Conversion Rate Optimization Software Market Trends [2031]
Conversion Rate Optimization Software Market Trends [2031]
Segments - Conversion Rate Optimization (CRO) Software Market by Type (Heat Maps Software, A/B Testing Software, Landing Page Builders, and Others), Application (Large Enterprises and Small & Medium Enterprises), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
Upcoming
| Report ID :ICT-SE-5783
| 4.7 Rating
| 52 Reviews
| 196 Pages
| Format :
Report Description
Conversion Rate Optimization (CRO) Software Market Outlook
The global conversion rate optimization (CRO) Software market size was USD 1.37 Billion in 2022 and is likely to reach USD 3.65 Billion by 2031, expanding at a CAGR of 11.5% during 2023–2031. The market growth is attributed to rising prevalence of social media marketing and increasing customer engagement programs.
Increasing customer engagement programs on websites and apps is expected to boost the demand for conversion rate optimization software. Conversion rate optimization software is used in customer engagement programs to increase the percentage of customer conversions who participated in programs. Therefore, increasing customer engagement programs by companies is enhancing the market.
Conversion rate optimization (CRO) is the process of enhancing the sponsored ads, landing page, or website to increase the percentage of conversions. It measures the number of users who got converted out of the total number of users who visited the site.
Companies adopt conversion rate software to attract the maximum possible number of people on the website to purchase products or services. It monitors the actions and activities of website visitors who did not complete transactions or purchasing processes and offers them a discount or offers to convert them into consumers.
Rising prevalence of social media marketing is expected to boost the demand for conversion rate optimization (CRO) software. CRO software is widely used in social media marketing to audit websites and landing pages, understand audience's needs, and behaviors, and create a user-friendly experience that encourages them to take action such as the purchase of products or services.
The COVID-19 pandemic propelled the demand for conversion rate optimization (CRO) software. The abrupt rise in COVID-19 infection led governments to take preventive measures such as lockdowns, and social distancing which accelerated the digital revolution worldwide, encouraging people to adopt online shopping for their everyday needs. This boosted the demand for conversion rate optimization software, as it is used in online shopping or online trade to increase the percentage of customer conversions and improve the shopping experience of consumers to drive sales. For instance,
-
According to a report published by the International Trade Administration, e-commerce sales grew by 19% in 2020.
Impact of Artificial Intelligence (AI) on Conversion Rate Optimization (CRO) Software
The growing technological advancements introduced artificial intelligence in conversion rate optimization (CRO) software, creating lucrative opportunities in the market. AI-enabled CRO software can automate repetitive tasks such as collecting and organizing data, coming up with ideas to improve the store’s performance, and testing variants against one another.
AI-powered CRO software can increase the conversion rate of customers on websites, as it allows businesses to test out different versions of websites and marketing messages.
Conversion Rate Optimization (CRO) Software Market Dynamics
Major Drivers
Growing e-commerce industry is projected to drive the market. E-commerce majorly uses conversion rate optimization (CRO) software to increase the percentage of visitors who take a particular action on an e-commerce company website. Conversion rate optimization software is usually conducted on the landing page and category page of an e-commerce company website to improve the shopping experience of the customers to drive sales. For instance,
-
As per a report, the revenue from the e-commerce market is expanding at a CAGR of 11.17% and is projected to reach USD 5.56 trillion by 2027.
Existing Restraints
Challenges associated with A/B testing are expected to restrict the market, as it is a major tool of CRO software. A/B testing is limited and restrictive and requires technical setup, statistical analysis, and quality control to optimize the conversion rate of websites, which encourages marketers to reduce their adoption. Moreover, the inability of CRO software to optimize websites for every user is projected to hamper the market.
Emerging Opportunities
Increasing investments in R&D activities by major market players to develop and introduce new conversion rate optimization (CRO) software to convert website traffic into customers by elevating visitor experience.
- For instance, on February 7, 2023, Justuno, Inc. a leader in conversion rate optimization introduced an all-new conversion automation platform to help marketers hit their goals. This new platform emphasizes end-to-end optimization and is designed to elevate visitor experiences for every customer scenario possible.
