Web analytics is the collection and measurement of web data in order to understand the facts about web usage. Along with providing information about the traffic on a website, this analysis provides vital guidance for the market research and business growth. It increases accuracy of analytical applications and also assists is assessing the results of the traditional marketing strategies applied by the enterprises. IT revolution and growing use of digital data are driving the global web analytics market to grow at an impressive rate. The advantages web analytics provide over reforming the business strategies and online sales are reflecting on increased rate of adoption in this industry. Technological advancements on the other hand also play a key role in the growing demand for the new services across the world.
Segmentation in Web Analytics Services Market
The global market is segmented on the basis of the types of solutions, which include search engine ranking and tracking, marketing automation, heat map analytics, behavior based targeting solutions and such others. The types of deployment include on-demand and on-premise services. Major applications of these services include performance monitoring, display advertising optimization, social media management, multichannel campaign analysis, targeting and behavior analysis and others. Almost all the business verticals use web analysis, the most prominent ones being BFSI, consumer goods, retail, government, travel and hospitality, healthcare, life science, telecom and IT, entertainment and media, etc.
Drivers and Restraints for the Industry
The global web analytics market is expected to be driven by growing shift towards data driven businesses and increased used of digital data across different industries. Tremendous growth in the use and prospects of online shopping is also a significant growth factor for this industry. Growth in marketing automation is also considered to be a crucial driving factor for the global market. Data privacy and regulatory compliances remain major restraining factors for the global market. Apart from that, open source vendors are also expected create hindrances in the growth rate of the industry. Despite these restraints, growing trends of cloud adoption, multichannel marketing and strong demand for predictive analytics are expected to create major business opportunities in the industry.
Future Growth from 2014
According to the experts, who analyze the growth drivers, trends, restraints, current progress and competitive analysis of the industry, the market is poised to witness impressive growth in near future. According to their analysis, the web analytics market is expected to grow at an impressive CAGR of over 18%, from 2014 to 2019. At this estimated growth rate, the industry is expected to become worth more than $3.09 billion by the end of the year 2019, which is currently expected to be worth $1.33 billion (in 2014). North America is expected to dominate the global industry, which is also expected to witness major business leads from the emerging regions like Asia Pacific, Middle East and Africa and Latin America.
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