Customer journey analytics is a technology which enables the marketers to analyze and map customer engagement and interaction with the organization through various channels and touchpoints. The marketers could use this analytics to identify the myriad of paths that customers take during their journey and identify the paths which lead to the company’s growth and profitability. By assessing numerous data points in real-time, the professionals will be able to recognize the most important customer journeys and prioritize these opportunities.

A customer journey map is a visual representation of the steps involved in a customer journey. Though the purpose of both remains somewhat similar, Journey Mapping involves representing data through relevant pictures and Customer Journey Analytics relies upon on hard data, numerous individual interactions. Journey mapping simplifies and sorts multiple customer journeys and filters them down to a single journey that offers a lot more clarity. On the flip side, customer journey analytics provides multiple paths that real customers choose across channels and recognizes and recommends the most significant ones.

The customer journey analytics market size is expected to at a Compound Annual Growth Rate (CAGR) of 20.8% between 2017 and 2022.

Customer journey analytics enables organizations to enhance their revenues in a multiple ways. By recognizing the cross-sell and up-sell opportunities and having personalized communication with the clients at the right moment and through a right channel allows businesses to improve revenue per customer. It also allows professionals to identify the highest impact segments that contribute majorly in revenue growth.

Businesses can have a better understanding about their customer requirements and they can also derive actionable insights by combining customer behavior data with marketing metrics. It also allows businesses to predict customer behavior based on the data collected through back dated conversations at various touchpoints. It further answers a few very important questions about the right time with to engage a particular customer, best channels for communication etc.

The research methodology used to estimate and forecast the customer journey analytics market began with capturing data on key vendor revenues through secondary research, which included directories and databases (D&B Hoovers, Bloomberg Businessweek, and Factiva). The vendor offerings were also taken into consideration to determine the market segmentation. The bottom-up procedure was employed to arrive at the overall market size of the global customer journey analytics market that was derived from the revenue of the key players in the market. After arriving at the overall market size, the total market was split into several segments and subsegments, which were then verified through primary research by conducting extensive interviews with key people, such as Chief Executive Officers (CEOs), Vice Presidents (VPs), directors, and executives. The data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments.