E-Commerce, increased importance of ads and marketing in multichannel world, increased focus on competitive and market intelligence, analyzing consumer behavior, targeting relevant customers drives the web analytics market
Web analytics creates opportunities to close the knowledge gap between the company and its customers. It derives the business intelligence by analyzing the data and interactions of their customers on different web platforms through web analytics software. The web analytics improves and helps web based marketers and ads publishers to strategize in publishing their ads and marketing campaigns effectively so that they can enhance customer experience across different platforms and acquiring more and more customers and getting them converted as buyers.
Initially, web analytics was considered as a word spotting technology which required more skilled analysts to derive actual business value from the process. Hence, the ROI of web analytics technology was difficult to estimate and this caused market uncertainty. The new approaches, such as web analytics integration in other business applications, evolution of real-time and automated analytical tools, and less complexity in installation, have created new opportunities for web analytics solutions. The major suppliers in this field include Adobe Systems, AT Internet, SAS, Google, IBM, Splunk, Teradata, Yahoo, Tableau software and others.
Web analytics has huge opportunities in retail and consumer goods. MarketsandMarkets estimates that more than 20% of the web analytics revenue will be generated from this vertical in 2014. It has been estimated that media & entertainment, telecommunication & IT, Government, BFSI and travel and tourism are the emerging verticals, growing with high Compounded Annual Growth Rates (CAGRs) during the forecast period.
North America is one of the growing regions in the web analytics market that accounts for the largest market share as compared to other regions in the overall market in 2014. The major driver for this region is high penetration rate in E-commerce, healthcare and life science, retail and consumer goods verticals. Even the data deluge is high due to the increase in the usage of web, social media, email and mobile sites for marketing.
MarketsandMarkets has highlighted these key findings from its latest research report. The Web Analytics Market: Worldwide Market Forecast and Analysis (2014 – 2019) report is now for sale. The report provides an overview of the drivers, restraints, and opportunities that impact this market. It also segments and forecasts the overall web analytics market in terms of type of solutions and services, applications, deployment types, verticals, and regions.
Related Reports:
Web Analytics Market by Solution (Search Engine Tracking & Ranking, Heat Map Analytics, Marketing Automation, Behavior Based Targeting) & by Services (Professional Services, Support & Maintenance) - Worldwide Forecasts & Analysis (2014 – 2019)
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