HOME Research Insight New Product Launches, And Acquisitions are Some of the Prominent Strategies Adopted by the Players in the Customer Journey Analytics Market

New Product Launches, And Acquisitions are Some of the Prominent Strategies Adopted by the Players in the Customer Journey Analytics Market

The Customer Journey Analytics market is rapidly growing owing to the changing nature of customer joruneys from linear to multi-channel, the need for consistent customer experience management, and the need for measuring the data in real time to enhance the customer experience. The global customer journey analytics market size is estimated to be USD 4.76 Billion in 2017 and is projected to reach USD 12.22 Billion by 2022, growing at a Compound Annual Growth Rate (CAGR) of 20.8%.

The customer journey analytics ecosystem comprises vendors including IBM Corporation (US), Salesforce.com, Inc. (US), Adobe Systems Incorporated (US), SAP SE (Germany), NICE Ltd. (Israel), Verint Systems Inc. (US), Pointillist (Luxembourg), ClickFox (US), Quadient (Switzerland), Kitewheel (US), Servion Global Solutions Ltd. (India), and CallMiner, Inc. (US).

The players in the customer journey analytics market have adopted various strategies to expand their global presence and enhance their market shares. Partnerships, collaborations, new product launches, and acquisitions are some of the prominent strategies adopted by the players in the recent years. Major players such as IBM, Salesforce, and Adobe Systems have adopted these strategies to expand their product portfolios and gain a competitive edge in the market.

Adobe Systems has undertaken partnerships as its major development strategies to gain a leading position in the market. As a part of its inorganic growth strategy, in May 2017, Adobe Systems partnered with Idea Cellular to help the mobile operator deliver personalized customer experiences to its around 200 million subscribers in India. The partnership incorporates deployment of Adobe Experience Cloud, including Adobe Analytics Cloud, Adobe Advertising Cloud, and Adobe Marketing Cloud. This would help the company to increase customer acquisitions, engagement, and retention rate with Adobe Sensei’s capabilities. In March, 2017, Adobe Systems extended its partnership with Microsoft to deliver a joint solution for transforming cross-channel customer experiences and campaign orchestration. Among other integrations, the partnership enables the integration of Adobe Analytics with Microsoft Power BI. This integration enables users to extract and analyze the customer behavioral data with the help of Power BI.

NICE Systems is another major provider of customer journey analytics solutions and services. The company has adopted organic and inorganic growth strategies to establish a strong foothold in the market. For instance, in July 2017, NICE Systems launched its cloud platform, inContact CXone, to integrate workforce optimization, omnichannel routing, omnichannel analytics, quality management, automation, recording, and artificial intelligence. The integration also includes customer journey analytics, interaction analytics, VOC (Voice of Customer) analytics, and desktop analytics. In addition, it connects customer journey across all customer touchpoints, and provides real-time analytics capabilities. In February 2017, NICE Systems launched its omnichannel recording platform, NICE Engage, to enable organizations to improve their user experience, support digital interactions across social media channels, and provide integration with third-party business applications and technologies.

Related Reports:

Customer Journey Analytics Market by Application (Customer Segmentation and Targeting, Customer Behavioral Analysis, Campaign Management), Touchpoint, Component, Deployment Model, Organization Size, Vertical, and Region - Global Forecast to 2022

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