Global Web Analytics Market to Reach $5.6 Billion by 2024
SAN FRANCISCO, Aug. 11, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Web Analytics - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 7; Released: May 2021
Executive Pool: 72800
Companies: 546 - Players covered include Adobe, Inc.; Applied Technologies Internet SAS; Facebook, Inc.; Google LLC; Hootsuite, Inc.; IBM Corporation; Microsoft Corporation; MicroStrategy, Inc.; SAS Institute, Inc.; SimilarWeb Ltd.; Splunk, Inc.; Teradata Corporation; Webtrends, Inc. and Others.
Coverage: All major geographies and key segments
Segments: Organization Size (Large Enterprises, SMEs); Deployment (On-Premise, Cloud); Vertical (Retail, Manufacturing, BFSI, IT & Telecom, Logistics & Transportation, Healthcare, Other Verticals)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.
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ABSTRACT-
Global Web Analytics Market to Reach $5.6 Billion by 2024
Web analytics, also termed digital analytics refers to the collection, measurement and analysis of web data. The web analytics strategy is designed to maximize the effectiveness of online and e-commerce activities. The growing need to align the organizational core work processes with business objectives is driving demand for web analytics solutions. With exponential growth witnessed in data volumes generated from various business processes, there is a growing need for effective measurement and analysis of the unorganized data to enhance business efficiency. Amid the COVID-19 crisis, the global market for Web Analytics is projected to US$5.6 Billion by 2024, registering a compounded annual growth rate (CAGR) of 15.7% over the analysis period. United States represents the largest regional market for Web Analytics, accounting for an estimated 32.9% share of the global total. The market is projected to reach US$2.2 Billion by the close of the analysis period. Asia-Pacific is forecast to emerge as the fastest growing regional market with a CAGR of 17.6% over the analysis period.
The market has been benefiting significantly from the advent of advanced web analytics solutions with enhanced performance capabilities, made possible through the rapid pace of technology advancements witnessed in the space. The increase in data-driven online businesses, the increased adoption of multichannel marketing initiatives, and shift towards cloud-based platforms are spurring demand for web analytics solutions. The need to intensify marketing activities in a highly competitive environment is fueling demand for web analytics solutions. Another notable trend in the market is the growing importance of mobile analytics solutions. With penetration of smartphones on the rise, the website traffic through various mobile devices is witnessing high growth. Consequently, companies are using mobile analytics solutions to analyze the mobile traffic, so as to strategize effectively to target these users. The market is also being influenced by the growing integration of artificial intelligence (AI) into web analytics that has the potential to offer more effective processed information from web portals. However, the strict government regulations and need to comply with data privacy rules are impeding market growth. Data privacy specifically is emerging as a key concern for the market.
In North America, the emergence of online data-driven businesses, rapid rise in e-commerce market, and trend towards marketing automation are all driving demand for web analytics solutions. As the region is at the forefront of digital revolution, there is high demand for advanced web analytics solutions. The high penetration of smartphones and other mobile devices in North America and the significant increase in website traffic from these mobile devices are also enhancing importance of analyzing the mobile data, thus raising demand for web analytics solutions. Also, growing use of social media platforms is also leading to growing use of web analytics solutions for analyzing website traffic on such platforms. Asia-Pacific is witnessing high adoption of web analytics solutions due to the rising awareness among businesses about the need to analyze the huge volume of unstructured data generated by their websites. More
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