Customer journey analytics is a solution that offers an overall sum of experiences of a customer during the interaction with a company or a brand. Customer journey analytics includes documentation of the entire experience of being a customer rather than focusing on just a part of the experience. Customers now have several ways of interacting with brands known as touchpoints. Customer journey includes multiple touchpoints where a customer interaction may be offline or online, which needs to be considered during analysis. Customer journey analytics, by providing insights, helps companies in identifying opportunities to enhance the end-to-end customer journey. The insights can also be used by the companies in designing products and services based on customer requirements. The customer journey analytics market report is expected to grow at a CAGR of 21.6% to reach revenue of around 22 billion by 2025.
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The market is segmented based on roles, applications, verticals, and regions
- In terms of roles, customer experience is expected to grow at the highest rate as customer experience teams need to understand customer behavior and about what makes the customers frustrated or satisfied.
- Amongst the applications, product and brand management is expected to grow at the highest CAGR of more than 23%. By identifying the gap between what an organization is delivering and what is the actual customer experience, customer journey analytics is helping organizations in managing their products as well as the brand.
- The BFSI vertical holds the largest share in the customer journey analytics market, for streamlining customer-facing processes and meeting customer demands.
Customer journey analytics, by combining both the qualitative and quantitative data, analyzes all the aspects of customer interactions, resulting in improved revenue, customer satisfaction, and loyalty. Customer journey analytics helps the companies in understanding what the customers feel and think at each interaction point. The journey does not end with the purchase; instead, these solutions track and monitor customer behavior even after the purchase for analyzing behavior through customer service interactions and beyond.
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– Sonam Chawla
ICT – Research Analyst