The Clickstream Analytics Market was valued at USD 947.65 million in 2019 and is expected to reach USD 2157.90 billion by 2025, at a CAGR of 14.7% over the forecast period 2020 - 2025. As the population is inclining towards e-commerce and digital revolution is underway, companies are adopting clickstream analytics solutions to track customer's online journey and provide customized offering.
- A major factor driving the market is the rapid adoption of mobile technology that is providing multiple digital touch points to the companies that require to be assessed and analyzed. These techniques have enabled companies leverage clickstream analytical insights to develop new products, enhance present product portfolio and improve their websites and applications to reduce customer churn and increase customer satisfaction.
- Upcoming data privacy acts safeguard customers behaviour online and fine heavy penalties on companies violating this law. For instance, New York Privacy Act, suggested in June 2019 will allow New Yorkers to find out what data is collected on them and with whom the data is being shared. State residents will also gain the right to request any personal data be corrected or deleted, and ask that companies not share or sell that data with any third parties.
Scope of the Report
Various end-user verticals particularly the BFSI, telecom & IT, and retail sectors are adopting clickstream analytics to optimize and analyze their customer behaviour and search trends. There is a growing demand for clickstream analytics in large enterprises due to its cost-effective and time-efficient features SMEs are embracing the technology since there is a requirement of low-cost solutions due to limited budget.
Key Market Trends
Retail Industry to Dominate the Market
- To stay competitive in the growing e-commerce market and to address customer requirements and behavior there is a greater demand for clickstream analytics to analyze the behavior of users of a web site, segment the site traffic and gather data based on user attributes, including demographic data and purchase history.
- Various customer tendencies are often measured by some standard metrics like their visit durations, search terms, ISPs, countries, browsers, etc. The process can enable a company to know what visitors are thinking about.
- Salesforce predicted in 2018 that more purchases will be made with mobile phones during the holiday season than any other devices. Thus clickstream analytics is expected to grow for smartphones segment.
Asia-Pacific to Witness the Highest Growth
- Asia is a major player in the changing retail landscape due to rise in e-commerce startups.
- China leads the e-commerce market with Alibaba recently opening a pop-up store in Australia and reflecting the ‘phygital’ trend towards digitally-enhanced offline experiences. Clickstream analytics will help to measure the success of such initiatives.
- The APAC region is diverse and unique and made up numerous different cultures, traditions, and languages and a complex digital landscape. In order to be successful, brands need to be aware of these differences and adapt their marketing strategies accordingly. To contribute in the same, clickstream technologies will analyze customer's behaviour and help brands personalise offerings for each customer.
The market is fragmented with many legacy players and new players rolling out cost-effective solutions to help companies process and analyze data in real time and at scale.
- June 2019 - Data analytics startup IQLECT announced ShopIQ. The “enterprise-grade” analytics platform uses machine learning and predictive analytics to help online sellers provide real-time, 1-on-1 customer personalization to improve conversions and sales.
- January 2019 - Fastly, an edge cloud platform provider teamed with Microsoft planned to create a customer-facing solution for real-time analysis on high-volume click-stream data, based on Azure Data Explorer (ADX).
- October 2018 - Astronomer, creator of Apache Airflow platform, announced successful completion of its streaming data routing (“Clickstream”) division into the newly created MetaRouter, which would provide SaaS, private cloud and on-premise data routing solutions for organizations requiring enhanced security and flexibility.
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