June 12, 2020
According to the research report titled ‘Global Conversion Rate Optimization (CRO) Software Market Size study, by Type (Landing Page Builders, A/B Testing Software, Heat Maps Software, Others), by Application (Large enterprises, SMEs) and Regional Forecasts 2019-2026’, available with Market Study Report LLC, global conversion rate optimization (CRO) software market was worth USD 771 million in the year 2018 and is predicted to expand with a CAGR of 11.9% during 2019-2026.
For the record, CRO (conversion rate optimization) software is employed not only to improve the website traffic but to convert visitors into actual customers. It carries out various actions on a website, such as enabling website visitors to fill out a form and convert them into customers. The software focuses on understanding the behavior of users on a website.
Rising adoption of CRO solutions in e-commerce sector in order to maintain a database of website traffic is a major factor driving the market growth. Conversion rate optimization software helps in enhancing profits without increasing the advertising expenditure. It allows the website developer to focus more on the consumer. In addition, shifting focus towards delivering better ROI (return on investments) is further aiding the market expansion.
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According to International Post Corp., the e-commerce sales were valued at USD 2.3 trillion in 2017 and is estimated to register USD 4.5 trillion by the year 2021, which in turn will create lucrative growth opportunities for the market contenders. However, industry analysts state that high complexities associated in executing the techniques for refining the conversion rates may hinder the conversion rate optimization software industry growth.
As per type, the CRO software market is split into heat maps software, A/B testing software, landing page builders, and others. Based on the application spectrum, the market is divided into SMEs and large enterprises.
From the regional frame of reference, the North America CRO software industry is expected to grow substantially during the estimated timeframe. Increasing initiatives by market majors and proliferating e-commerce transactions are favoring the market outlook In North America.
The prominent companies operating in conversion rate optimization software industry are Landingi, Qeryz, Unbounce, Crazy Egg, Lucky Orange, Hotjar, Bouncex, Optimizely, Wingify, and SurveyMonkey among others.