Web Analytics Market Overview
In 2018, the global Web Analytics Market size was projected to account for the market value of USD 4.67 Billion. Further, the worldwide market is anticipated to hold USD 16.72 Billion by the end of the year 2030 and is predicted to hold a CAGR of 19.96% between 2022 to 2030.
Web analytics is basically a specialized analytical application that is designed to enhance customer acquisition, the online channel user experience and optimize advertising campaigns and digital marketing.
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Web analytics is the process of analyzing the behavior of visitors to a website. This involves tracking, reviewing and reporting data to measure web performance and understand user behavior. It is used to identify trends, optimize content, improve user experience, and inform marketing and business decisions. Web analytics can be used to monitor user behavior across web pages, track user interactions with websites, measure website performance and conversion rates, and identify user segments and trends.
The demand for Web Analytics Market is growing because of the excellent features of the commercial web analytics products like consumer segmentation, analytical and performance management, and reporting that is widely used by advertisement companies, content developers, website operations teams, and marketing professionals to enhance their digital experience of the customer.
Web Analytics Market Segmentation
The worldwide Web Analytics Market has been classified on the basis of deployment, component, verticals, and applications.
Based on the deployment segment, the global market has been classified into on-cloud and on-premise. On the basis of component segment, the current market has been categorized into service and solution. Further, the service segment has been sub-categorized into managed service and professional service. Alternatively, the solution segment has been sub-categorized into search engine tracking ranking, heat map analytics, behavior-based targeting, marketing automation, and others.
Depending on the vertical segment, the Web Analytics Market has been classified into travel hospitality, BFSI, IT telecommunication, media entertainment, government, retail e-commerce, and others. In terms of the application segment, the global market has been segregated into targeting behavioral analysis, social media management, multichannel campaign analysis, display advertising optimization, and others.
Web Analytics Market Regional Analysis
Based on geographical locations, the Web Analytics Market has been categorized into Europe, Latin America, North America, South America, Middle East Africa, Asia-Pacific, and the rest of the world.
Presently, the North American market has generated a significant market share and is projected to lead the global market due to the increasing research and developmental activities, rising investments, and the presence of prominent market players in the region. Moreover, the North American region has various organizations that have given a high focus on the growth of the digital platform to boost the performance of the website operation and to enhance the experience of the consumers. Also, this region always does early adoption of technology, which is fueling the regional market growth. In addition, this region has a high smartphone usage that requires website analytics solutions for managing and analyzing the website traffic on various geographical locations.
Apart from these, the Asia Pacific market is considered the fastest-growing regional market throughout the review period. The Asia Pacific market growth is boosting due to the rising awareness among the large enterprises and SMEs to analyze the unstructured and high volume data of websites. Moreover, the rising demand for a cloud-based solution among all sizes of enterprises is thriving the regional market growth.
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In August 2019, the marketing automation vendor Promote IQ was acquired by the prominent market leader Microsoft. This has proposed to work with e-retailers and brand manufacturers to run brand-sponsored ads on various retailer sites like Overstock.com, Kohls, and others.
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