Scope of the Conversion Rate Optimization (CRO) Software Market Report
The report on the market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
|
Attributes |
Details |
|
Report Title |
Conversion Rate Optimization (CRO) Software Market- Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
|
Base Year |
2022 |
|
Historic Data |
2016–2021 |
|
Forecast Period |
2023–2031 |
|
Segmentation |
Type (Heat Maps Software, A/B Testing Software, Landing Page Builders, and Others) and Application (Large Enterprises and Small & Medium Enterprises) |
|
Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. |
|
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
|
Key Players Covered in the Report |
Alphabet, Inc.; Algolia; Bloomreach, Inc.; Hotjar Ltd; Instapage, Inc.; Justuno, Inc; Landingi; Momentive; Rock Content; Smartlook.com; and Unbounce |
Market Segment Insights
Type Segment Analysis
Based on type, the conversion rate optimization (CRO) software market is categorized as heat maps software, A/B testing software, landing page builders, and others. The landing pages segment held a large share of the market in 2022 due to its ability to increase conversions, measure metrics directly tied to business goals, and provide additional insights about the target audience.
The landing page is a subset of conversion rate optimization (CRO) software that ensures the highest possible conversion rate from the visitors who arrive at that landing page. Moreover, landing pages help businesses and companies acquire a large number of customers, low customer acquisition costs, and maximize the value of ad spending, which are expected to boost their adoption.
The heat maps software segment is projected to grow at a robust pace in the coming years owing to its potential to provide an instant overview of website performance and a visual approach to understanding numeric values.
The heat map software is utilized in conversion rate optimization to help businesses understand how visitors interact with their website pages such as how far they are scrolling, and where they are dropping off. This information can be used to optimize a website to improve its conversion rate.
Application Segment Analysis
In terms of application, the global market is bifurcated into large enterprises and small & medium enterprises. The small & medium enterprises dominated the market in 2022 due to growing infrastructure, rising industrialization, and increasing disposable income.
Small and medium enterprises are heavily adopting conversion rate optimization software to low customer acquisition costs by getting high conversions from website visitors. CRO software increases revenue per visitor, acquires a large number of customers, and helps drive sales, which increases their adoption in small & medium enterprises.
Regional Outlook
Based on region, the conversion rate optimization (CRO) software market is segregated into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America accounted for a major share of the market due to increasing technological advancements and the presence of established market players such as Unbounce, Alphabet, Inc., and Algolia. Moreover, growing e-commerce industry in the region is propelling the need for conversion rate optimization (CRO) software, as this software is utilized in the e-commerce industry to help sellers understand their place in the market clearly and work to improve their sales outcomes by applying best practices to their marketing strategy, website experience, and purchasing workflows. For instance,
-
As per a report, the revenue from the e-commerce market in the US is expanding at a CAGR of 11.22% and is projected to reach USD 1,416 billion by 2027.
The market in Asia Pacific is anticipated to expand at a high CAGR during the projected period owing to rising disposable income, growing digitalization, and increasing awareness about the benefits of various marketing strategies. Moreover, rising number of online shoppers in the region is projected to boost the demand for conversion rate optimization software, as it is used by online sellers to boost sales by increasing the percentage of website visitors. For instance,
-
As per a report, the number of online shoppers is projected to increase to 427 million by 2027.
Segments
The conversion rate optimization (CRO) software market has been segmented on the basis of
Type
- Heat Maps Software
- A/B Testing Software
- Landing Page Builders
- Others
Application
- Large Enterprises
- Small & Medium Enterprises
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Alphabet, Inc.
- Algolia
- Bloomreach, Inc.
- Hotjar Ltd
- Instapage, Inc.
- Justuno, Inc
- Landingi
- Momentive
- Rock Content
- Smartlook.com
- Unbounce
Competitive Landscape
Key players competing in the global market are Alphabet, Inc.; Algolia; Bloomreach, Inc.; Hotjar Ltd; Instapage, Inc.; Justuno, Inc; Landingi; Momentive; Rock Content; Smartlook.com; and Unbounce.
