Mobile Analytics Market to Reach $27.60 Bn, Globally, by 2031 at 19.4% CAGR: Allied Market Research
Increase in penetration of smartphones, growth in demand to receive new and actionable insight on buyers' preferences have boosted the growth of the global mobile analytics market.
PORTLAND, Ore., Aug. 12, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Mobile Analytics Market by Offering (Solution, Service), by Application (Mobile advertisement and marketing analytics, Targeting and Behavioral analytics, Application performance analytics, Others), by Industry Vertical (BFSI, Retail & E-commerce, Healthcare, Government, Travel & Hospitality, IT & Telecom, Media & Entertainment, Others), by Enterprise Size (Large Enterprises, SMEs): Global Opportunity Analysis and Industry Forecast, 2021-2031" According to the report, the global mobile analytics industry was pegged at $4.72 billion in 2021, and is estimated to garner $27.60 billion by 2031, witnessing a CAGR of 19.4% from 2022 to 2031. The report provides an in-depth analysis of changing market trends, key investment pockets, top segments, regional landscape, value chain, and competitive scenario.
Drivers and Opportunities
Increase in penetration of smartphones, growth in demand to receive new and actionable insight on buyers' preferences have boosted the growth of the global mobile analytics market. However, surge in mobile advertising and emergence of data analytics and big data have supplemented the market growth. However, dearth of awareness regarding benefits of mobile analytics and growth in privacy concerns hinder the market growth. On the contrary, advent of several enterprises entering the industry to offer advanced solutions is expected to open lucrative opportunities to the market players in the future.
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The solution segment to hold its lead in terms of revenue during the forecast period
Based offering, the solution segment contributed to the highest market share in 2021, contributing to more than two-thirds of the global mobile analytics market, and is estimated to maintain its leadership status during the forecast period. This is due to growing demand for advanced analytics and business intelligence tools along with increase in need for real-time business insights to make fastest business decisions. However, the service segment is projected to witness the largest CAGR of 21.8% from 2022 to 2031. The services related to mobile analytics provide services for various strategies and these strategies are expected to ensure smooth running and troubleshooting of any glitches within the solutions. These services associated analytics help in gaining knowledge of technologies, which are driving the expansion of the mobile analytics market.
The mobile advertisement and marketing analytics segment to maintain its lead position during the forecast period
Based on applicatio, the mobile advertisement and marketing analytics segment held the highest market share in 2021, accounting for nearly half of the global mobile analytics market, and is expected to maintain its lead position during the forecast period. Mobile advertising and marketing analytics via mobile ads and web are the most evolving and rapidly developing digital marketing channel, which fuels the growth of the segment. However, the targeting and behavioral analytics segment is projected to manifest the fastest CAGR of 21.3% from 2022 to 2031. This is owing to growth in adoption of cloud-based targeting and behavior analytic solution and improvement of security measures in behavior analytics.
The retail & e-commerce segment to hold the largest share during the forecast period
By industry vertical, the retail & e-commerce segment held the largest share in 2021, accounting for nearly one-fourth of the global mobile analytics industry. Website and e-commerce trackers can collect data about the product their users browse and buy which helps increase efficiency across the supply chain. However, the travel & hospitality segment is expected to register the highest CAGR of 23.2% during the forecast period.
The SMEs segment to manifest the highest CAGR through 2031
By enterprise size, the large enterprises segment is expected to register the highest CAGR of 21.3% during the forecast period, due to rise in smartphone and internet penetration along with emergence of disruptive digital technologies such as IoT and data analytics. However, the SMEs segment held the largest share in 2021, accounting for more than two-thirds of the global mobile analytics market. Adoption of mobile analytics solutions helps SMEs integrate with the global market by helping them gain better and faster business insights to support real-time decision-making and capitalize on future opportunities. This contributes toward the growth of the segment.
North America to maintain its dominance in terms of revenue by 2031
Based on region, global mobile analytics market across North America contributed to the highest share in terms of revenue in 2021, accounting for nearly two-fifths of the market, and is expected to maintain its dominance in terms of revenue by 2031. This is due to adoption of mobile analytics by the retail industry to streamline work processes. However, market across Asia-Pacific is projected to manifest the fastest CAGR of 21.4% during the forecast period. This is owing to numerous economic and process benefits such as real-time data analytics and data analytics and rise in demand for smartphones and other connected devices as well as surge in need for internet access.
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Leading Market Players
The report analyzes these key players of the global mobile analytics market. These companies have adopted several strategies including expansion, partnerships, new product launches, and mergers & acquisitions to maintain their foothold in the industry. Furthermore, the report is essential in determining the business performance, product portfolio, operating segments, and developments by every market player.
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Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.