New York, May 20, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Customer Journey Analytics Market By Component, By Deployment Type, By Data Source, By Application, By Industry Vertical, By Regional Outlook, Industry Analysis Report and Forecast, 2021 – 2027” – https://www.reportlinker.com/p06073594/?utm_source=GNW
It takes into account the consumer movements across several channels and reaches points by combining data regarding customer interactions, feedback, and transactions to give an end-to-end image of the consumer journey. It is a combination of advanced analytics, large data technology, and domain expertise to enable enterprises to chalk out their consumer journey.
In the modern business scenario, companies are gathering large volumes of data in their quest to better understand consumer needs and interests so that they can develop enriched experiences and innovative items. This requirement for a holistic approach towards customer journey is a significant aspect anticipated to display major revenue development of the market in the next few years. However, companies not only face limitations in gathering data, but also integration, analysis, insights, and reporting of the data around the business has become a cumbersome task for its IT team. Therefore, ideal data gathered from ideal sources with ideal analytics tools have become popular that aid organizations to examine the journey and rapidly activate discovered insights as a holistic dashboard or in the graphical format of the customer journey.
The customer journey analytics market would observe a sort of decline in its development in 2020 owing to the COVID-19 restrictions imposed across the globe. These lockdowns have been influencing all the verticals, like retail and eCommerce, BFSI, healthcare and life sciences, media & entertainment, and government. The pandemic has resulted in a switch in customer behavior, with social distancing norms encouraging customers to choose omnichannel for buying. The scenario would be regulated by mid-2021.
Based on Component, the market is segmented into Solution and Services. The demand for customer journey analytics solutions and services would surge due to customers switching toward online purchasing. Owing to social distancing norms, there was a spur in the number of online media and entertainment users, which has developed the demand for customer journey analytics solutions and services for grasping the customer requirements.
Deployment Type Outlook
Based on Deployment Type, the market is segmented into On-premise and Cloud. The on premise segment would procure a higher revenue share during the forecast period. The cloud segment would develop at a fast pace over the forecast years.
Data Source Outlook
Based on Data Source, the market is segmented into Web, Mobile, Email, Social Media, Store & Call Center and Others. The Web market dominated the Global Customer Journey Analytics Market by Data Source 2020. The Mobile market is experiencing a CAGR of 19.5% during (2021 – 2027). The Email market is poised to grow at a CAGR of 19.9% during (2021 – 2027).
Based on Application, the market is segmented into Brand & Campaign Management, Customer Behavioral Analysis & Churn Management, Customer Experience Management, Customer Segmentation & Targeting and Product Management & Others. The Brand & Campaign Management market dominated the Global Customer Journey Analytics Market by Application 2020. The Customer Behavioral Analysis & Churn Management market is estimated to grow at a CAGR of 17.8% during (2021 – 2027). Additionally, The Customer Experience Management market is expected to witness a CAGR of 18.4% during (2021 – 2027).
Industry Vertical Outlook
Based on Industry Vertical, the market is segmented into BFSI, IT & Telecom, Healthcare, Retail & eCommerce, Government & Defense, Media & Entertainment, Manufacturing and Others. The BFSI vertical would procure the highest revenue share over the forecast years. In addition, the retail and eCommerce vertical would grow with the maximum growth rate during the forecast period. To fulfill the quickly shifting customer expectations, retail and eCommerce companies prefer customer journey analytics solutions, which can track the customer’s journey in real-time across various channels and educate them to fulfill their needs.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. North America would obtain the maximum revenue share of the Customer Journey Analytics market during the forecast period followed by Europe. The leading players in this region are actively included in strategies, like merger & acquisition, new product launch, and partnership, which is helping companies to boost their revenue share.
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Google, Inc. and Microsoft Corporation are the forerunners in the Customer Journey Analytics Market. Companies such as Salesforce.com, Inc., Adobe, Inc., SAP SE, NICE Ltd., Oracle Corporation, and Cisco Systems, Inc. are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Oracle Corporation, Adobe, Inc., Salesforce.com, Inc., NICE Ltd., SAP SE, Microsoft Corporation, Google, Inc., Cisco Systems, Inc., Teradata Corporation, and Genesys Telecommunications Laboratories, Inc.
Recent strategies deployed in Customer Journey Analytics Market
Partnerships, Collaborations, and Agreements:
Jan-2021: Microsoft teamed up with Sitecore, the global leader in digital experience and content management software. Under this collaboration, Sitecore announced the availability of its market-leading digital experience solutions through Sitecore Managed Cloud services from the Microsoft Middle East Cloud areas in the UAE.
