Global Mobile Analytics Market - Segmented by Type (Application Analytics, Campaign Analytics, Service Analytics), End-User Vertical (Retail, E-Commerce, Communications, BFSI), and Region - Growth, Trends, and Forecast (2018 - 2023)
The global mobile analytics market was valued at USD 2.14 billion in 2017 and is expected to reach a value of USD 7.52 billion by 2023 at a CAGR of 23.04% over the forecast period 2018-2023. The market is limited to software and related services available with segmentation by type of usage, end user, and geography. This report focuses on adoption of these solutions by various end-users and regions. The study also emphasizes on latest trends, industry activities, and vendor market activities.
Mobile analytics is the branch of analytics specific to a particular mobile platform to improve business performance by making timely and informed decisions for higher customer service and satisfaction. With increasing proliferation of smartphones, where everything from social networking, shopping to financial transactions are being done, coupled with the growth of big data and Internet of Things, much data is being generated. By collecting and analyzing this data using mobile analytics, marketers can generate insights on how their particular product/service is performing, which will aid them to take better and informed decisions.
The surge of smartphone devices, increasing mobile working population, and escalating number of mobile business emails are driving the market. Whereas, low security in mobile devices and the variation between platforms are constraining the mobile analytics technology. Improving the heterogeneity of devices, concentration on advanced functionality and device management, ability to work in an offline mode, convergence with web analytics, etc., are some of the areas of opportunity in the domain.
Growing Adoption of Advanced Simulations in Automotive Industry Smartphone and Tablet Revolution Driving Investments in Mobile Advertisement
As technology continues to evolve, the mobile network has built new business models to deliver new services in communication. Majority of the people use smartphones and tablets for internet search, resulting in the increased use of mobile applications and a greater focus on app analytics and mobile app marketing. This can be witnessed by the mobile ad spending in 2017, which totaled to USD 107 billion. For organizations, mobile software, smartphones, and tablets are major data collection devices. With the growing customer demand, enterprises are developing various mobile applications, driving the mobile analytics market. The smartphone adoption rate is growing at an exponential rate. In 2017, smartphone penetration was reported to be 42%, worldwide, and it is estimated that this number will grow to 45% in 2018, as smartphone adoption skyrockets in developing economies.
Data Explosion from E-Commerce Likely to Propel Market
Over the last decade, the Internet has changed the way people buy and sell goods and services. Online retail or e-commerce is transforming the shopping experience for customers. With the mobile analytics, businesses can measure the involvement of mobile into their websites, in-app traffic, and specific mobile platforms.The sector has seen unprecedented growth using mobile analytics, and the adoption of mobile analytics is enabling the e-commerce sector to be more reachable and efficient. Devices like smartphones, tablets, and technologies like 4G, Wi-Fi, and high-speed broadband is helping to increase the number of online customers. Banks and other players in e-commerce ecosystem are providing a secured online platform to pay effortlessly via payment gateways. With the use of mobile analytics, there is an improved performance in the e-commerce business, which is the major factor driving the growth of mobile analytics in e-commerce. Demandware reported that around 58% of the traffic share on retail websites was from smartphones and 7% from the tablets in 3rd Quarter of 2017.
North America to Dominate the Market in 2018
In 2018, North America is estimated to be the top contributor in the mobile analytics market due to increasing technological acceptance and high level of consumer usage. Smartphone adoption is rising in North America, where the adoption of GPS enabled handsets is also high with increasing demand for mobile security solutions. The widespread use of cell phones and the growth in the use of smartphones have opened up collective ability to get information at any time from any place. The main growth will be from increasing mobile ad spending, and increased mobile data. Also, with North American organizations investing in digital transformation and software integration services, the market for mobile analytics is expected to grow lucratively in this region.
Key Developments in the Market
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