The global market for mobile apps and web analytics is estimated to reach approximately $30 billion by 2028, increasing at a compound annual growth rate of over 16% during the period.
According to a recent report by Research and Markets, the market for mobile apps and web analytics is expected to resume its uptrend over the next five years, rising at a market growth of 16.2% CAGR.
The market, valued at $9.6 billion in 2022, is likely to reach $22.9 billion by 2028.
Previously, the market was flourishing at a slightly higher CAGR of 18.2% from 2015 to 2021, resulting in a market size of $8.2 billion in 2021, Persistence Market Research said in a separate study.
“Growing competition in the mobile market and integration of cutting-edge advanced technologies like AI and ML are thriving the sales of mobile apps and web analytics solution software, enhancing the customer experience.”
What is Web Analytics and Why is it Important?
In today’s rapidly digitizing world, web analytics has emerged as a valuable tool to measure and analyze online data to improve user experience on websites, web applications, and other web-based platforms.
The data-driven approach of web analytics helps businesses and website managers make informed decisions and enhance their business offerings.
Web analytics includes collecting, analyzing, and interpreting data to understand how users engage with and utilize the website or application.
It helps product managers, UX designers, and data scientists optimize the website or product experience to meet customer needs.
Another essential branch of analytics is mobile analytics which evaluates user engagement with mobile apps, app launches, app installs, taps, screens, app versions, events, flows, user retention, and more.
Web and mobile analytics share similarities in parameters measured, but their data sources vary from different platforms.
While web analytics collects data from users’ experiences on desktop and mobile websites, mobile analytics collects data from mobile apps’ experiences. Mobile analytics also evaluates data from mobile devices’ user demographics, countries, devices, and system versions.
E-commerce and Digitization to Drive Growth in Web Analytics
The global market for web analytics is poised for significant growth in the coming years, primarily driven by the increasing trend of e-commerce and digitalization.
The growing use of mobile devices and social media platforms has only served to fuel this growth. With customers favoring the convenience of shopping online, businesses have recognized the need to create websites and mobile applications catering to their target audiences.
Additionally, businesses can track and optimize their marketing campaigns by generating unique and traceable links for both online and offline campaigns.
These links enable companies to evaluate their campaigns’ performance and streamline their efforts, resulting in increased brand visibility and Return on Investment (ROI).
However, the market growth of mobile apps and web analytics may face challenges in the form of data security and regulatory compliance issues.
With the increasing amount of customer data collected by digital platforms, compliance with data protection regulations and cybersecurity has become a significant concern.
Companies that fail to adhere to data protection guidelines or face data breaches risk damage to their reputation and loss of customer trust.