Portland, OR , July 02, 2020 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global web analytics market garnered $2.63 billion in 2018, and is estimated to reach $10.73 billion by 2026, at a CAGR of 19.3% from 2019 to 2026. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenario.
Rise in shift to data driven businesses, increase in marketing automation, and surge in demand of mobile analytics augmented the growth of the global web analytics market. However, data privacy and cyber security, and shortage of skilled labor hinder the growth to a certain extent. Conversely, predictive web analytics and increase in cloud adoption are anticipated to create lucrative opportunities for the key players in the industry.
COVID-19 Scenarios:
- The coronavirus outbreak has created numerous challenges for the web analytics market, however, the remote working system has become a boon for the software industry.
- Furthermore, web analytics companies are escalating their attention to in-demand technologies and discovering innovative ways to offer service to their clients.
- In addition, several companies are working on new projects and developing risk monitoring software in regards to the global pandemic, in order to assist people during the crisis.
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The web analytics market is segmented on the basis of deployment, application, end user, and region. The market is bifurcated into on-premise and cloud. Based on deployment, the on-premise segment contributed to more than three-fifths of the global web analytics market share in 2018, and is expected to rule the roost by the end of 2026. On the other hand, the cloud segment would cite the fastest CAGR of 22.8% from 2019 to 2026.
Based on application, the market is divided into social media management, targeting and behavioral analysis, display advertising optimization, multichannel campaign analysis, online marketing, and others. The targeting and behavioral analysis segment held the major share in 2018, generating nearly one-third of the global web analytics market. Furthermore, the multichannel campaign analysis segment would showcase the fastest CAGR of 22.3% throughout the forecast period.
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Based on geography, the report has been analyzed across regions including Asia-Pacific, Europe, LAMEA, and North America. The market across North America accounted for around one-third of the global web analytics market revenue in 2018, and is projected to dominate throughout the study period. Conversely, the Asia-Pacific region would register the fastest CAGR of 21.5% from 2009 to 2026.
Key market players in the report include AT Internet, Facebook Inc., Google LLC, Hotjar Ltd, IBM Corporation, Microsoft Corporation, SAS Institute Inc., Splunk Inc., Webtrends Inc., and Adobe Systems Incorporated.
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