Jan-2021: Microsoft extended its partnership with SAP, an enterprise resource planning software. This expansion aims to combine Microsoft Teams with SAP’s intelligent portfolio of solutions and boost the adoption of SAP S/4HANA on Microsoft Azure. It is created on a collective commitment by the companies to streamline and simplify users’ journeys to the cloud.
Jan-2021: Microsoft Azure came into partnership with Contentsquare, the global leader in experience analytics. The partnership aims to boost Contentsquare’s growth, lead to top performance and underpin successful innovation. Together, companies enhance user journeys by leading innovation in the fields of artificial intelligence (AI) and predictive analytics.
Dec-2020: Google extended its cloud partnership with Deutsche Bank. Following the expansion, the bank is utilizing Google Cloud’s data analytics and AI for providing new capabilities cheaper and quicker.
Aug-2020: Google Cloud extended its partnership with Best Buy, an American multinational consumer electronics retailer. The operations of Best Buy all over the United States, Canada, and Mexico, would use Google Cloud’s best class cloud infrastructure & analytics services to power a data-driven retail strategy to provide the latest and more customized shopping experiences.
Aug-2020: Google Cloud extended its partnership agreement with Informatica, the enterprise cloud data management leader. This partnership includes a new joint go-to-market initiative to boost analytics with BigQuery and SAP on Google Cloud. Moreover, Informatica Intelligent Cloud Services (IICS) is accessible on Google Cloud Marketplace and Informatica Change Data Capture (CDC) would combine with BigQuery.
Aug-2020: Genesys collaborated with Adobe to assist companies to break down data siloes between commerce, marketing, sales, and service departments. The combination of Genesys Cloud with Adobe Experience Platform would enable companies to gain a deeper knowledge of user context all over every touchpoint.
Aug-2020: Genesys partnered with Infosys, a global leader in next-generation digital services and consulting. Together, they aimed to position both the companies to improve and expand their user experience and contact center portfolio. Also, the companies provide market-disrupting innovation and mission-critical support to allow companies across the globe to offer different customer service experiences.
Jun-2020: Teradata partnered with dotData, a leader in full-cycle data science automation and operationalization for the enterprise. The partnership aims to simplify & streamline shifting data between Teradata and dotData to assist the organizations’ joint customers obtain more value from their AI & machine learning initiatives.
Feb-2020: NICE partnered with ConvergeOne, a leading global IT services provider of collaboration and technology solutions. Under this partnership, they introduced its Customer Engagement Optimization Services (CEOS) offering. It contains two solutions from NICE namely Interactive Voice Response Optimization (IVRO) and Nexidia Analytics.
Jan-2020: NICE collaborated with Asia Pacific Telecom, an integrated telecommunications services company. In this collaboration, Asia Pacific Telecom incorporated NICE Nexidia Analytics to enhance customer satisfaction. APTG selected NICE Nexidia Analytics to expose valuable insights to improve the user experience journey.
Jan-2020: Microsoft entered into a partnership with dunnhumby, the leader in customer data science. Under this partnership, the latter company would move its widely-used customer insights products to Azure, Microsoft’s cloud platform, providing retailers and suppliers instant and secure access to dunnhumby’s customer data science tools. The partnership aims to enable more retailers and their suppliers to gain deep shopper and business insights, better understand their customers’ needs and preferences and improve collaboration.
Acquisition and Mergers:
Mar-2021: Genesys announced the acquisition of Bold360, a leader in AI-powered digital customer engagement. This acquisition advanced Genesys’ Experience as a Service (SM) vision. Bold360 provides leading digital offerings that include its conversational AI, dynamic knowledge base, and intuitive agent experience.
Nov-2020: Adobe signed an agreement to acquire Workfront, the leading work management platform for marketers. This acquisition aimed to combine Adobe Experience Cloud and Workfront to bring collaboration, efficiency, and productivity achievements to marketing teams challenged with siloed work management solutions.
Nov-2020: SAP took over Emarsys, a leading omnichannel customer engagement platform provider. This acquisition strengthened SAP’s solutions and the combination of Emarsys would help SAP Customer Experience to power a foundation of omnichannel customized engagement, meeting customers’ place and time they select to engage, on their selected channels and their terms.
Feb-2020: Salesforce acquired Evergage, a personalization and customer data platform (CDP). This acquisition helped organizations to provide relevant, data-driven experiences all over the channels that include web, mobile, email, adtech, call-center, social, and more.
Feb-2020: Google Cloud acquired Looker, a data analytics company. The acquisition strengthened the resources of both the companies and brings together some of the best minds in both analytics and cloud infrastructure to build an exciting path forward for the customers and partners.
