Consumer Journey Analytics Market Analysis Reveals Growth Outlook of 17.85% CAGR Reaching USD 41.70 Billion Revenue By 2030
The increasing adoption of consumer journey analysis to improve unit sales, consumer experience, and company revenue will also contribute to the growth of the global consumer journey analysis market. North American region emerged as the largest market for the global consumer journey analytics market, with a 38.16% share of the market revenue in 2021.
Newark, Aug. 16, 2023 (GLOBE NEWSWIRE) — The global consumer journey analytics market is expected to reach USD 41.70 billion by 2030, at a CAGR of 17.85% from 2022 to 2030. Consumer journey analytics market growth 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 affordable systems that allow brands to process real-time data will also aid in developing the market during the forecast period.
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The customer churn and retention management segment dominated the market with a market value of around 2.66 billion in 2021.
The application segment is divided into customer segmentation and targeting, customer behavioral analysis, customer experience management, brand management, product management, customer churn, and retention management, & other applications. The customer churn and retention management segment dominated the market value of around 2.66 billion in 2021.
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%.
The web segment dominated the market with a market value of around 2.28 billion in 2021.
The data source segment is divided into web, email, call center, store, social media, & other data sources. In 2021, the web segment dominated the market, accounting for around 2.28 billion global market value.
The solutions segment dominated the market with a market value of around 5.51 billion in 2021.
The component segment is divided into services and solutions. In 2021, the solutions segment dominated the market, accounting for around 5.51 billion of the global market value.
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 and entertainment, travel and hospitality, retail and E-commerce, government, healthcare, life sciences, transportation and logistics, telecommunications and IT, & 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 Segmentation Analysis:
The market is analyzed based on five regions: North America, Europe, Asia Pacific, South America, the Middle East and Africa. 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 also encourages significant players to adopt consumer journey analysis to expand their customer base.
The major players in the market include Salesforce Inc., Adobe Systems Inc., IBM Corporation, NICE Ltd., BryterCX, Pointillist, SAP SE, Oracle, Teradata Corporation, and Genesys Inc, among others.
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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