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(Wireless-NewsWire.Com, August 12, 2020 ) As per report "App Analytics Market by Component (Software and Services), Type, Application (User Analytics, Revenue Analytics, Ad Monitoring & Marketing Analytics, and App Performance Analytics & Operations), Vertical, and Region - Global Forecast to 2023", the app analytics market size is expected to grow from USD 1.05 billion in 2018 to USD 2.85 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 22.1% during the forecast period.
The major factors that are expected to drive the growth of the app analytics market include the growing demand for mobile and web apps, increasing use of smartphones for advertisements, and rising implementation of digital transformation strategies. In addition to this, the growing investment in the analytics technology is one of the most important factors expected to increase the market growth.
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Among applications, the ad monitoring and marketing analytics segment is expected to grow at the highest CAGR during the forecast period
The ad monitoring and marketing analytics segment is expected to grow at the highest CAGR during the forecast period, due to more return on investment in mobile advertising as compared to other digital advertising formats. Mobile advertising is the most evolving and rapidly emerging digital marketing channel, which helps drive efficiency and improve the return on investment. Global ad spending is growing at an exponential rate, resulting in the surge in demand for app analytics solutions. Aimed at its target audience, the Ad monitoring and marketing analytics application offers features, such as campaign analytics, ad attribution analytics, and conversion funnel analysis.
Under types, the mobile app analytics segment is expected to hold the larger market share during the forecast period
The mobile industry has recorded tremendous growth during the last decade. Companies across the globe use mobile networks to reach their target customers, and this trend is increasing at a rapid pace. More than half a billion mobile ads are delivered worldwide every month. Thus, organizations are adopting the medium of mobile advertising to make their mobile marketing campaigns more effective and increase the return on investment.
Mobile app analytics solutions are evolving as several companies are keen to spend on their mobile apps for promoting themselves They also want to understand users’ behavior for developing better apps. Additionaly, they aim at adopting the mobile analytics solutions to effectively adapt to the constantly changing environment, know the contribution of marketing campaigns across channels, and enhance their revenues and customer satisfaction.
In regions, North America is expected to have the largest market share during the forecast period
North America is expected to have the largest market share, owing to its dominance with sustainable and well-established economies, which enable it to invest in Research and Development (R&D) activities. The increasing demand for digital transformation across various verticals and growing convergence of different technologies, such as Artificial Intelligence (AI), big data, and analytics, have created an impact in the region and managed to increase its IT budget. Additionally, many North American companies are focusing on partnerships and new product launches to deliver app analytics services for assisting their customers in building intelligent applications. For instance, IBM launched its Analytics Platform on the private cloud to offer similar elasticity and flexibility as that of the public cloud to on-premises data centers. In October 2016, the US Department of Energy (DOE) launched the Smart Energy Analytics Campaign. The objective of this campaign was to encourage the use of Energy Management and Information Systems (EMIS) technologies for saving energy and enhancing performance.
Major vendors in the app analytics market include IBM (US), Segment (US), TUNE (US), Appsee (US), Swrve (US), Amplitude (US), Localytics (US), AppDynamics (US), AppsFlyer (US), Heap (US), Mixpanel (US), Kochava (US), MOENGAGE (US), App Annie (US), Apptentive (US), Taplytics (US), and CleverTap (US).
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