Our in-depth analysis segmented the global mobile analytics market in the following segments:
By Deployment Model
By End User
Global mobile analytics market is further classified on the basis of region as follows:
Growth Drivers and Challenges
Growth of application based industries such as ebay, amazon and others is the major growth driver of mobile analytics market. In addition to this, increasing sale of smartphones and other mobile devices across all over the globe is expected to intensify the demand of mobile analytics market. Apart from this, smart technologies innovations such as smart TV are also escalating the growth of mobile analytics market.
Further, increasing online advertisements and rising inclination of enterprises towards mobile analytics is likely to accelerate the growth of the mobile analytics market. Moreover, technological advancement in mobile analytics and rising usage and demand for cloud based mobile analytics solutions is the key growth driver of mobile analytics market in the developed regions.
However, security concerns such as data privacy among the population is hindering the growth of global mobile analytics market. Additionally, high initial cost of set up is dampening the growth of mobile analytics market globally. Lack of awareness regarding mobile analytics solutions in the growing regions is restraining the growth of global mobile analytics market.
The global mobile analytics market is anticipated to flourish at a CAGR of 18.3% over the forecast period. Mobile analytics market was valued at USD 1.6 Billion in 2016 and is anticipated to reach USD 6.0 Billion by the end of 2024. Android mobile analytics market is expected to remain dominant and grow at highest pace over the forecast period due to rapid growth of android smartphone market.
In 2016, North America accounted for the major share in the global mobile analytics market. Further, North America is anticipated to maintain its dominance over the forecast period owing to the high acceptance level of advance technologies and high adoption of cloud based solution. In 2016, application analytics segment was held for the highest percentage share in the region. Further, this segment is likely to witness significant growth over the forecast period. U.S. accounted for about 51% market share in 2015 due to the heavy penetration of cloud based solution.
Further, Europe and Asia Pacific market are anticipated to witness lucrative growth over the forecast period. Increasing sale of consumer electronics segment such as smartphones, tablets and others is likely to propel the growth of mobile analytics market in Europe. On the other hand, Asia Pacific mobile analytics market is forecasted to grow at highest pace during the forecast period i.e. 2017-2024. Asia-Pacific mobile marketing segment is forecasted to grow at a CAGR of 27.6% over the forecast period. The major factor driving the growth of mobile analytics market is the increasing penetration of mobile devices such as smartphones, tablets and others in the region. Further, countries such as China, India, Japan and South Korea are anticipated to have the largest market share of mobile analytics in the Asia-Pacific region.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Abhishek Verma, Hetal Singh