Surge in shift to data driven businesses, rise in marketing automation, and growth in demand of mobile analytics boost the growth of the global web analytics market
PORTLAND, Oregon, Feb. 12, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Web Analytics Market by Deployment (On-premise and Cloud), Application (Social Media Management, Targeting and Behavioral Analysis, Display Advertising Optimization, Multichannel Campaign Analysis, Online Marketing, and Others), and End User (Banking, Financial Services, & Insurance (BFSI); Retail; Healthcare; Government; Travel & Hospitality; IT & Telecommunications; Media & Entertainment; and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global web analytics market garnered $2.63 billion in 2018, and is estimated to reach $10.73 billion by 2026, growing at a CAGR of 19.3% from 2019 to 2026.
Drivers, restraints, and opportunities-
Increase in shift to data driven businesses, surge in marketing automation, and rise in demand of mobile analytics fuel the growth of the global web analytics market. On the other hand, data privacy and cyber security, and shortage of skilled labor impede the growth to a certain extent. Nevertheless, predictive web analytics and rise in cloud adoption are expected to create lucrative opportunities for the key players in the industry.
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The on-premise segment to lead the trail by 2026-
Based on deployment, the on-premise segment contributed to more than three-fifths of the global web analytics market share in 2018, and is expected to rule the roost by the end of 2026. As the businesses opt for on-premise web analytics solutions to garner full data ownership and provide respect for user privacy, which drives the growth of the segment. Simultaneously, the cloud segment would cite the fastest CAGR of 22.8% from 2019 to 2026. The web analytics is hosted on cloud deployments which generate real-time data, which offers the segment to grow.
The targeting and behavioral analysis segment held the largest share in 2018-
Based on application, the targeting and behavioral analysis segment held the major share in 2018, generating nearly one-third of the global web analytics market. Rise in demand for instant access to website and applications with high demand for website speed optimization, enterprises in online business space are propelling the growth of the segment. At the same time, the multichannel campaign analysis segment would showcase the fastest CAGR of 22.3% throughout the forecast period. This is attributed to the rise in omni-channel e-commerce.
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North America to rule the roost in terms of revenue-
Based on geography, the market across North America accounted for around one-third of the global web analytics market revenue in 2018, and is projected to dominate throughout the study period. North America has well-developed IT infrastructure which has led to early adoption of automation processes in this region. On the other hand, the Asia-Pacific region would register the fastest CAGR of 21.5% from 2009 to 2026. This is due to the increase in need to collect debt among regional governments.
Leading market players-
- Microsoft Corporation
- SAS Institute Inc.
- Splunk Inc.
- Webtrends Inc.
- Adobe Systems Incorporated
- AT Internet
- Facebook Inc.
- Google LLC
- Hotjar Ltd
- IBM Corporation
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