The app analytics market is at its introductory stage and is gaining traction owing to the deeper penetration of smartphones and growing number of mobile app users. Organizations integrate app analytics software into their applications to monitor their users, revenues, apps’ performance, and marketing activities. The app performance analytics application includes cross-platform comparison analytics (to analyze how the app is functioning on different platforms), carrier latency, Application Programming Interface (API) latency, uptime, crashes, exceptions, errors, and data transactions of apps. The Ad monitoring and marketing analytics application includes tracking the records of app installations, registrations, shares, invites, and in-app ads. The revenue analytics application includes in-app payments and in-app purchases.
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 increasing use of apps for mobile advertising, rising implementation of digital transformation strategies, growing penetration of smartphones, and increasing number of mobile and web apps.
App analytics services and solutions fulfill the growing demand for real-time analytics as well as handle huge volumes of data generated by users across multiple devices. They assist in enhancing the return on investment, identifying app failures and issues, and offering real-time services. Furthermore, they help gain insights into apps’ performance to enhance the business of their users.
Among components, the service segment is expected to grow at a higher CAGR during the forecast period
Services work as a backbone of any organization, because they help deploy and integrate different IT services in an enterprise ecosystem. They play a vital role in the app analytics market, as they focus on fulfilling clients’ requirements, such as reduced costs and improved apps’ performance.Additionally, they offer real-time data to assist employees in understanding the optimal use of technologies. IT industry experts offer consultation services and suggest solutions that would help companies enhance the performance of their businesses. Moreover, IT services are outsourced to third-party vendors who focus on the pre and post implementation queries of enterprises.
Under applications, the revenue analytics segment is expected to grow at the highest CAGR during the forecast period
The revenue analytics segment is expected to hold the largest market share during the forecast period, due to the increasing need for keeping records of apps’ revenue and growing investments in revenue-generating apps. Organizations focus on the revenue aspects of applications to increase their overall app business. Majorly, the revenue for apps can be generated from in-app purchases and payments, and advertisements.