Rising Adoption of Advanced E-Commerce Analytics Software Driving the Market 2023-2028

DUBLIN, Aug. 8, 2023 /PRNewswire/ -- The "E-Commerce Analytics Software Market - Forecasts from 2023 to 2028" report has been added to ResearchAndMarkets.com's offering.

The E-commerce analytics software market is projected to experience remarkable growth during the forecast period, with an estimated Compound Annual Growth Rate (CAGR) of 18.97%.

This surge in demand can be attributed to the rising adoption of advanced e-commerce analytics software such as Google Analytics, Adobe Analytics, Mixpanel, and Shopify Analytics. These cutting-edge solutions offer effective analytical capacity and performance, empowering businesses to gain valuable insights into their e-commerce operations.

The development of novel technologies like machine learning and artificial intelligence further accelerates the creation of advanced and efficient e-commerce analytics software. Such advancements enable enterprises to analyze large volumes of data efficiently, contributing to their decision-making processes and enhancing customer care.

Driving the expansion of the e-commerce analytics software market are two significant factors: the growing importance of data analysis and customer care, and the simultaneous expansion of the e-commerce sector.

Key Market Drivers:

i. Increasing E-commerce Activities: The transformation of consumer purchasing habits has led to significant growth in e-commerce and e-retail activities, bolstering the demand for e-commerce analytics software. Companies seek to effectively analyze consumer behavior patterns to improve company profits. Recent data from the US Census Bureau revealed e-commerce transactions amounting to $1,034.1 billion in 2022, accounting for 14.6% of overall sales. Additionally, a PayPal poll indicated that over 57% of consumers prefer to shop on international and global websites. The digitalization of various companies across diverse sectors, driven by global business globalization, has fueled demand for e-commerce analytics software to enhance user experiences and analyze online website performance.

ii. Increasing Demand for Data-driven Decision-making: Data-driven decision-making is becoming increasingly important for enterprises, leading to a high demand for data analytics tools. E-commerce analytics software facilitates real-time insights into customer behavior, sales performance, and other key metrics, empowering businesses to make informed decisions about their e-commerce operations and marketing strategies. Leading companies like Spotify and Netflix utilize AI-driven data analytics tools to analyze client behavior and suggest personalized recommendations.

Market Segmentation:

The e-commerce analytics software market can be segmented based on deployment and end-users. Cloud-based e-commerce analytics software is gaining popularity due to its flexibility, scalability, and user convenience.

Key players in the market are also offering cloud-based software solutions to meet customer demands. End-users of e-commerce analytics software span various industries such as apparel & fashion, food & beverage, home & electronics, healthcare, and others.

Challenges:

The adoption of e-commerce analytics software may pose cost and integration complications for enterprises, especially small and medium-sized businesses, limiting its usage. Some businesses might resort to free or low-cost analytics tools with limited functionality, impacting consumer trust in e-commerce analytics software. Additionally, integration challenges may hinder data collection and analysis processes, restricting the software's potential impact on businesses.

Regional Growth:

Asia Pacific holds a major share in the e-commerce analytics software market and is expected to experience substantial growth during the forecast period.

The region's booming e-commerce sector and the growing importance of data-driven decision-making in the corporate sector are driving this growth. For example, Korea's Online E-procurement System facilitated business transactions worth US$105 billion in 2022, underlining the region's potential. The expansion of the retail sector and the presence of various online retail stores, such as Urbanic, H&M, Zara, and Ajio, further contribute to the consumption of e-commerce analytics software by retail companies.

Key Companies Mentioned:

Adobe Inc. SAP SE Salesforce Oracle Microsoft Corporation Woopra Inc. Optimizely Inc. Alphabet Inc. SavvyCube Zoho Corporation Pvt. Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/9zkhnd

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SOURCE Research and Markets