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Did You Know Web Analytics Market Is Likely To Reach $3.09 Billion By 2019

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“Web Analytics Market to Hit the Billion-Dollar Mark by 2014”. CRM.com published an article on the market share and growth of web analytics with this heading on May 29, 2009. The Web analytics market has reached the mark and is growing exponentially.  And In the next four years from now it is expected to reach $3 billion by 2019 as per marketsandmarkets.com.

Why Web Analytics so significant in the present day?

When data grows with more people coming online, it’s required to have some technology to bring sense out of it.

As a tool to understand the behavior and preferences of visitors, web analytics has gained popularity among the online business community and strategy makers. With huge data coming from various sources, it became necessary to segregate them depending on the behavior.  Analytics has changed the perspective of marketing, from reaching to all to reaching to specific. For any company a web user can be a potential customer, whom he cannot ignore. A seller, keen in fishing their customer from a pool of users, cannot neglect the importance of web analytics.

In order to make precise business or marketing decisions or to connect and understand customers we need a framework to collect data and interpret them. Web analytics is the right tool to measure the customer engagements and to ensure that the decisions are made based on the right data. Data can be generated from anywhere. Web analytics segregates data based on the specific time periods, location of user, customer characteristics etc. It also provides you an opportunity to compare the performance with your competitor’s performance and also to improvise with your own past performances. The various segmentations and filters that the web analytics tool provides help the marketer to create strategies to reach out to right people than to a common crowd. Easy to use and comparatively cheap analytics tools have added to the popularity that web analytics gained among the marketers. The conversion percentage is more now and more justice to the money spends on marketing and campaigns.

Benefits of Web Analytics

  • Advanced Segments – identifies and analyses the different behavior of traffic.
  • Filters – To limit and modify traffic data.
  • Real Time reporting – Measures the activities in the real time.
  • Audience Data and reporting.
  • In page Analytics – to understand the interaction of users with the page
  • Event Tracking – measures activities like downloads, video streaming etc.
  • Flow Visualization – to identify the path of the visitor to a particular site.

Drivers of Web Analytics

  • Need for more targeted and focused marketing.
  • Increasing competition in the ecommerce sector.
  • Technological advancement and development of more web analytical tools.
  • Growing shift towards data driven business and increased use of digital data in various industries.
  • Need for more advancements in predictive analysis.
  • Awareness among the Business community regarding the advantages of digital marketing compared to the traditional marketing.
  • The development in other fields like Digital intelligence, Big Data etc is in turn adding value to Web analytics.
  • Development of advanced Web Analytical tools to interpret data with more precision, complements the growth of Web analytics.
  • The digital involvement of people from developing nations is growing at a faster rate.
  • Growing opportunities in the retail sectors

Web Analytics Markets

Web Analytics markets can be segmented based on various parameters

  • Based on solutions such as marketing automation, search engine tracking, etc
  • Based on applications on social media management, optimising display advertisements, multichannel campaigning, targeting and behavioural analysis etc.
  • Based on industry sectors like Banking and Finance, Consumer goods (FMCG) and retail, Healthcare, Government, travel and hospitality, Telecommunication, Information technology, Media etc.
  • Based on geographical areas.

Major Restraints

The major key restraints in the development of web analytics markets are

  • Data Privacy regulations
  • Open Source vendors
  • Lack of qualified experts

But in spite of all these restraints will bring little effect on the market as the demand for web analytics is far more essential in today’s competitive scenario

Major Players in the Web Analytics Market

  • Adobe – Omniture
  • Google Analytics
  • IBM – Coremetrics
  • WebTrends
  • Yahoo Web Analytics

Some forecasts on Web analytics Market

  • As per TechNavio, Technology research company , web analytic market will grow at a combined annual growth of 17% from 2014 to 2016.
  • Another report says the Global Data Analytics Outsourcing Market , will grow at a CAGR of 31.68 % over the period  2012-2016.
  • According to the research by marketsandmarkets.com, web analytics market is expected to grow at a CAGR rate of 18% from 2014-2016. The industry is expected to worth more than $3.09 billion by the end of year 2019.
  • web-analytics

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