The internet is not just a vast knowledge hoard for people, but also one of the most effective marketing tools for companies. With traditional advertising channels, such as newspapers, TVs, radio, billboards, and magazines, it is almost impossible to gauge how many people saw a particular promotional feature. On the contrary, websites and computer and mobile applications make it extremely easy for companies to track the number of visitors (web traffic), user activity, the time they spend on a particular feature or page, how many times a specific button has been clicked, and many more such aspects.

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Now, merely tracking the user behavior doesn’t often do much good, as the data also needs to be property structured and studied, so that companies can know the areas for improvement. This is the major reason behind the robust growth of the product analytics market, the value of which is predicted to rise from $7,309.3 million in 2018 to $16,804.8 million by 2024, at a 15.3% CAGR during 2019–2024 (forecast period).

Such software brings all the unstructured data from multiple sources on a single platform, gives it a proper structure, and help users extract actionable insights from it. The most important factor propelling the adoption of such solutions is perhaps the increasing internet penetration around the world. Since 2006, there has been an abrupt jump in the percentage of the world’s population using the internet, from 17.483% to 49.723% in 2017, as per the World Bank.

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Developed countries, such as the U.S., Singapore, and Australia, as well as emerging economies, including India and China, have seen a rapid rise in the number of internet users in the last 10–15 years. This has led to an explosion in the number of people visiting different websites, which are an important part of marketing for most companies, nowadays.