These companies adopted development strategies including collaboration, product launches, mergers, acquisitions, partnerships, and production expansion to expand their consumer base worldwide. For instance,
- On March 30, 2021, Justuno, Inc., a leader in conversion rate optimization, introduced the conversion rate optimization (CRO) certification program for marketing agencies. The program has 26 lessons that help agencies learn key conversion rate optimization techniques, best practices for boosting onsite conversions, and how to build high-performing campaigns.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Conversion Rate Optimization (CRO) Software Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Conversion Rate Optimization (CRO) Software Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Conversion Rate Optimization (CRO) Software Market - Supply Chain
4.5. Global Conversion Rate Optimization (CRO) Software Market Forecast
4.5.1. Conversion Rate Optimization (CRO) Software Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Conversion Rate Optimization (CRO) Software Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Conversion Rate Optimization (CRO) Software Market Absolute $ Opportunity
5. Global Conversion Rate Optimization (CRO) Software Market Analysis and Forecast by Types
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Types
5.2.2. Y-o-Y Growth Projections by Types
5.3. Conversion Rate Optimization (CRO) Software Market Size and Volume Forecast by Types
5.3.1. Heat Maps Software
5.3.2. A/B Testing Software
5.3.3. Landing Page Builders
5.3.4. Others
5.4. Absolute $ Opportunity Assessment by Types
5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Conversion Rate Optimization (CRO) Software Market Analysis and Forecast by Applications
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Applications
6.2.2. Y-o-Y Growth Projections by Applications
6.3. Conversion Rate Optimization (CRO) Software Market Size and Volume Forecast by Applications
6.3.1. Large Enterprises
6.3.2. Small & Medium Enterprises
6.4. Absolute $ Opportunity Assessment by Applications
6.5. Market Attractiveness/Growth Potential Analysis by Applications
7. Global Conversion Rate Optimization (CRO) Software Market Analysis and Forecast by Region
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Region
7.2.2. Y-o-Y Growth Projections by Region
7.3. Conversion Rate Optimization (CRO) Software Market Size and Volume Forecast by Region
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. Asia Pacific
7.3.5. Middle East and Africa (MEA)
7.4. Absolute $ Opportunity Assessment by Region
7.5. Market Attractiveness/Growth Potential Analysis by Region
7.6. Global Conversion Rate Optimization (CRO) Software Demand Share Forecast, 2019-2026
8. North America Conversion Rate Optimization (CRO) Software Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.2. North America Conversion Rate Optimization (CRO) Software Market Size and Volume Forecast by Country
8.2.1. U.S.
8.2.2. Canada
8.3. Absolute $ Opportunity Assessment by Country
8.4. North America Conversion Rate Optimization (CRO) Software Market Size and Volume Forecast by Types
8.4.1. Heat Maps Software
8.4.2. A/B Testing Software
8.4.3. Landing Page Builders
8.4.4. Others
8.5. Basis Point Share (BPS) Analysis by Types
8.6. Y-o-Y Growth Projections by Types
8.7. North America Conversion Rate Optimization (CRO) Software Market Size and Volume Forecast by Applications
8.7.1. Large Enterprises
8.7.2. Small & Medium Enterprises
8.8. Basis Point Share (BPS) Analysis by Applications
8.9. Y-o-Y Growth Projections by Applications
8.10. Market Attractiveness/Growth Potential Analysis
8.10.1. By Country
8.10.2. By Product Type
8.10.3. By Application
8.11. North America Conversion Rate Optimization (CRO) Software Demand Share Forecast, 2019-2026
9. Latin America Conversion Rate Optimization (CRO) Software Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Latin America Average Pricing Analysis
9.2. Latin America Conversion Rate Optimization (CRO) Software Market Size and Volume Forecast by Country
9.2.1. Brazil
9.2.2. Mexico
9.2.3. Rest of Latin America
9.3. Absolute $ Opportunity Assessment by Country
9.4. Latin America Conversion Rate Optimization (CRO) Software Market Size and Volume Forecast by Types
9.4.1. Heat Maps Software
9.4.2. A/B Testing Software
9.4.3. Landing Page Builders
9.4.4. Others
9.5. Basis Point Share (BPS) Analysis by Types
9.6. Y-o-Y Growth Projections by Types
9.7. Latin America Conversion Rate Optimization (CRO) Software Market Size and Volume Forecast by Applications
9.7.1. Large Enterprises
9.7.2. Small & Medium Enterprises
9.8. Basis Point Share (BPS) Analysis by Applications
9.9. Y-o-Y Growth Projections by Applications
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.11. Latin America Conversion Rate Optimization (CRO) Software Demand Share Forecast, 2019-2026
10. Europe Conversion Rate Optimization (CRO) Software Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Europe Average Pricing Analysis
