Strong Growth Projected for Customer Journey Analytics

Research firm MarketsandMarkets has projected the global customer journey analytics market to surge from $8.3 billion in 2020 to $25.1 billion by 2026, reflecting a compound annual growth rate (CAGR) of 20.3 percent.

The firm noted a growing emphasis on providing a seamless customer experience, better customer engagement strategies through omnichannel approaches, and adoption of advanced analytics solutions to leverage increasing customer data and reduce customer churn as key drivers of this growth.

The company also noted that, by deployment mode, the cloud segment is poised for the most rapid growth, offering easy deployment options and minimal capital requirements. It also expects strong growth in the mobile segment.

Professional services, including consulting, deployment, integration, and support, are expected to witness increased demand, according to MarketsandMarkets, while the retail and e-commerce verticals are& anticipated to grow at the highest CAGR, it said.

Major vendors driving innovation in the global customer journey analytics market include Oracle, Adobe, Salesforce, NICE, SAP, Microsoft, Google, Genesys, Cisco, and Teradata, according to MarketsandMarkets.