The global web analytics market is anticipated to grow significantly over the forecast period. Web analytics is a tool that studies the impact of a website on users. It measures, collects, analyses, and reports web data to understand and optimize web usage. Web analytic software is used to determine whether sites and pages are working correctly. Website publishers use this software to measure specific details such as the number of visitors, the number of unique visitors, method of direction to the site, keywords searched on the search engine, time spent on the site, links clicked on the site, etc. There are two types of web analytics; off-site and on-site web analytics. Off-site web analytics refers to analysis and web measurement of the Internet as a whole. On-site web analytics measures a visitor's behavior on the user’s own website, including its drivers and conversions, and thereby measures the website’s performance in a commercial context. Some of the key application areas include business and market research, online advertising, behavioral targeting, global traffic management, digital rights management, online fraud detection, personalization, and others.
Enhancement of marketing activities to remain at par with the competitors in the present competitive environment is one of the key drivers to the growth of the web analytics market. Companies need to track their website’s performance and improve their marketing. Companies are also keen to understand the geographic distribution of their customers in order to alter their marketing strategies accordingly. Web analytics helps in a better understanding of user demographics. An increase in the demand for mobile analytics is expected to be another crucial market driver. The proliferation of smartphones has led to an increase in traffic to websites through mobile devices. Many marketers use smartphones in their campaigns which consequently increases website traffic. Apple’s iPhones, however, direct consumers to applications instead of websites which may result in a slight decline in mobile analytics. There is a shortage of skilled labor which can be a restraint to the growth of the web analytics market. Analysis and comprehension of the results obtained from web analytics require high expertise and skill.
Key vendors include Google Analytics, Omniture Inc., Webtrends Corp., and Yahoo Analytics among others. Google Analytics is aimed at marketers as opposed to technologists and webmasters who were initially targeted by the web analytics industry. It generates detailed website traffic statistics. It also determines the source of the traffic by tracking visitors from all referrers including direct visits, search engines, social networks, and other sources. Additionally, it also helps to measures conversions and sales.
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In order to ensure business continuity amidst the COVID-19 crisis, business organizations, especially in highly affected countries are allowing their employees to work from home. The increase in people working from home has led to a surge in demand for online video viewing, downloading, and communication through video conferencing, all of which are leading to increased network traffic and data usage. COVID-19 shall accelerate the demand for agile and flexible work styles and further push the adoption of communication services that tend to improve work-life balance. On the flip side, telecom regulators worldwide have postponed their plans of 5G spectrum auction amidst the global pandemic. This is expected to have an impact on the commercialization of commercial 5G standalone deployments and revenue generated through 5G services. The ongoing pandemic has forced telecom operators worldwide to test their network resiliency and revisit their planned investments, especially in 5G technology. The report will account for Covid19 as a key market contributor.