10.2. Europe Conversion Rate Optimization (CRO) Software Market Size and Volume Forecast by Country
10.2.1. Germany
10.2.2. France
10.2.3. Italy
10.2.4. U.K.
10.2.5. Spain
10.2.6. Russia
10.2.7. Rest of Europe
10.3. Absolute $ Opportunity Assessment by Country
10.4. Europe Conversion Rate Optimization (CRO) Software Market Size and Volume Forecast by Types
10.4.1. Heat Maps Software
10.4.2. A/B Testing Software
10.4.3. Landing Page Builders
10.4.4. Others
10.5. Basis Point Share (BPS) Analysis by Types
10.6. Y-o-Y Growth Projections by Types
10.7. Europe Conversion Rate Optimization (CRO) Software Market Size and Volume Forecast by Applications
10.7.1. Large Enterprises
10.7.2. Small & Medium Enterprises
10.8. Basis Point Share (BPS) Analysis by Applications
10.9. Y-o-Y Growth Projections by Applications
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.11. Europe Conversion Rate Optimization (CRO) Software Demand Share Forecast, 2019-2026
11. Asia Pacific Conversion Rate Optimization (CRO) Software Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Asia Pacific Average Pricing Analysis
11.2. Asia Pacific Conversion Rate Optimization (CRO) Software Market Size and Volume Forecast by Country
11.2.1. China
11.2.2. Japan
11.2.3. South Korea
11.2.4. India
11.2.5. Australia
11.2.6. Rest of Asia Pacific (APAC)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Asia Pacific Conversion Rate Optimization (CRO) Software Market Size and Volume Forecast by Types
11.4.1. Heat Maps Software
11.4.2. A/B Testing Software
11.4.3. Landing Page Builders
11.4.4. Others
11.5. Basis Point Share (BPS) Analysis by Types
11.6. Y-o-Y Growth Projections by Types
11.7. Asia Pacific Conversion Rate Optimization (CRO) Software Market Size and Volume Forecast by Applications
11.7.1. Large Enterprises
11.7.2. Small & Medium Enterprises
11.8. Basis Point Share (BPS) Analysis by Applications
11.9. Y-o-Y Growth Projections by Applications
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.11. Asia Pacific Conversion Rate Optimization (CRO) Software Demand Share Forecast, 2019-2026
12. Middle East & Africa Conversion Rate Optimization (CRO) Software Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Middle East & Africa Average Pricing Analysis
12.2. Middle East & Africa Conversion Rate Optimization (CRO) Software Market Size and Volume Forecast by Country
12.2.1. Saudi Arabia
12.2.2. South Africa
12.2.3. UAE
12.2.4. Rest of Middle East & Africa (MEA)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Middle East & Africa Conversion Rate Optimization (CRO) Software Market Size and Volume Forecast by Types
12.4.1. Heat Maps Software
12.4.2. A/B Testing Software
12.4.3. Landing Page Builders
12.4.4. Others
12.5. Basis Point Share (BPS) Analysis by Types
12.6. Y-o-Y Growth Projections by Types
12.7. Middle East & Africa Conversion Rate Optimization (CRO) Software Market Size and Volume Forecast by Applications
12.7.1. Large Enterprises
12.7.2. Small & Medium Enterprises
12.8. Basis Point Share (BPS) Analysis by Applications
12.9. Y-o-Y Growth Projections by Applications
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.11. Middle East & Africa Conversion Rate Optimization (CRO) Software Demand Share Forecast, 2019-2026
13. Competition Landscape
13.1. Global Conversion Rate Optimization (CRO) Software Market: Market Share Analysis
13.2. Conversion Rate Optimization (CRO) Software Distributors and Customers
13.3. Conversion Rate Optimization (CRO) Software Market: Competitive Dashboard
13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
13.4.1. Alphabet, Inc.
13.4.2. Algolia
13.4.3. Bloomreach, Inc.
13.4.4. Hotjar Ltd
13.4.5. Instapage, Inc.
13.4.6. Justuno, Inc
13.4.7. Landingi
13.4.8. Momentive
13.4.9. Rock Content
13.4.10. Smartlook.com
13.4.11. Unbounce
Methodology
Related Reports
Some other reports from this category!
Our Clients
