|Status : Upcoming||Report Code : VRICT5147||Industry : ICT & Media||Available Format :|
The global clickstream analytics market is growing at a significant rate, due to the increasing transition from conventional techniques to advanced e-commerce and analytics techniques, and the massive adoption of e-commerce across several industry verticals. The development of a multichannel marketing platform helps in integrating traditional and emerging challenges of the organization. With the adoption of clickstream analytics, organizations would be able to simplify the creation and execution of cross-channel campaigns by enabling marketers to create a single platform that can be used across several other channels.
E-commerce-based analysis are adopting clickstream data to determine the effectiveness of the site as a channel to market. It helps in storing information related to which product customers basically purchase, add to their cart, and spend time on. It also traces the products that the customer purchases whether or not he belongs to a loyalty program and the preferred method of payment used by the customer. Clickstream analytics helps business organizations in gathering an extremely large volume of data using big data analytics and related tools such as Hadoop that helps in interpreting the data and generate reports for specific areas of interest.
Insight by Component
On the basis of the component, the market is subdivided into software and services. Of both categories, the services market is predicted to observe higher growth during the forecast period as large enterprises, as well as small and medium-sized enterprises, are outsourcing third-party vendors for consulting services. The services segment is further categorized as professional services, and managed services; and the professional services segment is further categorized into consulting services, deployment and integration, and support and maintenance.
Insight by Business Application
The different business applications of clickstream analytics include customer analysis, basket analysis and personalization, click path optimization, traffic analysis, website/application optimization, and others. The market is witnessing the highest growth for basket analysis and personalization. Also, the largest revenue in the clickstream analytics market was from the click path optimization application.
Insight by Deployment Model
Clickstream analytics solutions are deployed either on-premise or on-demand. The on-demand clickstream analytics market is predicted to observe higher growth during the forecast period as the solutions is hosted by third-party vendors instead of on the customers’ premise.
Insight by Organization Size
On the basis of organization size, the market is subdivided into large enterprises and small and medium-sized enterprises. Of both categories, the clickstream analytics market in small and medium enterprises is predicted to observe higher growth during the forecast period. The increasing popularity of clickstream analytics specifically for customer analysis and traffic analysis is leading to the higher growth of the market in small and medium-sized enterprises.
Insight by Vertical
Based on vertical, the market is segmented into BFSI, IT and Telecom, retail and e-commerce, media and entertainment, transportation and logistics, government, energy and utilities, travel and hospitality, and others. Retail and e-commerce is the largest market for clickstream analytics software and services, with the increasing internet penetration the e-commerce industry is growing significantly, thus creating demand for customer and traffic analysis.
The primary factor driving the growth of the clickstream analytics market includes the rapid adoption of mobile technology that helps in providing multiple digital touchpoints to the user. The clickstream analytics market is growing at a rapid pace owing to the increasing transformation from traditional techniques to digital techniques and a huge increase in the volume of clickstream collected data.
The e-commerce analysis can utilize a high level of information with the help of clickstream such as tracking visitors' responses to their particular pages and their content. While performing high-level clickstream analysis the business organizations can see the probable reactions of their customers regarding their products. The taste and preferences of the customers can be predicted helps in enhancing business functioning and devising business strategies that are further helpful in aiding further site development process.
Data collection: Clickstream data is collected using tracking technologies such as cookies, tags, or software development kits (SDKs). This data includes information like timestamps, referring URLs, visited pages, device types, and user demographics.
Data storage and processing: Clickstream data is stored in databases or data warehouses, where it can be processed and analyzed. Big data technologies and analytics tools are often used to handle the large volume, velocity, and variety of clickstream data.
Data analysis and visualization: Clickstream data is analyzed to extract meaningful insights. This involves identifying patterns, trends, and anomalies in user behavior. Visualization techniques such as dashboards, reports, and charts are employed to present the findings in a user-friendly format.
Behavioral analytics: Clickstream analytics goes beyond basic metrics like page views and click-through rates. It involves advanced behavioral analysis to understand user intent, segmentation, and customer journeys. Machine learning and AI algorithms are often utilized to derive deeper insights.
The increasing usage of multichannel marketing is creating opportunities for the clickstream analytics market. Multichannel marketing helps business organizations to reach their customers in the most effective way possible. It deals with the interaction of the organization with the customers using the combination of several direct and indirect communication channels. It develops and maintains a single view for the customers since the customers are increasingly interacting with their preferred brand in several ways that involve more than one touch point. This is creating demand for clickstream analytics as it contains a list of all the pages viewed by the visitors, and the route chosen while clicking and navigating which will help the organization to devise their marketing strategies such as segmentation, targeting, and positioning in the manner that the business enterprises attain maximum profit.
However, the data privacy laws and regulations in different countries, real-time clickstream analysis, the collection of data and identification of enterprise requirements, and the presence of open source vendors are the key challenges for the growth of the clickstream analytics market, globally.
Geographically, North America is the largest clickstream analytics market. The demand for this technology is high in this region due to rapid technological developments and early adoption of web analytics solutions. Asia-Pacific is expected to be the fastest-growing region for the clickstream analytics market, due to the growing e-commerce industries, technological advancements, and opportunities across various industries in the countries such as India, China, and Japan.
Some of the key players operating in the clickstream analytics market include Adobe Systems Incorporated, AT Internet, Alphabet, Inc., International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, Connexity, Inc., Hewlett Packard Enterprise Company, Jumpshot, Inc., Splunk, Inc., Talend S.A., Verto Analytics, Inc., Webtrends, and Vlocity, Inc.