Market Overview
Web analytics are specific analytical applications used to enhance the online user experience, acquisitions, and optimise digital marketing and advertising campaigns. The higher adoption of this technology, especially in the e-commerce sector, is driving the Web Analytics Market Growth.
The solutions products offer various features such as analytical and performance management, reporting, and consumer segmentation. The marketing professionals especially use, advertisement companies, content developers, and website developers to upgrade the customers' digital experience.
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The Web Analytics Market Growth is expected to attain a good momentum due to the growth of automation and online shopping trends among users. The rise in awareness for efficient usage of unorganized and random data and the improvement of the website. These factors are setting wide growth opportunities for the market.
The retail sector is chiefly driving the Web Analytics Market due to its huge need for analytics solutions. The banking sector is also demanding these solutions for automated functions. E-commerce wants to make the website more personalized for the customers, due to which they are highly adopting these solutions.
The change in customers' interests, habits and the demand for user-interactive features are accelerating the market's value.
The Web Analytics Market reached a value of USD 2.59 Billion in 2018. It is now expecting USD 9.11 Billion by 2025 and a CAGR of 19.96 % during the forecast period between 2025 and 2027.
Market Segmentation:
The Web Analytics Market Growth is segmented into component, application, deployment, and vertical.
The component segment is fragmented into solution and service. These two are further fragments into various types. The solution segment is parted into heat map analytics, search engine tracking and ranking, marketing automation, behaviour-based targeting, and others. And the service segment is sub-fragmented into professional service and managed service.
The deployment segment of the market has on-premise and on-cloud.
The Web Analytics Market Growth's application segment comprises social media management, display advertising optimization, multichannel campaign analysis, targeting & behavioural analysis, and others.
The vertical segment has various industrial sectors such as IT and telecommunication, government, travel and hospitality, BFSI, media and entertainment, retail and e-commerce, etc.
Regional Analysis:
According to the geographical analysis, the Web Analytics Market Growth is showing massive growth in regions such as North America, South America, Asia Pacific, Europe, the Middle East and Africa.
The North American region is presently leading the global market due to the presence of major industrial players. The higher investment in research and development activities is developing advanced solutions. As North America is highly adopting smart technologies and the enhancement of digital platforms is driving the regional market. The advancement is improving the consumers' experience and boosting website performance. The higher usage of smartphones is demanding website analytics solutions.
Asia-Pacific is witnessing the fastest growth in the forecast period. The region is emerging due to the demand for cloud-based solutions and services. Awareness among large, small, and medium enterprises is highly demanding for these analysis solutions.
The online shopping trends demand website analytics solutions for tracking the consumers' purchasing and interest areas.
The European region and the rest of the world will also show a considerable share in the forecast period.
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Industry News
In June 2020 - IBM made an agreement with Spanugo, a US-based cloud cybersecurity posture management provider. It will integrate Spanugo software into the public cloud, and further, it will support IBM for highly reliable and secure services to the customers.
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