Session Replay Software Market Trends

Growth Drivers

• Rising Trend of Online Shopping – As per recent data, in 2021, approximately 9 million Australian citizens have shopped online.

• Increased Internet Penetration – As per data by World Bank, individuals using the internet in terms of percentage of population was around 60% in 2020, up from 54% in 2019.

• Increasing Adoption of Customer Relationship Management Tools – Organizations use customer relationship management (CRM) tools to provide a better customer experience. According to statistics, around 70% of the respondents said that CRM tools give them a better understanding of a customer's data, enabling them to provide a more personalized service.

• Government Support Policy and Investments – As per data by the India Brand Equity Foundation, in the Union Budget of 2022-23, around USD 11.58 billion was allocated to India’s IT and telecom sector.

• Implementation of Data Driven Approach by Business Organization –According to recent statistics, organizations implementing data-driven approaches are 22 times more likely to attract new customers. Moreover, data-driven businesses have an average growth rate of around 28% per annum.

Challenges 

• Absence of Adequate Filters in Session Replay Software
• Some Session Replay Software May Affect User Device Performance
• Less Awareness about the Benefits of Session Replay Software in the Market

The session replay software market is segmented and analyzed for demand and supply by deployment type into cloud based and on-premises. Out of these segments, cloud-based segment is anticipated to garner the largest market share over the forecast period, owing to the increasing adoption of cloud-based services amongst organizations. Cloud-based session replay software provides assistance in analyzing customer experience, from website visits to conversions. It also includes providing high value and qualified insight into the UX of the website. According to recent statistics, more than 75% of organizations have adopted a multi-cloud strategy and about 65% of the organization's infrastructure is cloud-based. Such a factor therefore estimated to fuel the segment growth.