The global app analytics market is anticipated to grow at a CAGR of 20.1% during the forecast period (2024-2031). The market growth is driven by the increasing demand for user insights, improving app performance, and optimizing revenue generation strategies. Additionally, the rapid advancement of new and innovative solutions by market players is anticipated to positively contribute to market growth. The increase in the use of apps for mobile advertising is also contributing to industry growth. Additionally, the growing demand for real-time analytics to enhance customer experience is presenting a significant opportunity for market growth.
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The global app analytics market is segmented based on its components (into software and services), type (into web app analytics and mobile app analytics), application (into user analytics, revenue analytics, and app performance analytics and operations), industry vertical (into BFSI, retail & e-commerce, telecom & IT, healthcare & life sciences, media & entertainment, transportation & logistics, gaming and others) and geographies (into North America, Europe, Asia-Pacific, and the Rest of the World).
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Market Insights, Constraints, and Trends
- The BFSI segment is anticipated to register significant growth during the forecast period, attributed to the increasing adoption of mobile banking and financial applications, coupled with the need for analyzing user behavior and optimizing financial services.
- Additionally, the platform analytics segment is anticipated to hold a considerable market share, due to the launch of new and enhanced features on the platform for app analytics. For instance, in March 2023, Heap, the leading digital analytics provider, announced the expansion of their mobile auto-capture capabilities to new development frameworks for Android and iOS. Heap’s platform enables mobile teams to understand and optimize cross-platform customer experiences.
- The Asia-Pacific region is projected to experience considerable growth in the market, due to the increasing number of smartphone users and the growing adoption of mobile applications across various industries.
- The North American region is anticipated to hold a significant share, attributing to the presence of major technology companies, increasing investments in-app analytics solutions, and the high adoption of mobile applications across industries. For instance, in August 2022 CleverTap, a leading global B2B SaaS platform for customer engagement and retention signed definitive agreements to raise $105.0 million in a Series D funding round led by CDPQ, a global investment group that committed $75.0 million, with participation from IIFL AMC’s Tech Fund, along with existing investors Tiger Global and Sequoia India. The funds will be used to support CleverTap’s global expansion.
- However, the market is restrained by the implementational complexities, of integrating the app analytics tools with the existing app infrastructure and workflows. This makes the implementation process complex and time-consuming. Additionally, the market is challenged by the fragmented app ecosystem.
The major players in the global app analytics market include Apple Inc., Adobe Inc., Mixpanel Inc., Flurry Analytics (Verizon Media), MoEngage Inc., Heap Inc., Firebase (Google LLC), AppsFlyer Ltd., Singular Labs Inc., Smartlook s.r.o., and Taplytics Inc. These are contributing significantly by adopting various business strategies. For instance, in April 2022, mobile marketing analytics platform Adjust launched Adjust Datascape, a new advanced analytics solution designed to deliver business-critical KPIs and performance metrics faster and easier. With unified data and expanded visual context, mobile app marketers can extract meaningful insights and make smarter strategic marketing decisions in real-time.
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