The global web analytics market exhibited strong growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 16% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Web analytics refers to the collection, reporting and analysis of data gathered from online websites and e-commerce platforms. It extracts and categorizes quantitative and qualitative data to interpret patterns and trends. It involves the use of software and on-site and off-site platforms to create objectives, call-to-action, site visitor goals and identifying key performance indicators (KPIs) of the website. The website publisher uses web analytic solutions to measure the number of visitors, keywords searches, time spent on the site and the links clicked. They are also used for business and market research, online advertising, behavioral targeting, traffic and digital rights management, online fraud detection and personalization. As a result, web analytics finds extensive applications across various industries, such as retail, manufacturing, information technology (IT), healthcare and banking, financial services and insurance (BFSI).
Rapid digitization, along with increasing marketing automation, is one of the key factors driving the market growth. Moreover, the proliferation of online retail and social media platforms is providing a thrust to the growth of the market. Web analytics organizes large chunks of random and unorganized data and enables the organizations to make informed decisions based on real-time user insights. In line with this, the ongoing coronavirus (COVID-19) pandemic is also causing a significant increase in the digital traffic, thereby favoring the market growth. Organizations are widely using mobile-based web analytic solutions to collect and analyze data collected from the user’s interaction with the website through smartphones and tablets. Additionally, the development of predictive analytics and search engine optimization (SEO) solutions for automated and detailed performance tracking are also contributing to the market growth. Other factors, including significant growth in the IT industry, along with the increasing penetration of the internet, especially in developing economies, are acting as other growth-inducing factors.