The world market for customer journey analytics solutions is expected to grow from $4.76 billion today to $12.22 billion by 2022, growing at a compunded annual rate of 20.8 percent, according to a new market research report from MarketsandMarkets.
The key drivers for this growth, the research firm said, include the need for providing a consistent customer experience throughout the customer journey, reducing customer churn, and competitive differentiation.
Among industry verticals, the financial services and insurance verticals are expected to continue to have the largest market share as they go through a massive transformation focused on multichannel customer experience management to accelerate customer acquisition, improve business loyalty, and encourage repeat business, the research found. 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.
The cloud-based deployment model is witnessing an increasing demand, due to its cost-effectiveness and increased 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 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 small and midsized businesses are expected to drive the market growth during the forecast period.
The report identifies IBM, Salesforce.com, Adobe Systems, SAP, NICE, Verint Systems, Pointillist, ClickFox, Quadient, Kitewheel, Servion Global Solutions, and CallMiner as industry leaders.