Consumer Journey Analytics Market to Reach USD 41.70 Billion by 2030; Increasing Demand for A Customer-Centric Sales and Marketing Approach to Propel Growth, Says The Brainy Insights
NEWARK, N.J., July 12, 2022 /PRNewswire/ -- As per the report published by The Brainy Insights, the global consumer journey analytics market is expected to grow from USD 9.51 billion in 2021 to USD 41.70 billion by 2030, at a CAGR of 17.85% during the forecast period 2022-2030.
In addition to the products' quality, quantity, and pricing, today's concept of a satisfactory consumer experience includes the aftersales experience, easy website navigation, and other services that the company provides. Consumer expectations have risen in the modern world as awareness, and disposable wealth has increased. Due to increased consumer expectations, companies/brands have chosen consumer journey analytics to establish a more customer-centric approach. Brands may employ customer journey research to improve customer experience, eliminate customer pain spots, and commercialize crucial consumer touchpoints. The rising customer expectations and adoption of customer journey analytics will drive the market.
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New systems, technology, and software with the ability to process large amounts of data on a real-time basis to provide actionable insights to businesses to improve their sales and revenue will be a future opportunity for the market players. The lack of robust authentication and security measures will hamper the market's growth. Data security and safety concerns can reduce brand customers, leading to revenue loss. The difficulties of converting qualitative customer experience parameters into quantitative monetary gains will challenge the market's growth. Product and process innovations can aid the market players in overcoming these challenges with a more streamlined and holistic consumer journey analysis during the forecast period.
Competitive Strategy
To enhance their market position in the global consumer journey analytics market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
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Market Growth & Trends
The growth of the consumer journey analytics market would be driven by rising consumer expectations regarding the quality of products and services offered by various companies throughout their interaction. The rising adoption of consumer journey analytics to retain customers in the highly fragmented contemporary consumer market will also contribute to the market's growth. The growing popularity of creating customer-centric sales and marketing experiences to optimize the resources dedicated to increasing sales and revenue will propel the development of the consumer journey analytics market. New technological advancements with faster and more affordable systems that allow brands to process real-time data will also aid in developing the market during the forecast period.
Key Findings
- In 2021, the customer churn and retention management segment dominated the market with the largest market share of 28% and market revenue of 2.66 billion.
The application segment is divided into customer segmentation and targeting, customer behavioral analysis, customer experience management, brand management, product management, customer churn & retention management, and other applications. In 2021, the customer churn and retention management segment dominated the market with the largest market share of 28% and market revenue of 2.66 billion.
- The cloud segment is expected to grow at the fastest CAGR of 20.15% over the forecast period.
The deployment type segment is divided into cloud and on-premises. Over the forecast period, the cloud segment is expected to grow at the fastest CAGR of 20.15%.
- In 2021, the web segment accounted for the largest share of the market, with 24% and a market revenue of 2.28 billion.
The data source segment is divided into web, email, call centre, store, social media, & other data sources. In 2021, the web segment accounted for the largest share of the market, with 24% and a market revenue of 2.28 billion.
- In 2021, the solutions segment dominated the market with the largest market share of 58% and market revenue of 5.51 billion.
The component segment is divided into services and solutions. In 2021, the solutions segment dominated the market with the largest market share of 58% and market revenue of 5.51 billion.
- The retail and E-commerce segment is expected to grow at the fastest CAGR of 21.11% over the forecast period.
The end-user segment is divided into BFSI (Banking, financial services & insurance), manufacturing, media & entertainment, travel & hospitality, retail & E-commerce, government, healthcare, life sciences, transportation & logistics, telecommunications, IT, and others. Over the forecast period, the retail and E-commerce segment is expected to grow at the fastest CAGR of 21.11%.
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Regional Segment Analysis of the Consumer Journey Analytics Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the North American region emerged as the largest market for the global consumer journey analytics market, with around 38.16% and 3.62 billion of the market revenue in 2021. The Asia Pacific region is expected to grow the fastest during the forecast period. The consumer journey analytics market in the Asia Pacific has been expanding rapidly. The increasing presence of significant market players in China and India to cater to the growing consumer journey analytics demand from the commercial and industrial sectors of the region is contributing to its growth. The large consumer market encourages significant players to adopt consumer journey analysis to expand their customer base.
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Key players operating in the global consumer journey analytics market are:
- Salesforce Inc.
- Adobe Systems Inc.
- IBM Corporation
- NICE Ltd.
- BryterCX
- Pointillist
- SAP SE
- Oracle
- Teradata Corporation
- Genesys Inc.
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global consumer journey analytics market based on the below-mentioned segments:
Global Consumer Journey Analytics Market by Application:
- Customer Segmentation and Targeting
- Customer Behavioral Analysis
- Customer Experience Management
- Brand Management
- Product Management
- Customer Churn and Retention Management
- Others
Global Consumer Journey Analytics Market by Deployment Type:
- Cloud
- On-Premises
Global Consumer Journey Analytics Market by Data Source:
- Web
- Call Center
- Store
- Social Media
- Others
Global Consumer Journey Analytics Market by Component:
- Solutions
- Services
Global Consumer Journey Analytics Market by End User:
- BFSI (Banking, Financial Services & Insurance)
- Manufacturing
- Media And Entertainment
- Travel And Hospitality
- Retail And E-Commerce
- Government
- Healthcare And Life-Sciences
- Transportation And Logistics
- Telecommunications And IT
- Others
About the report:
The global consumer journey analytics market is analysed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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