The surge in the internet penetration rate, particularly in developing economies, and increasing adoption of web analytics by small and medium-scale enterprises. The market is also being stimulated by the increasing integration of artificial intelligence (AI) into web analytics, which has the potential to provide more effective processed information from web portals.
According to Data Bridge Market Research, the Global Web Analytics Market was valued at USD 4.42 billion in 2021 and is expected to reach USD 16.62 billion by 2029, registering a CAGR of 18.0% during the forecast period of 2022-2029.
" Growing Rate of Online Consumers Surge the Market Growth"
The increasing number of online consumers worldwide is increasing considerably, particularly in developing nations, whereas per ASSOCHAM, online shopping is anticipated to witness an annualized growth rate of over 115%. The increasing demand for online shopping trends significantly increases the adoption of web analytics. Web analytics plays an essential role in providing personalized product recommendations and analyzing the shopping trends of the users and also assists marketers in running successful marketing campaigns. Thus, this factor boosts market growth.
What restraints the growth of the Global Web Analytics Market?
" Issue of Reliability Will Restrain Market Growth"
Web analytics is not a completely reliable tool at all times. Sometimes, bot traffic is mistakenly identified as genuine traffic in the web analytics dashboard. Google fails to track websites individually. Thus, the information provided is taken as approximations. There are also cases where the source of traffic is described incorrectly. Consequently, this incorrect information will be stored inside the server, providing a wrong guide to future users. All these major factors impede the growth of the market.
Segmentation: Global Web Analytics Market
The global web analytics market is segmented on the basis of solution, service, deployment type, application and vertical.
- On the basis of solution, the web analytics market is segmented into search engine tracking and ranking, heat map analytics, marketing automation, behavior-based targeting and others.
- Based on service, the web analytics market is segmented into professional services and support and maintenance.
- Based on deployment type, the web analytics market is segmented into on-demand and on-premises.
- Based on application, the web analytics market is segmented into social media management, targeting and behavioral analysis, display advertising optimization, multichannel campaign analysis, performance monitoring and others.
- Based on vertical, the web analytics market is segmented into retail and consumer goods, BFSI, government, travel and hospitality, media and entertainment, healthcare and life sciences, telecommunication and IT, and others.
Regional Insights: North America is expected to dominate the Global Web Analytics Market
North America dominates the market due to the increased adoption of cloud and IoT technologies and the increasing rate of implementation of analytics solutions, as the IT infrastructure in this region is well developed. Also, the growing penetration of smartphones and other mobile devices in this region and the increase in website traffic from these mobile devices are surging the demand for web analytics solutions.
Asia-Pacific is expected to grow in 2022-2029 due to the growing number of analytics outsourcing activities and the numerous end-user industries' rising adoption of analytics solutions. Furthermore, the region's growing investments in AI and machine learning are associated with the market's growth.
To know more about the study, visit, https://www.databridgemarketresearch.com/reports/global-web-analytics-market
Recent Developments in Global Web Analytics Market
- In 2022, IBM extended its partnership with adobe concerning AI-driven weather data and the adobe experience platform. It aims to launch new AI-driven insights on how the weather could affect consumer purchasing habits across multiple categories such as healthcare, retail, travel and hospitality, and consumer packaged goods.
- In 2022, S4 Capital, the parent company of Media. Monks acquired another digital and data business named 4 Mile Analytics to increase global web and data analytics capabilities, data governance, data engineering, software engineering, user experience (UX) design, and project and product management.
The Prominent Key Players Operating in the Global Web Analytics Market Include:
- IBM (U.S.)
- Orcale (U.S.)
- Microsoft(U.S.)
- SAP(Germany)
- Genetec Inc. (Canada)
- Teletrac Navman US Ltd (U.S.)
- Inseego Corp (U.S.)
- PROCON ANALYTICS (U.S.)
- CloudMade (U.K.).
- Noregon Systems, LLC (U.K.).
- AGNIK LLC. (U.S.)
- Plotly. (U.S.)
- Hewlett Packard Enterprise Development LP (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global web analytics market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Web Analytics Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
