Global Web Analytics Market Size study by Deployment, Application and End-User with Forecast to 2027
Global Web Analytics Market is valued at approximately USD 3.1 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 19.3% over the forecast period 2020-2027. Web analytics is extensively utilized to pursue and scrutinize the user’s collaboration patterns with the website as they connect and stream information or data. This process includes the collection, assessment, and coverage of web data created from these interfaces that deliver perceptions on the demand and interest of customers. Further, web analytics also help to improve marketing strategies through the data collected from mobile web data to interpret the customer’s geographic distribution.
This will help the marketers to enhance their marketing strategies accordingly the demographics basis. The aforementioned factors are expected to drive the growth of the web analytics market in the forthcoming years. Moreover, in the recent outbreak of the COVID-19 crisis, several business organizations, particularly in highly affected countries are allowing their employees to work from home to ensure business continuity.
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With the growing number of employees working from home resulting in rise in demand for online video watching, downloading, and interaction through video conferencing, all of which are leading to increased network traffic and data usage, which ultimately enhance the utilization of web analytics. Therefore, this factor is further influencing the growth of the web analytics market in the forthcoming years. Furthermore, the increase in the number of social media users in the developed and developing economies, along with the rise in trend of online shopping are the few factors responsible for the CAGR of the market during the forecast period. For instance, according to the Global Digital Report 2019, the total number of social media users was estimated at 3.484 billion in 2019 across the globe, demonstrating an increase of 9% year-on-year (YoY). This, in turn, is expected to strengthen the market growth all over the world. However, data privacy and security concern are one of the major factors restraining the market growth over the forecast period of 2020-2027.
The regional analysis of the global Web Analytics market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. Asia-pacific is the leading/significant region across the world in terms of market share owing to the constant growth in online shopping and marketing automation, coupled with the rising preference toward online data-driven businesses in the region. Whereas Asia-Pacific is also anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027. Factors such as increasing penetration of the internet with a rise in the number of social users and surging demand for mobile analytics would create lucrative growth prospects for the Web Analytics market across the Asia-Pacific region.
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Last Update : Sep 19, 2020 2:37 AM
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