PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1117097
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1117097
Google dominated the web analytics industry in 2021, with three of its web analytics technologies maintaining the top three positions in the global market. Google Analytics was first with a market share of 31.55 percent, followed by Google Universal Analytics and Google Global Site Tag who had market shares of 24.04 and 17.96 percent, respectively. When all three technologies were combined, Google maintained more than 70 percent of the total market share.
Increasing focus on enhancing customer experience
Customer experience management is preferred as a set of procedures. Organizations utilize the processes to manage customer communications across enterprises. In present severely aggressive market atmosphere, the customer experience management has become more significant than ever as customers interact through numerous touch points. Moreover, almost the same number of participants received the increasing focus on attractive customer experience as a strategic priority and derived competitive benefit. Thus, organizations would focus on customer experience management and measure it through a united view of customer interactions.
Complexity of data synchronization
Businesses collect massive quantity of data through a various channels to add a superior understanding of customer preferences, needs, and purchasing patterns. These days, with the proliferation of digital technologies and mobile devices, organizations are filled with data gathered from internal and external sources. In such cases, better data synchronization plays a crucial role in designing and analyzing customers' journey. Habitually, enterprises are depended on batch oriented file synchronization. Yet, in this method, organizations might face diminishing profits with eroding buyer trustworthiness. Customers raising queries to call centers would witness resistance from call center employees and see outdated transaction information on self-service websites. Enterprises need to improve the speed of integration with consistently growing complexity of touchpoints in the customer feedback process.
Increasing market automation and rapid digitalization
Rapid digitalization as well as increasing marketing automation, is one of the essential aspect boosting the market growth. In addition, the proliferation of online retail and social media platforms is on condition that a force to the growth of the market. Web analytics organizes great chunks of accidental and unorganized data and enables the organizations to make up to date decisions based on real time user insights. Moreover, the expansion of projecting analytics and search engine optimization (SEO) solutions for automated and detailed performance tracking are contributing to the market growth.
Privacy and security concerns to disengage between customers and businesses
There is a rising disconnection between companies that exploit the customer data and how consumers expect their data should be used and secured. Customers realized that their data was uncovered and used without their permission and approval. This loss of trust represents one of the major unnoticed risks of mobile apps and websites. Cyber breaches could potentially become market making events representing the reject and ultimate end of big brand names, if customers run away to competitors.
The growth of web analytics market is predicted to rise during the COVID-19 pandemic. The web surfing and web traffic has been increased during the lockdown. Consequently, the acceptance of web analysis has increased in IT sector. Besides, work from home facility was provided in all organizations. The web analytics helps to recover and optimizes a website and web service that helps to work effortlessly in work from home facility. The COVID-19 eruption has established the accurate need for data and how analytics has an essential role to play in pandemic. Noteworthy efforts are being deployed to leverage advanced analytics to understand the real-time scenario of pandemic through mobile apps and web navigations across the globe. Further, the government, public authorities, and hospitals are using mobile apps and web analytics to correspond with the people and increase consciousness concerning the measures that needs to be taken at some point in the pandemic. The media companies and stakeholders are also finding new ways to engage with their viewers and, they have revived their business strategy and appealing with their viewers through social media.
The application segment is expected to be the largest during the forecast period
Based on Application, the market is segmented into Performance Monitoring, Multichannel Campaign Analysis, Display Advertising Optimization, Social Media Management, Targeting & Behavioral Analysis, Online Marketing, Marketing Automation, Mobile Analytics, Content Marketing, E-Mail Marketing and Other Applications. In present world, the Social Media part holds a large market share. Social Media Management is the method of managing your online presence on Social Media platforms like Face book, Instagram, and Twitter by creating, publishing, and analyzing substance you send. Social Media Management includes engaging and interacting with Social Media users. We can use tools, services, and social media managers to supervise Social Media Management.
The end user segment is expected to have the highest CAGR during the forecast period
Based on end user, the market is segmented into Telecommunication & IT, Travel & Hospitality, Media & Entertainment, Government, Healthcare & Life Sciences, Retail & Consumer Goods, Banking, Financial Services, and Insurance (BFSI) and Other End Users. The Retail segment holds the highest CAGR. The Retail Market has gone through a tremendous alteration from physical stores to online sales platforms. With the latest or recent advancement of the internet and the liberty to access it from anywhere and a new breed of e-retailers has emerged. It is a new e-retailing option provides users access to a kind of virtual mall, at their fingertips.
Region with highest share:
North America presently has an essential market share due to the incidence of a majority of key players in the market who invests a lot in research and development activities to develop superior web analytics solutions. Also, the region is an early adopter of technology, and organizations all over the region are focused on the improvement of digital platforms to look up the consumers experience and raise their website operation performance. In addition, the region is witnessing a boost in smart phone usage that demands website analytics solutions for analyzing and managing the geographical distribution. North America is captured to persist to control the web analytics market with innovations, as most of the major global vendors are based in this region. The North American market is the largest and fastest-growing region in web analytics software. The US is one of the world's most digitally highly developed countries and its population has high internet dispersion charge.
Region with highest CAGR:
Asia-Pacific is estimate to appear as the fastest growing CAGR during the forecast period. A variety of industry verticals such as media and advertisement, retail and E-Commerce, healthcare and life sciences, and telecom and IT are top the competition in terms of cloud adoption in this region. Asia Pacific web analytics market is estimated to grow at the fastest CAGR owing to high penetration of smart phones in the region joined with growing in figure of internet users.
Key players in the market
Some of the key players profiled in the Market include Yahoo Analytics, Google, IBM, Facebook Inc., Microsoft Inc., Splunk Inc., Adobe Systems Incorporated., MicroStrategy Incorporated, Tableau Software, SAS Institute, Act-On Software Inc,Cognizant, Hubspot Inc,, Webtrends Corp., comScore, Inc., Teradata Corporation, At Internet, Hootsuite Inc.
In Aug 2019, Microsoft acquired marketing automation vendor PromoteIQ. PromoteIQ works with brand manufacturers and e-retailers to run brand-sponsored ads for products on such retailer sites as Kohls and Overstock.com.
In Sep 2019, At Internet, a global player in digital analytics signed a partnership agreement with Poool, a content access management startup. Together, the companies developed AT Connect Poool, a connector between their respective solutions, the audience measurement solution Analytics Suite 2 and the dynamic paywall Poool Access.
In Oct 2019, MicroStrategy announced a partnership with DataRobot, a leader in enterprise artificial intelligence (AI). The partnership made it easier for businesses to combine AI into their applications and core processes by using HyperIntelligence cards for providing AI-driven insights and recommendations.
In Nov 2019, Tableau, a Salesforce company extended its partnership with Amazon Web Services. Under this expansion, they announced Modern Cloud Analytics (MCA), a new initiative that helps the customers in unlocking the flexibility and power of self-service analytics in the cloud.
In June 2020, IBM completed its agreement with Spanugo, a US-based provider of cloud cybersecurity posture management solutions. This acquisition will integrate Spanugo software into its public cloud, and it supports IBM to provide highly reliable and secure services to its customers.
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Note North America, Europe, Asia Pacific, South America and Middle East & Africa are represented in above manner.