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(Wireless-NewsWire.Com, December 10, 2020 ) The customer journey analytics market size is expected to grow from USD 4.76 Billion in 2017 to USD 12.22 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 20.8%. The key forces driving the customer journey analytics market include the need for providing consistent customer experience throughout customer journey and reducing churn out rate of customers, and rising need for competitive differentiation.
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Among industry verticals, the Banking, Financial Services and Insurance (BFSI) vertical is expected to continue to have the largest market share during the forecast period. This vertical is going through a massive transformation, as banks and insurance companies are focusing multi-channel customer experience management to accelerate customer acquisition, improve business loyalty, and encourage repeat business. The retail and eCommerce vertical is expected to grow at the highest CAGR during the forecast period, owing to an increased focus on reducing customer churn rate.
The cloud-based deployment model is witnessing an increasing demand, due to its cost effectiveness and easy availability. Cloud-based solutions require less physical setup, incur low maintenance costs, and provide 24/7 accessibility from anytime, anywhere. Due to these advancements in cloud technologies, cloud-based deployments are expected to grow at a high growth rate, as compared with the on-premises deployment model.
Moreover, cloud-based solutions provide agility and flexibility in use.
In terms of market share, North America is expected to continue its dominance during the forecast period. The early adoption of new and emerging technologies and the emergence of many customer journey analytics vendors in the region are expected to help the region to garner most of the revenues in the market. The Asia Pacific (APAC) region is expected to grow at the highest CAGR during the forecast period. The growing technology expenditures in countries, such as Australia, China, and India, and the demand for cost-effective analytical software and services among the Small and Medium-Sized Enterprises (SMEs) are expected to drive the market growth during the forecast period.
The major vendors providing customer journey analytics software and services include IBM Corporation (US), Salesforce.com, Inc. (US), Adobe Systems Incorporated (US), SAP SE (Germany), NICE Ltd. (Israel), Verint Systems Inc. (US), Pointillist (Luxembourg), ClickFox (US), Quadient (Switzerland), Kitewheel (US), Servion Global Solutions Ltd. (India), and CallMiner, Inc. (US).
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