Customer Journey Analytics to Grow at 20.51 Percent Through 2032

SkyQuest Technology Consulting valued the worldwide customer journey analytics market at $18.69 billion in 2024 and expects it to grow at a compounded annual rate of 20.51 percent through 2032, when it will reach $83.14 billion by the end of 2032.

The research firm found that the rapid expansion of omnichannel retailing, boom in e-commerce, and growing competition among businesses are helping promote the adoption of customer journey analytics , which it says includes technologies for customer segmentation and targeting, customer experience management, customer behavioral analysis, customer churn and retention management, brand management, campaign management, product management, compliance management, omnichannel analysis, and customer lifetime Value management.

Customer journey analytics, it said, enables companies to track and analyze customer behavior across multiple touchpoints, such as web, chatbots, mobile apps, websites, call centers, social, and in-store, to deliver targeted messaging and real-time engagement and to improve conversion rates and retention.

Customer journey analytics tools integrate and analyze data across these platforms to provide a comprehensive, real-time view of customer paths and friction points, it said further, noting that as businesses strive to ensure seamless omnichannel experiences, especially in e-commerce and digital banking, demand for such analytics solutions rises.

At the same time, though, the market continues to struggle with fragmentation of customer data across disparate systems like CRM, ERP, social media platforms, according to SkyQuest, which noted that integrating this siloed data into a cohesive analytics framework requires significant technical effort, time, and cost.

And then storing and tracking personal customer data of customer journey analytics solutions exposes companies to significant privacy and compliance challenges, it said further, with regulations on data collection, usage, and storage meaning that organizations must ensure transparency, obtain user consent, and secure sensitive information, which increases implementation complexity and cost.

SkyQuest identified the major players in customer journey analytics as Adobe, Salesforce, Oracle, Microsoft, Google, SAP, NiCE, IBM, Verint, and Genesys.