The BFSI Vertical Is Dominant In The Global Customer Journey Analytics Market
The global customer journey analytics market is expected to witness a CAGR of 21.6% to reach revenue of $21.87 billion by 2025
Bangalore, India, May 31, 2019: With its recently published study “Global Customer Journey Analytics Market – Drivers, Restraints, Opportunities, Trends, and Forecast up to 2025”, Infoholic Research forecasts that the global market for customer journey analytics will continue to grow, owing to the increasing need amongst companies for enhancing personalized customer experience, reducing customer churn rate, and improving customer loyalty.
Customer-centric companies hold a massive amount of data with themselves, which plays a vital role in efficient decision making. Ensuring the smooth experience of its customers, whether a regular customer or a new customer, is very important for all companies across verticals. The chance of conversion is more if the customer faces a very few or no issues, i.e., from the “start of the customer journey” (entering brand or company) to the “point of success” (purchase, brand member). Every single stage in a customer lifecycle is a crucial element of the customer journey, from customer acquisition to conversion to growth. Customer journey analytics provides meaningful insights about the customer behavior and pattern, which help the companies in managing and addressing the complaints of current & potential customers so that the issues are being resolved and thereby result in enhanced customer experience and improved bottom lines.
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Better engaging with the customers and retaining the existing customers in this competitive scenario are the significant factors steering the growth of the customer journey analytics market. This trend is expected to continue during the forecast period 2019–2025, fueling the market growth at a CAGR of 21.6% to reach revenue of $21.87 billion by 2025.
North America is maintaining the dominant position in the global customer journey analytics market, followed by Europe and APAC. Customers in this region are more likely to buy any product or service from the company that offers superior customer experiences to them. With the consumer purchase journey becoming multi-channel, the topmost priority for retailers in North America is omnichannel integration.
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In terms of segmentation analysis, marketing roles contribute to a significant revenue share within the customer journey analytics market, and product and brand management application is expected to grow at the highest rate. Currently, the BFSI segment has a high share in the customer journey analytics market, but the retail segment is projected to increase at the highest CAGR during the forecast period.
“Customer journey includes a long trail of different experiences involving several channels and touchpoints of interactions. Understanding and optimizing the entire journey of the customer rather than individual experiences creates huge value for any company in terms of customer acquisition and revenue growth.” – Sonam Chawla, Research Analyst, Infoholic Research
Key Insights of the Report Include:
- Customer Experience
- Data Analysis and Visualization
- Customer Churn and Behavior Analysis
- Campaign Management
- Product and Brand Management
- Travel and Hospitality
- Industry outlook: Market trends, drivers, restraints, and opportunities