New York, US, Aug. 02, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global Web Analytics Market information by Deployment, by Components, by Application and Vertical – forecast to 2027” the market was valued at USD 2.59 Billion in 2018 and is expected to reach USD 9.11 Billion by 2025 recording a CAGR of 19.96%.
Web Analytics Market Scope:
The global web analytics market is growing continually, heading with the rising demand for simple-to-use AI capabilities to get more value from web data. Web analytics help make sense of collected data by harvesting and processing massive data volumes, data mining, and others. With the growing market competition and advancements in technologies and digitization, there is a growing need to have web analytics incorporated into every business system. Rising uses of web service solutions to leverage vast amounts of data and generate new insights without needing complex models, allow the market to garner significant traction across the globe.
Dominant Key Players on Web Analytics Market Covered Are:
- AT Internet (France)
- Google (US)
- Adobe Systems Inc. (US)
- Microsoft Corporation (US)
- MicroStrategy Incorporated (US)
- IBM Corporation (US)
- Splunk Inc. (US)
- Tableau Software (US)
- SAS Institute Inc. (US)
- Yahoo Inc. (US)
- comScore Inc. (US)
- Hotjar Ltd (Malta)
- Mixpanel (US)
- Netbiscuits (Germany)
- SimilarWeb Ltd (US)
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Market USP Exclusively Encompassed:
Market Drivers
Rising Pressure to Improve Customer Experience Defines Market Landscape
Additionally, increasing adoption of web analytics for customer acquisition and optimize digital marketing & advertising campaigns are major trends boosting the market size. Rapid developments in industrial environments and increasing uses of data analytics at the edge, remote health care, and robotics foster the market growth. Commercial web analytics' features such as reporting, analytical & performance management, and consumer segmentation push the growth of the market.
Domains such as facility remote monitoring, digital health, and connected, smart environments would continue to develop due to social distancing and health requirements. This, as a result, would benefit the web analytics market, ushering in greater human augmentation in work. Increased uses of web analytics by content developers, marketing professionals, advertisement companies, and website operations teams increase the market size, enhancing the digital customer experience.
Training Needs Hamper the Growth of the Market
Advanced technologies based on analytical techniques such as machine learning require a particular set of skills. This, as a result, the projected to acts as a major headwind for the market growth, presenting challenges of lack of domain-specific expertise.
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Segmentation of Market Covered in the Research:
The market is segmented into analytics types, components, deployments, applications, verticals, and regions. The component segment is sub-segmented into solutions and services. The sub-segment solution is further bifurcated as marketing automation, search engine tracking & ranking, heat map analytics, behavior-based targeting, and others. The sub-segment service is further bifurcated as professional service, managed service, and others.
The deployment segment is sub-segmented into on-premise and on-cloud. The application segment is sub-segmented into targeting & behavioral analysis, display advertising optimization, social media management, multichannel campaign analysis, and others.
The vertical segment is sub-segmented into it & telecommunication, BFSI, retail & e-commerce, media & entertainment, government, travel & hospitality, and others. The region segment is sub-segmented into Asia Pacific, Americas, Europe, and rest-of-the-world.
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Regional Analysis
North America heads the global web analytics market. Factors like the strong presence of major web analytics providers and well-established technology development centers drive the market growth. Besides, vast technological advances, substantial R&D investments, and the growing demand for advanced web analytics solutions are major market trends.
Other key factors bolstering the market growth include the growing demand for website analytics solutions for analyzing and managing the geographical distribution of website traffic. Growing focus of organizations across the region on enhancing digital platforms to improve customer experience by boosting their website operation performance fosters regional market growth.
COVID-19 Impact on the Global Web Analytics Market
The COVID-19 outbreak has impacted web analytics positively. The market has been witnessing a constant uptick over the past few months. Technology providers are making substantial investments to foster R&D activities to improve web services. Furthermore, data-intensive experiences like pulling order data from websites via JSON fields, scraped from the web into web analytics are other trends projected to garner significant momentum.
Rising uses of connected devices in numerous industries would continue to define the market landscape in the coming year. With the COVID-19 crises expected to extend beyond 2021, the need for social media management, targeting & behavioral analysis, display advertising optimization, and multichannel campaign analysis, are expected to increase phenomenally during years to come.
In 2021, the market is expected to witness continual growth due to the major emphasis on developing more comprehensive technologies. Many organizations would prioritize investments in web analytics due to stricter data privacy laws for consumer protection that regulatory bodies would impose beyond 2021.
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Competitive Analysis
The web analytics market is expected to witness significant product launches and several strategic approaches, such as expansion, collaboration, mergers & acquisitions, and product launches. Mature industry players also make significant investments in research and development activities and expansions.
For instance, recently, on July 13, 2021, Perch, a technology-driven company holding direct-to-consumer businesses selling on Amazon, announced the acquisition of Web Deals Direct to boost its Amazon roll-up play. The acquisition would enhance Perch's position in the race to roll up smaller merchants that sell and fulfill sales through Amazon, bringing on a number of new brands and operations infrastructures.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.