The Web Analytics Market was valued at USD 3.01 billion in 2019 and is expected to reach USD 7.05 billion by 2025, at a CAGR of 15.2% over the forecast period 2020 - 2025. The web analytics market is expected to gain momentum from the steady rise in marketing automation and online shopping trends going across the world.
- Web analytics is the analysis of managing and integrating a huge variety of data to help in the creation of an understanding of the visitor's experience via online interaction, in a data-driven business model.
- Increasing awareness about the effective utilization of large chunks of unorganized, random data and improved performance of web analytics solutions by different enterprises is expected to create many opportunities in the market.
- The rising demand for web analytics has led to the invention of new technologies and solutions. The applications of web analytics help enterprises plan and publish relevant content on the website, create ads and launch marketing campaigns to target potential customers and convert them into buyers by gaining insight of their behavior and buying pattern.
- However, data privacy is a concern that is seen as a major drawback to web analytic solutions. For instance, in November 2018, cryptocurrency exchange platform Gate.io was the target of hackers who breached a widely used web analytics platform Statcounter to steal cryptocurrency from the exchange, which strengthens the point of data privacy concerns.
Scope of the Report
Web analytics is the process of analyzing the behavior of visitors to a website. By the usage of web analytics business is enabled to attract more visitors, retain or attract new customers for goods or services, or to increase the dollar amount each customer spends.
Key Market Trends
Retail (E-Commerce) Sector to Dominate the Web Analytics Market
- The retail market around the world is going through a drastic transformation from physical stores to online channel. With the increasing advancement of the internet and the freedom to access it from anywhere, brick-and-mortar stores have turned into a digital retailer.
- This rapid digitization is urging retail giants across the globe to reach out to mass audiences, to provide access to products and brands available worldwide. By giving such ease of accessibility to people, digitization enables the firms to attract customers new customers and take their game to a higher level.
- The firms are adopting digital technology for the improvement of their marketing campaigns and augmenting it to their supply chain operations to offer better success rates.
- With the sales of retail (e-commerce) increasing year on year reaching 461.58 billion in 2018, it is evident that the U.S market is increasing on a rapid rate and with the competition also increasing in the industry, the firms need to adopt web analytics solutions to retain and attract new customers.
North America to Lead the Market
- North American web analytics market is growing rapidly due to a constant rise in online shopping, marketing automation, along with the incremental shift towards online data-driven businesses in the region. The North American market is a leader in the digital industry and also holds the world’s largest e-commerce market.
- Also, with the higher usage of smartphones in this region, it is going to expand the demand for web analytics as there has been a drastic increase in website traffic across the world and this region owing to the increased usage of smartphones and other wearable devices.
- Web analytics has also proven to be extremely productive in analyzing the geographical distribution of website traffic through social media tracking and ranking.
- The North American region also consists of various web analytics solutions firms making the market highly competitive. The e-marketers are integrating web analytics into their business model to understand the trend of their respective market.
The market is mildly concentrated with the presence of many players working in national and international boundaries. The players are adopting strategies like product innovation and mergers and acquisitions in the market to stay ahead of the competition. The major players in the market are Google, Microsoft Corporation, Facebook Inc., Adobe Systems among others.
- April 2018 - ComScore subscribes Paramount Pictures Corporation for the distribution software, Theatrical Distribution System (TDS), part of comScore’s Hollywood Software Suite of Solutions. Under this new agreement, it will utilize the TDS service to manage all key elements of its domestic theatrical distribution business including planning, negotiating, booking and invoicing.
- January 2018 - Google Analytics and Salesforce are working together to connect sales, marketing, and advertising data, to provide a full view of what’s working across the client’s ads, websites, emails, call centers, and more.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
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- 3 months of analyst support