Global Web Analytics Market Grows at a Staggering CAGR of 18.8%

Introduction

Web analytics is the measurement, collection, analysis, and reporting of web data for understanding and enhancing web usage. Web analytics is a technique that may be used to examine website traffic, carry out market and business research, and assess and improve website performance. Applications for online analytics can help companies assess the effectiveness of traditional print or broadcast advertising campaigns. It can be used to forecast how a new advertising campaign would affect changes in website traffic. Web analytics can create user activity profiles or information on how often people visit and see a website. It assists in identifying traffic and popularity trends, which is useful for market research.

Market Dynamics

Increase in Shift to Data-Driven Businesses Drives the Global Market

Enterprises are progressively utilizing substantial technological developments and improved analysis methodologies to usher in the current era of data analytics. Through a digital transformation, businesses continuously record, log, analyze, and use company data to open new commercial prospects, guide business decisions, and foster corporate success. Given how quickly digital data is expanding, the marketing industry is highly impacted by advancements in internet technology, IoT, big data analytics, cloud computing, and AI. Data-based decision-making models are crucial and help businesses improve performance. Additionally, web analytics helps businesses increase the effectiveness of their service or product and promote product innovation. The growth of web analytics among data-driven companies globally is projected to be fueled by this.

Increase in Cloud Adoption Trend Creates Tremendous Opportunities

Cloud technologies have expanded, and more people know their benefits, such as scalability, flexibility, security, and recovery. Over the past few years, cloud migration operations have also increased dramatically. These cloud-based systems are evolving because they offer a constant API-driven supply of networking, computing, and storage resources, preceded by frequently automatable processes. Therefore, IT companies have considerably automated operations to increase their agility and satisfy the always-increasing company expectations. Because of this, cloud platforms have begun to take the role of conventional data centers, and the use of cloud-based analytical tools has considerably expanded. Consequently, the global market may have a sizable opportunity as a result.

Regional Analysis

North America is the most significant Global Web Analytics Market shareholder and is estimated to exhibit a CAGR of 17.3% over the forecast period. The surge in demand for real-time online analytics, sales transparency, and business information is primarily driving the increase in the North American market. The development of this market is further fueled by the increasing investment in ICT and the use of cloud-based analytics tools. A rise in end-user attention to analytics R&D innovation and technology and various developed economies, including the U.S. and Canada, are other factors projected to fuel the market's expansion in the area. Due to major players like Microsoft Corporation, IBM Corporation, Google LLC, Facebook Inc., and others, North America is expected to lead the market. Due to the widespread use of web analytics tools on the continent, the market in North America saw phenomenal development.

Europe is anticipated to exhibit a CAGR of 18% over the forecast period. The primary reasons driving the growth of the web analytics market in this region are the rise in big data analytics projects among various end users and the rise in demand for omnichannel sales and marketing. Two factors driving the growth of the web analytics market in this area are the need to automate data management processes across various industry verticals and the rise in demand for omnichannel sales and marketing. Europe has untapped digitization potential, one of the major factors influencing the growth of the global industry. The need for analytics services is also changing due to technological developments in European countries, which are anticipated to spur market expansion over the next years.

Key Highlights

• The global web analytics market size was valued at USD 5,243.46 million in 2022. It is estimated to reach USD 24,715.28 billion by 2031, growing at a CAGR of 18.8% during the forecast period (2023–2031).
• The global web analytics market is bifurcated into deployment, application, and end-user.
• Based on the deployment, the global web analytics market is bifurcated into on-premises and cloud. This on-premises segment dominates the global market and is projected to exhibit a CAGR of 16.4% over the forecast period.
• Based on application, the global web analytics market is bifurcated into social media management, targeting & behavioral analysis, display advertising optimization, multichannel campaign analysis, and online marketing. The targeting & behavioral analysis segment owns the highest market share and is predicted to exhibit a CAGR of 17.1% over the forecast period.
• Based on end-user, the global web analytics market is divided into banking, financial services and insurance (BFSI), retail, healthcare, government, travel & hospitality, IT & telecommunications, media & entertainment, and others. The retail segment is the most significant contributor to the market and is estimated to exhibit a CAGR of 19.9% over the forecast period.
• North America is the most significant global web analytics market shareholder and is estimated to exhibit a CAGR of 17.3% over the forecast period.

Competitive Players

Competitive Players

The key players in the global web analytics market are Adobe Systems Incorporated, AT Internet, Facebook Inc., Google LLC, Hotjar Ltd, IBM Corporation, Microsoft Corporation, SAS Institute Inc., Splunk Inc., and Webtrends Inc.

Recent Developments

Market News

• In February 2023, the leading provider of digital experience platforms (DXPs), Optimizely, revealed that Google had chosen them to work with on a connection between its web experimentation platform and Google Analytics 4 (GA4). This statement comes after Google decided to stop supporting its previous web analytics and testing software, Google Optimize.
• In April 2023, The Amazon Web Services branch of the international e-commerce corporation introduced the Titan range of large-language computers. Amazon joins well-known rivals like Microsoft and Google in the race for an edge in generative artificial intelligence (AI). The company has announced technologies geared toward its cloud computing users and a marketplace for other companies' artificial intelligence (AI) tools.

Segmentation

Global Web Analytics Market: Segmentation

By Deployment

• On-Premises
• Cloud

By Applications

• Social Media Management
• Targeting and Behavioral Analysis
• Display Advertising Optimization
• Multichannel Campaign Analysis
• Online Marketing
• Others

By End-User

• Banking, Financial Services, and Insurance (BFSI)
• Retail
• Healthcare
• Government
• Travel and Hospitality
• IT and Telecommunications
• Media and Entertainment
• Others

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa