customer journey analytics market
Technology

Global Customer Journey Analytics Market Expected Growth Driven By Increasing Demand Of Personalized Customer Experience

Customer journey analytics is an analytical tool which links to customer experience which is often referred as customer journey. The tool provides an assembled information that shows how a customer interacts with a business or brand over a period of time.  Customer journey analytics market enables the ability to understand how exactly  a customer thinks, feels and reacts at each step of the journey and also which step in the journey is causing concern or frustration.

Customer journey analytics applies a combination of technologies which includes contact reasoning across channels which automatically assigns a reason for all customer contacts based on speech, text, desktop and transaction analytics. Journey mapping, which tracks where customers began and ended their interactions. Contact sequencing, which identifies the customer in each interaction and transaction and connects the dots between them. Predictive analytics detects and analyses cross-channel behaviour patterns, enabling to make future decisions and reduce customer effort. Increasing demand for personalized customer experience is the key factor driving the growth of the market in the forecast period. Customers expect to be treated as individuals with specific preferences, due to which the focus has been shifted to personalized brand interactions. Furthermore, rising concern about reducing churn rate of customers is another driving factor expected to fuel growth of the    market.

Customer journey analytics drives customer acquisition, brand loyalty and customer lifetime value. The emphasis is to develop a unified view of the customer as they interact to a brand and personalizing customers experience across channels, locations and always in the moment. In order to achieve this combined customer experience, customer analytics must grow from retrospective reporting to real-time, behaviour-driven engagement. Customer journey analytics is the key to enable this transformation. However, difficulty in consistency of data is the factor which may result as a restraining factor to the market growth over the forecast period. It is important that all events are properly tracked across the various customer touchpoints. Furthermore, a customer should be uniquely identifiable across all touchpoints so that the corresponding information can be correctly matched.

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The global customer journey analytics market report has been segmented on the basis of application, touchpoint, component, deployment, organization vertical and region. On the basis of region, the global customer journey analytics market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

The North America market dominates the global customer journey analytics market in terms of revenue. The market in Asia Pacific is projected to have fastest growth with highest CAGR, owing to increasing adoption for customer journey analytics is expected to boost growth of the global customer journey analytics market.

Prominent players in the global customer journey analytics market include, Verint Systems Inc., Pointillist, Kitewheel, IBM Corporation, Salesforce.com, Inc., Adobe Systems Incorporated, SAP SE, NICE Ltd., ClickFox and Quadient.

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