Oct-2019: Oracle entered into an agreement to acquire CrowdTwist, the leading cloud-native customer loyalty solution. This acquisition would allow companies of all sizes to provide customized engagement and expand their loyalty & reward programs to a company’s most beneficial customer behaviors.
Oct-2019: Cisco took over CloudCherry, a next-generation Experience Management platform. This acquisition helped organizations to transform their contact center from providing reactive care to deliver predictive support and move from remote customer interactions to unified, involve experiences for enhanced business outcomes.
Aug-2019: Salesforce completed its acquisition of Tableau Software, an American interactive data visualization software company. Through the acquisition, they transformed the way people understand not only their users but their world, which provides robust AI-driven insights across every kind of data and utilizes cases for people of each level of skill.
Jan-2019: SAP SE completed the acquisition of Qualtrics International, the global pioneer of experience management (XM) software. Together, the companies accelerated the new XM category through integrating Qualtrics’ experience data with operational data from SAP software to power the economy.
Oct-2018: Adobe took over Marketo, the market leader for B2B marketing engagement. Through this acquisition, Marketo broadened Adobe’s leadership in user experience. The integration of Marketo’s leading B2B marketing engagement solution with Adobe’s Advertising, Commerce, Analytics, and Marketing Clouds, made Adobe directly at the core of all marketing.
Aug-2018: NICE completion of its acquisition of Mattersight Corporation, provider of SaaS-based enterprise behavioral analytics software. This acquisition combined the market’s top behavioral analytics and cloud innovators enabling companies to offer exceptional user experience by a deep understanding of the customer’s persona.
Jul-2018: -Salesforce entered into an agreement to acquire Datorama, the leading cloud-based, AI-powered marketing intelligence, and analytics platform. The acquisition aimed to improve Salesforce’s power of Marketing Cloud with extended data integration and intelligence, allowing marketers to unlock insights all over their marketing channels and data sources.
Feb-2018: Genesys acquired Altocloud, an industry-leading cloud-based customer journey analytics provider. Through the acquisition, Altocloud boosted Genesys’s capability to optimize and connect the whole customer journey to make sure about the best business outcomes.
Product Launches and Product Expansions:
Feb-2021: Oracle introduced the latest updates to Oracle Cloud Customer Experience (CX). These new updates to Oracle Sales, Oracle Service, and Oracle Marketing assist companies to boost the sales cycles, solve customer service inquiries quicker, and make engaging loyalty programs, which can enhance user lifetime value. These updates in Oracle Customer Experience (CX) include New B2B Selling Capabilities; New Loyalty; New B2B Service Capabilities; and Marketing offerings.
Dec-2020: Adobe introduced new advancements in Customer Journey Analytics that provide more insights via AI and also freeing up resource constraints. By Adobe Sensei, the company’s artificial intelligence technology, companies got access to time-tested algorithms, generating insights that offer a better pulse on the quality of user experiences and business performance.
Nov-2020: Salesforce unveiled a complete suite of products for Customer 360 Truth to assist organizations segment, unify, and activate data over each customer touchpoint. It natively combines a set of data management, customer data platform, consumer identity access management, and privacy equipment to make one source of truth for each customer.
Oct-2020: SAP introduced SAP Customer Data Platform, a next-generation customer data platform (CDP). The platform focuses on enabling companies to redefine the user experience all over every engagement, from commerce & marketing to sales and service.
Sep-2020: Salesforce introduced Digital 360. It brings together main components and latest innovations in the Salesforce Customer 360 platform to assist digital leaders to change their customer engagement and boost growth in the all-digital, remotely working world.
Jun-2020: NICE introduced Agile Customer Experience. It is a program aimed to address the requirement for high business agility as CX companies are fighting to get leadership in unprecedented times.
Jan-2020: Adobe launched Adobe Experience Manager as a Cloud Service. It brings together broad out-of-box offerings and content personalization options that marketers and developers demand.
Scope of the Study
Market Segments covered in the Report:
By Deployment Type
By Data Source
• Social Media
• Store & Call Center
• Brand & Campaign Management
• Customer Behavioral Analysis & Churn Management
• Customer Experience Management
• Customer Segmentation & Targeting
• Product Management & Others
By Industry Vertical
• IT & Telecom
• Retail & eCommerce
• Government & Defense
• Media & Entertainment
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• Oracle Corporation
• Adobe, Inc.
• Salesforce.com, Inc.
• NICE Ltd.
• SAP SE
• Microsoft Corporation
• Google, Inc.
• Cisco Systems, Inc.
• Teradata Corporation
• Genesys Telecommunications Laboratories, Inc.
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