help companies achieve their business objectives, while also helping organizations become more user-centric.
Customer Journey Analytics refers to user interactions with brands at all touchpoints, including social media, web, email, or even physical locations such as stores.
What’s Driving the Market Forward?
The increasing trend of digitization means that companies are adopting solutions and services for consumer behavior data analysis. At the heart of this transformation is the drive to enhance the effectiveness of business and marketing decisions, with a strong focus on customers, which is an area where behavioral analysis shines. Naturally, the windfall of customer behavior data analysis leads to a sharp increase for customer journey analysis.
Other factors that are driving the growth include a strong demand for consistent customer support throughout business interactions and the need to improve customer satisfaction.
Customer satisfaction measures how products or services delivered by a company meet customer expectations. It provides important metrics that companies can build on or improve, especially if they fail to meet standards consistently. By mapping the customer journey, companies can have a holistic view of what works and what doesn’t work in their UI and with their UX. They can analyze the pain points that customers experience and take decisive, data-driven actions to improve.
Roadblocks and Opportunities for the Analytics Industry
One of the biggest roadblocks (which can also be viewed as an opportunity) in the face of Customer Analytics Market growth is choosing the appropriate technology and gathering a team that can handle the technical aspects of the system.
In spite of the apparent progress in the technical aspects, the study finds that this is the area where companies struggle the most. As much as this is a roadblock for companies that want to adopt these solutions, it can also be considered an opportunity for players in the analytics sector.
Digital analytics firms like Cognetik can take the lead, help companies find the right tools, and guide them through the change process.
North America is considered the largest player in the market, as it is expected to contribute significantly to the overall revenue in the near future. The region is expected to heavily impact the implementation of Customer Journey Analytics in all sectors: industrial, commercial, and residential, due to an already large user base.
North America and Europe also have a more established analytics infrastructure and a more mature understanding of the technical challenges and solutions, leaving Asia Pacific, South America, and the Middle East as the big contenders in terms of CAGR in the coming years.