The global customer journey analytics market size is estimated to be USD 4.76 billion in 2017 and is projected to reach USD 12.22 billion by 2022, by growing at a Compound Annual Growth Rate (CAGR) of 20.8%. Increased user engagement across various touchpoints, a need for consistent customer experience throughout customer lifecycle, and an increased need of analyzing data in real time are propelling the growth of this market.
Among the applications, the product management application is expected to grow at the fastest rate in the customer journey analytics market due to increasing investments in the product management application by large enterprises to cater to their customers in a better way and enhance their experience.
Among touchpoints, the email segment is expected to continue its dominance owing to its increasing use in promoting new offers and resolving queries. The mobile segment is expected to grow at the fastest rate due to an increased volume of interactions through mobile apps during the early stages of customer journeys as well as growing adoption of smartphones among consumers.
The retail and eCommerce industry vertical is expected to grow at the highest rate during the forecast period, owing to the increased adoption of social media platforms and number of customer touchpoints.
The cloud deployment model is expected to be the fastest growing deployment model in terms of customer journey analytics adoption, due to its cost effectiveness, ease of use, ready availability, and better visibility of data.
As North America is the early adopter of technology innovations and the house of many major customer journey analytics solution providers, it is expected to maintain its dominance in the market during the forecast period. Asia Pacific (APAC) is expected to grow at the highest growth rate during the forecast period, due to the ongoing technological advancements and increasing usage of various touchpoints to interact with brands in the region.
An increased focus on virtual touchpoints and adoption of cost-effective cloud services, and the need for insights to predict customer intent are primary factors that are expected to unlock growth opportunities for the key players in the customer journey analytics market.