-- Web and mobile ecosystems will converge to create an omni-channel marketing strategy that helps deliver a seamless consumer experience, finds Frost & Sullivan
MOUNTAIN VIEW, California, Nov. 5, 2014 /PRNewswire/ -- Although online analytics platforms have existed for over two decades, an exponential rise in the amount of data generated on the Internet has triggered an inflection point within the industry, prompting a shift to more advanced, engagement-focused analytics. Traditional modes of measurement which allow for guesswork are now outdated, and marketers are demanding definitive, metric-based models that will help them identify the most profitable digital marketing mix that go beyond clicks and impressions. This paradigm shift is fuelling the need for real-time web and mobile analytics solutions globally.
New analysis from Frost & Sullivan, Global Web and Mobile Analytics Market, finds that the market earned revenues of $1.26 billion in 2013 and estimates this to reach $4.11 billion by 2020.
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"As consumers spend an increasing amount of time on mobile devices, marketers are also looking at optimizing mobile channels using analytics for push marketing," said Frost & Sullivan Digital Media Industry Analyst Hiral Jasani. "Mobile analytics is transforming the way brands approach digital marketing, and is expected take over from conventional analytics in the near future."
Lack of awareness on web and mobile channel optimization continues to affect overall customer readiness in employing analytics platforms. Coupled with the shortage of analytics professionals, this impedes market growth. Skepticism around web and mobile as primary revenue generators and regulations regarding privacy also affect the uptake of analytics systems.
Moreover, device proliferation has led to confusion among marketers. With initiatives across web, mobile, social and display advertising channels, the analytics solution could be over-counting the audiences on all digital assets. Such unreliable marketing attribution delays the time to actionable insights, thus raising questions around investment in analytics.
"Vendors that can help companies find the attribution model best suited to specific business needs will have an edge over competitors," noted Jasani. "Integration with big data and predictive analytics to improve personalization and ensure a consistent mobile experience will be another vital near-term strategy for analytics solution providers."
As real-time viewer engagement becomes essential, advertisers and publishers will evolve into the largest consumers of web and mobile analytics. Therefore, the market will witness a string of acquisitions with mobile analytics companies, becoming hot targets for marketing and advertising solution vendors that seek to strengthen their foothold in the global market.
Global Web and Mobile Analytics Market is part of the Digital Media (http://www.digitalmedia.frost.com) Growth Partnership Service program. Frost & Sullivan's related studies include: Global Big Data Analytics Market, Global Pay TV Video Encoders Market, Global Online Video Platforms Market, and Global Embedded Computing Ecosystem Market. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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Global Web and Mobile Analytics Market
SOURCE Frost & Sullivan