According to a recent report published by Allied Market Research, titled, "Web Analytics Market by Deployment, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2019–2026," the web analytics market size was valued at $2.63 billion in 2018, and is projected to reach $10.73 billion by 2026, growing at a CAGR of 19.3% from 2019 to 2026.
Web analytics tools and application has gained tremendous popularity among the digital businesses. With need to improve and gain new revenue opportunities digital businesses, such as e-commerce, have adopted web analytics, which in turn has positive impact on the web analytics market growth. In addition, industries are evolving in terms of data generation and analysis to help them aid their offering among other competitors, marketers, and businesses. This need has garnered high adoption of web analytics to gain critical business insights and form effective sales and marketing as well as other online strategies. Enhancement of marketing strategies helps businesses to remain at par with the competitors in the stiff competitive environment, which in turn is compelling businesses to optimize Websites; thereby, increasing the efficiency and ad revenue generating capacity of Websites through analytics.
Rise in number of applications that resides on smartphones has driven the demand for analytical software that are capable to gather data from smart devices and provide insights on the user’s behavior. This in turn helps companies to optimize their product offerings and target their ads depending upon the user location. Web analytics plays a crucial role in offering demographics marketing depending upon the aforementioned data, which in turn is expected to boost the growth of the web analytics market.
By application, the targeting and behavioral analysis segment is expected to anticipate high revenue growth during the forecast period in the overall web analytics market. Advent of internet technologies and evolution of web technologies have enhanced the way digital businesses operate. Demand for customer and behavioral analytics has grown from the recent past to gain comprehensive understanding of consumer demand, which in turn is expected to drive the growth of the segment in the global web analytics market.
Moreover, the online marketing segment witnessed a significant growth in the market, in terms of CAGR during the forecast period. This is attributed to increase in number of internet users across the globe, and instant access benefit of internet to one’s product portfolio.
The web analytics market trends in North America dominated in 2018, and is expected to continue this trend during the forecast period, owing to high adoption of analytics solutions and presence of players in the countries such as U.S. and Canada. Asia-Pacific is expected to anticipate high CAGR in the web analytics industry in the coming years.
Key Findings of the Study:
- By deployment, the cloud segment dominated the web analytics market share in 2018. However, the on-premise segment is expected to exhibit significant growth during the forecast period.
- By application, the online marketing segment accounted for the highest revenue in 2018, owing to rise in demand for optimized clicks from e-commerce sector.
- Depending on end user, the retail & ecommerce industry generated the highest revenue in 2018. However, the retail sector is expected to witness a considerable growth in the near future, owing to rise in e-commerce activities across the globe.
- Region wise, Asia-Pacific is expected to witness significant growth in terms of CAGR in the coming years.
Web analytics market analysis profiled in the report include Adobe Systems Incorporated, AT Internet, Facebook Inc., Google LLC, Hotjar Ltd, IBM Corporation, Microsoft Corporation, SAS Institute Inc., Splunk Inc., and Webtrends Inc. The major players operating in this market have witnessed massive increase in the demand for web analytics, especially due to increase in adoption of Internet and its related services among businesses across the globe. This study includes market analysis, trends, and future estimations to determine the imminent investment pockets.