The market in web analytics in the UK, combining both technology and services, is worth in the region of £100 million each year, according to an influential new report published by independent digital research company, Econsultancy.
The report – the Web Analytics Buyer’s Guide – further estimates that the value of the market by the end of 2011 will in fact be around £104 million; contrasting this with a total value for 2010 of £93 million.
Among the factors contributing to Econsultancy’s calculations for the web analytics market are: the estimated costs to companies for the recruitment and retention of in-house expertise in web analytics; costs paid to specialist web analytics agencies; and the amalgamated revenues accruing to the vendors of web analytics tools.
Commenting on the report, research analyst with Econsultancy, Andrew Warren-Payne, said its findings demonstrated how web analytics was becoming ‘more integral to business decision-making and organisational strategy’.
Warren-Payne cited as further evidence for the growing importance of web analytics the ‘heavy investments’ which have been made by industry stalwarts, including Adobe, IBM, and Google.
He added that the high value placed on web analytics also owed much to its capacity to offer:
‘the opportunity for a measurable return on investment and deeper customer insight.’
The report has further predicted that web analytics tools will become more complex over the coming year; with the consequence that demand for individuals with expertise in the field is likely to continue to remain high.