(PR Web Via Acquire Media NewsEdge) (PRWEB) August 11, 2014
According to research report, "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)," defines and segments the web analytics market into various sub-segments with an in-depth analysis and forecasting of revenues. It also identifies the drivers and restraints for this market with the insights on trends, opportunities, and challenges.
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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.
The web analytics market is estimated to grow from $1.33 billion in 2014 to $3.09 billion in 2019, at a Compound Annual Growth Rate (CAGR) of 18.3% from 2014 to 2019. In terms of regions, North America is expected to be the biggest market in terms of revenue contribution,where as emerging economies such as Middle East and Africa (MEA), Latin America (LA), and Asia-Pacific (APAC) are expected to experience increased market traction with high CAGRs, in the due course.
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