Global Web Analytics Industry

Global Web Analytics Industry

  • September 2020 •
  • 360 pages •
  • Report ID: 5799143 •
  • Format: PDF
The global market for Web Analytics is projected to reach US$6.5 billion by 2025, driven by the growing importance and virtual indispensability of websites in the modern age of digitalization and the internet. Given the fact that over 80% to 85% of people search forbusinesses online, thevalue of an effective and robust website cannot be undermined. Websites help companies establish credibility as a business.Website performance therefore assumes critical importance. Web analytics in this regard helps analyze and quantify website visitor behavior and optimize website designs to ensure the bestvisitor experience. The trend towards online shopping as evidenced by the growth in e-commerce sales is additionally pushing up the need for effective websites. A key trend in the market is the use of artificial intelligence. Websites are often flooded with huge traffic which can be converted to real sale numbers. With digitalization of communication and information exchange, the volume of data pouring into an organization from digital platforms continues to double every two to three years, increasing from megabytes to terabytes to petabytes. While big data being produced has the potential to offer significant insights on various issues, the management and analysis of big data is extremely difficult. In this regard, artificial intelligence is emerging as a potential solution for companies in various end-use industries to manage, analyze and gain insights from the huge volumes of data being collected. While data has long been a critical corporate asset, but only now it is being monetized by analytics to stay ahead of competition. Given the high value of information associated with it, big data is fast revolutionizing business intelligence and in the process is changing the way organizations carry out their routine business operations. With the cost of creating, aggregating, assimilating, storing, and accessing data continuously declining, analytical methods and tools are becoming ubiquitous and are emerging as an indispensable tool for businesses. Moreover with consumer making wider use of their smartphones over desktops and laptops for internet browsing, the volume of mobile traffic has increased significantly over the years. AI is being employed as a tool to interpret web analytics data. Automated web analytics allows users seamless access to critical and accurate data for better decision making. Another major trend is the growing popularity of cloud based web analytics. Against a backdrop where the traditional infrastructure of storing, managing and processing data is becoming expensive, slower and harder to manage, the cloud is increasingly becoming the most preferred vehicle to deploy big data projects,. Cloud-based web analytics tool requires installation of the javascript software on the website it tracks. Cloud-hosted solutions are affordable compared to on-premises solution. As cloud solutions are off-the-shelf and can be readily implemented, the solution saves on labor hours. These solutions are faster and offer scalability for big data application workloads. The data can be accessed from anywhere and hence offers on-demand network access to data analytics and dynamic provisioning of data analytics resources as per need. Hence, small or medium-sized organizations are increasingly implementing cloud based web analytics as against traditional web analytics tools.