The global web performance market had accounted for a global market figure worth USD 3.22 Billion during the forecast period that had ended in 2017. and is projected to reach USD 6 Billion by the end of the forecast period in 2023. The global market is likely to expand at a Compound Annual Growth Rate (CAGR) of 8.20% during the forecast period.
In the present technological world, the customers of the web performance market are likely to be expecting a provide a fast and reliable online user experiences from every website. If the online user waits for the page to load, they'll most likely visit another website instead, as they have limited time to wait for the website for loading. Website performance is an incredibly essential thing because the market customers generally think load times are slower than they are. This means there is a raising need for a variety of organizations for the deployment of the web performance optimization solutions for the running website to load as fast as possible. If the business is running entirely on the web, constant performance is crucial, and hence, if the website's user experience is fast and responsive for the user input, it can only serve the business needs well.
The outbreak of the pandemic has given rise to people spending more time on the web and hence, this has finally resulted in a hyped demand for the web performance market during the outbreak. However, the market has to overcome issues regarding to the reduced availability for quick loading of the websites that might hamper the global growth of the market during the forecast period.
As mobile users continue to become a more substantial portion of internet users that are increasing worldwide, it has become essential to bear in mind that many of these users access the web through various market networks that are available in the market like mobile 5G, LTE, 3G, and even 2G networks. There has been decreasing cost of prepaid data plans that makes access to the internet more affordable in locations where it once wasn't.
Retaining users is crucial to improving conversions. Slow-loading websites negatively impact revenue. Hence, this is one major factor that restraints the web performance market size to propel during the ongoing forecast period.
Web performance helps to play a significant role in the success of any online venture. Some of the instances show how the high-performing sites retain and engage users better than the low-performing ones. As per Pinterest, it was reported that there was an increased search engine traffic and sign-ups by 15% when they were decreased by a prominent sum of 40%. COOK, which is a prominent provider of medical devices, increased its conversions by 7%, reduced bounce rates, and increased pages per session by 10% when they decreased average page load time by a sum of 850 milliseconds. The BBC found they had lost 10% of prominent users for every second their website took time to load. DoubleClick by Google has also reported that 53% of mobile site visits were exited if a page took longer than 3 seconds to loaded. Further, it was also found that the sites loading within 5 seconds had approximately 70% longer sessions, 25% higher ad viewability, and 35% lower bounce rates than sites taking almost four times longer at 19 seconds.
Hence, the web performance market value has a better demand and prospect during the ongoing forecast period in 2028.
The web performance market size has been expecting an expansion during the period owing to the performance of its segments that are functional in the global market premises. The global market has been segmented based on the following:
Based on the Component
Based on the Organization Size
Based on the Deployment Type
Based on the Vertical
Based on the Region
The North American region in the regional bifurcation of the global web performance market is projected to hold the largest share of the market across the globe followed by other regions like the European region and the Asia Pacific region. The U.S. and Canadian markets as a prominent part of the regional market are dominating the North American market due to the rising technological enhancements and developments and the growing adoption of web performance solutions that are propelling in the region. Moreover, the global region has a well-established infrastructure, which allows a faster degree of implementation of advanced technologies. Additionally, there is growing adoption of web performance solutions across different industry verticals that extend to some sectors like the BFSI, healthcare, manufacturing among others is another major factor driving the growth of the web performance market in the market region entering the international web performance market.
The web performance market share has been analyzed in the curated market report to help the market investors understand the potential competitive scale that prevails in the global market during the forecast period. The competitiveness can be attributed to the role undertaken by the following market players:
The global web performance market report includes the research methodology used to estimate and forecast the web performance market size began with capturing data on the key vendor revenues through secondary sources. The report contains a discussion of the press releases and investor presentations of companies, and white papers, certified publications, and also, articles from recognized associations and government publishing sources. The report covers the vendor offerings to determine the market segmentation. The bottom-up procedure was employed to arrive at the overall market size of the global market while preparing the global market report from the revenues of the key market players that are functional in the global market premises. After arriving at the overall market size, by studying the market trends the market report has studied the split into several segments and subsegments, which were then verified through primary research on various parameters by conducting extensive interviews with key industry personnel, such as Chief Executive Officers (CEOs), Vice Presidents (VPs), directors, and executives. The report covers the market towards the competitive edge enjoyed by the market players and the funding the research and development.
|Market Size||USD 6 Billion (2023)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Component, By Organization Size|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Akamai Technologies, Inc. (U.S.), CA Technologies, Inc. (U.S.), Cavisson Systems Inc. (U.S.), CDNetworks (South Korea), Cloudflare, Inc. (U.S.), Dynatrace (U.S.), F5 Networks, Inc. (U.S.), IBM (U.S.), Micro Focus International plc. (U.K), Netmagic Solutions (India), Neustar, Inc. (U.S.), New Relic, Inc. (U.S.), ThousandEyes, Inc. (U.S.), and ZenQ (U.S.)|
|Key Market Opportunities||The growth of the market in North America is attributed to technological advancements and increased adoption of web performance applications across various industry verticals such as BFSI, healthcare, manufacturing and IT and telecommunication among others.|
|Key Market Drivers||Major factors driving the growth of web performance market is the growth of ecommerce industry and growing dependence of enterprises on web based solutions and services. Also, growing demand for mobile web performance solutions is expected to drive the growth of global web performance market.|
At 8.20% CAGR, the web performance market can surge between 2016 and 2023.
USD 6 Bn by 2023, is the estimated valuation for the web performance market.
Cloudflare, Inc., F5 Networks, Inc, Dynatrace, and IBM are some reputed names in the worldwide web performance market.
The rising adoption of mobile web performance solutions can impel the growth of the global market of web performance.
The APAC web performance market is expected to exhibit exponential growth due to rapid industrialization.