The web analytics market size is poised to grow at a CAGR of over 19% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global web analytics market 2020-2024. (Graphic: Business Wire)
The e-commerce industry is constantly evolving with the advent of new technologies and services. In addition, vendors are engaging in advanced marketing tactics to gain popularity and attract more customers. Consumer demand for personalized experiences, good services, and easy access to product information is also on the rise. Thus, enterprises that operate through e-commerce platforms analyze data collected from the websites to enhance website performance. The integration of web analytics helps online retailers to better understand consumer preferences by collecting information about website visitors so as to offer the right product offerings. Thus, the rising preference for online shopping will drive the web analytics market growth during the forecast period.
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As per Technavio, the proliferation of AI in web analytics will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2020-2024.
Web Analytics Market: Proliferation of AI in Web Analytics
Vendors in the market are increasingly integrating artificial intelligence (AI) into web analytics, which can provide more processed information from websites and makes web analytics more convenient for online marketers and website holders. Furthermore, machine learning helps in studying the patterns of human behavior on websites and can be correlated and analyzed with web analytics tools to find the desired result. Thus, the benefits of integrating AI into web analytics will prompt enterprises to adopt web analytics during the forecast period.
“Other factors such as the growing need for predictive analytics, and the increasing adoption of the cloud will have a significant impact on the growth of the web analytics market value during the forecast period,” says a senior analyst at Technavio.
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Web Analytics Market: Segmentation Analysis
This market research report segments the web analytics market by deployment (cloud-based and on-premises) and geography (APAC, North America, Europe, South America, and MEA).
The North American region led the market in 2019, followed by Europe, APAC, South America, and MEA respectively. The growth of the web analytics market share in North America can be attributed to factors such as the rising adoption of cloud computing services and the presence of various leading vendors in the region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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