App Analytics Market worth $15.7 billion by 2028, growing at a CAGR of 20.2% Report by MarketsandMarkets™

Chicago, July 28, 2023 (GLOBE NEWSWIRE) -- The App Analytics Market is projected to grow from USD 6.3 billion in 2023 to USD 15.7 billion by 2028, at a CAGR of 20.2% during the forecast period, , according to a new report by MarketsandMarkets™.  

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194 - Tables
43 - Figures
233 - Pages

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Scope of the Report

The growth of the app analytics market is driven by several factors, including the increasing use of apps for mobile advertising, the implementation of digital transformation strategies, and the deeper smartphone penetration and increasing number of mobile and web apps. These technologies can increase efforts to enhance customer experience, integrate with marketing technologies, and focus on RoI. However, a number of challenges also need to be addressed, such as a highly fragmented app ecosystem, user opt-in and consent, and concerns over privacy and data protection.

The app analytics market by offering is segmented into software and services. The services segment is expected to grow at a higher Compound Annual Growth Rate (CAGR) during the forecast period. The software segment is expected to witness a higher demand. Mobile apps are integrated with various technologies and platforms, including third-party services, APIs, and multiple device types. The complexity of these ecosystems necessitates app analytics software and services that can track and analyze app performance across different platforms and devices. The software segment is bifurcated into Android, iOS, Windows, and others. By software, the Android segment is expected to grow at a higher CAGR due to a large potential audience for Android apps.

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Based on application, the market is segmented into advertising & marketing analytics, app performance & operations management, conversion tracking, user analytics, revenue management, and others. As app complexity increases, businesses require app performance analytics tools to monitor and optimize key performance indicators, ensuring smooth operation, stability, and optimal user experiences. The conversion tracking application in the app analytics market is projected to grow at a higher CAGR during the forecast period.

Based on verticals, the market is segmented into BFSI, retail & eCommerce; telecom & IT; media & entertainment; gaming; healthcare & life sciences; transportation & logistics; and other verticals (education and travel & hospitality). The proliferation of smartphones and the growing popularity of mobile applications have led to a significant increase in app usage across various industries and user segments. The healthcare & life sciences vertical are expected to grow at the highest CAGR during the forecast period.

The App analytics market has been segmented into five regions: North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. Key players in the North American app analytics market include specialized analytics providers and major tech companies offering analytics solutions. North America is projected to hold the largest market size during the forecast period. Asia Pacific is projected to grow at the highest CAGR during the forecast period. Countries such as China and Japan are investing heavily in AI research and development to enhance competitiveness and digital transformation.

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Top Trends in Global App Analytics Market

• Mobile App Usage and Adoption:  Businesses are concentrating on analysing user behaviour to optimise their mobile apps for a better user experience as mobile app usage has been steadily rising. Developers and organisations may learn more about user engagement, retention, and other crucial data with the aid of app analytics tools.
• Focus on User Experience (UX): Offering a top-notch user experience is essential for success given the fierce competition in the app market. App analytics enables developers to improve the UX of the app, resulting in higher customer happiness and retention by identifying pain points in the user experience.
• Real-time Analytics: To react quickly to shifts in consumer behaviour and market dynamics, businesses are increasingly looking for real-time data. A firm may quickly make data-driven decisions thanks to real-time app analytics, which offer the most recent insights.
• In-App Behavior Analysis: It's essential to comprehend user behaviour in order to optimise an app's functionality. Utilising tools for app analytics, businesses may examine in-app activity like clicks, swipes, and session lengths to enhance the look and functioning of their apps.
• Personalization and Customization: Personalised user experiences are made possible by app analytics. Businesses may boost user engagement and loyalty by customising app content and recommendations to individual users by analysing user preferences and behaviour.

Key Industry Development in App Analytics Market

• Advanced Data Visualization and Reporting: App analytics technologies were developing to offer more sophisticated data visualisation methods and interactive reporting dashboards. This made it possible for businesses to analyse app data more deeply and come to more intelligent conclusions.
• Integration with Third-Party Tools: Platforms for app analytics were progressively merging with other tools for consumer engagement and marketing, such as CRM programmes, marketing automation systems, and A/B testing devices. Businesses were able to more effectively optimise the performance of their apps and their marketing activities thanks to the continuous flow of data and insights made possible by this connectivity.
• Privacy-Centric Analytics Solutions: App analytics vendors were including privacy-focused features in their products in response to increased worries about data privacy and compliance rules. Data encryption, user data anonymization, and compliance with data protection laws were all part of this.
• Enhanced Cross-Platform Tracking: App analytics solutions were being created to provide a single view of user behaviour across multiple platforms as the app ecosystem grew across a variety of media, including mobile, web, and IoT devices. Businesses were able to better understand user engagement and behaviour throughout their whole digital presence thanks to this unified tracking.
• Predictive Analytics: App analytics systems were combining predictive analytics features, utilising machine learning algorithms to estimate user behaviour, identify potential churn concerns, and provide users with tailored recommendations.

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