Global Product Analytics Market Size By Component (Solutions, Services), By Deployment (Cloud, On-premises), By Geographic Scope And Forecast

Product Analytics Market Size And Forecast

Product Analytics Market size was valued at USD 11.65 Billion in 2022 and is projected to reach USD 54.93 Billion by 2030, growing at a CAGR of 21.39% from 2024 to 2030.

The increasing need for Product Analytics software from end-users such as e-commerce, customer technology, and media is expected to drive market demand. The growing adoption of Product Analytics across all digital platforms facilitates the use of insights into customer experience, which are several key variables expected to create market opportunities in the coming years. The Global Product Analytics Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Product Analytics Market Definition

Product Analytics is the process to identify how customers interact with digital products. It is a framework for putting customers at the center of a business by analyzing behavioral data, identifying conversion opportunities, and creating impactful digital experiences that result in high customer lifetime value. Product Analytics seeks to improve the efficiency with which marketing activities are managed, thereby providing lucrative opportunities for market growth.

Furthermore, any industry with a digital platform can benefit from Product Analytics by gaining insights into the customer experience.   Industries such as B2B, consumer technology, e-commerce, fintech, media, and others are implementing Product Analytics software and services to help their businesses grow, creating significant opportunities for market growth in the coming years.

Product Analytics is user-centered. Rather than emphasizing what a product was designed to do, it is concerned with how users engage with the product.  Instead of relying solely on intuition and guesswork, this enables the product manager to gain precise insights into which aspects of the product require improvement. Traditionally, product managers utilized questionnaires and customer interviews to ascertain their customers’ and users’ perceptions of their products. Although these techniques enabled brands to understand how users interacted with their products, they were costly and time-consuming.   Companies can now detect these user interactions using a variety of Product Analytics software tools available on the market.

Global Product Analytics Market Overview

The growing need to improve consumer behavior management in order to deliver personalized product recommendations is the primary driving factor for global industry growth. The increasing consumer demands have become a major concern for businesses in terms of providing effective solutions and ensuring that their clients are satisfied and receive the best results. Every customer receives personalized service from the merchandise recommendation engines.

Furthermore, the increasing use of advanced technologies in merchandise analytics is one of the primary driving factors for global industry growth. Rapid technological development and diverse customer demands are creating a highly competitive environment for businesses. To thrive in a rapidly evolving and competitive market, various retail and manufacturing companies are compelled to implement numerous business strategies, such as technology convergence. Artificial intelligence (AI) penetration enables the company to improve the functionality of its business intelligence deployments.

On the other hand, technologies such as artificial intelligence and machine learning are among the best in an organization’s cyber security resource. Furthermore, these technologies are more vulnerable to malicious attacks, as cyber hackers adopt AI and ML much faster than security leaders. The use of such technologies by attackers has an impact on business data and assets, which is regarded as a market-restraining factor. Organizations that use this service are concerned about data leaks over the internet that unauthorized users can easily access.

Global Product Analytics Market Segmentation Analysis

The Global Product Analytics Market is Segmented on the Basis of Component, Deployment, Industry Vertical, And Geography.

Product Analytics Market, By Component

• Solutions
• Services

Based on Component, the market is segmented into Solutions and Services. The solutions segment is recorded to hold the largest revenue share. Product Analytics solutions enable product teams to gain a better understanding of their customers’ interactions with digital products. The solution provides several benefits, including tracking engagement, analyzing behaviors, identifying personas, and allowing teams to gain insight into the overall picture and take quick action, all of which are contributing to segment growth.

Product Analytics Market, By Deployment

• Cloud
• On-premises

Based on Deployment, the market is segmented into Cloud and On-premises. on-premises segment is expected to account for a greater market share. The solution’s execution and operation take place within the company’s infrastructure. With on-premise Product Analytics, financial reporting, and consolidation operations are automated, improving efficiency and consistency. Furthermore, the on-premises segment provides physical control over the server and aids in keeping critical data in-house.

Product Analytics Market, By Industry Vertical

• Automotive
• Energy & Utilities
• Healthcare & Pharmaceuticals
• Retail & Consumer Goods
• Industry Equipment Manufacturing
• Media & Entertainment
• Others

Based on Industry Vertical, the market is segmented into Automotive, Energy & Utilities, Healthcare & Pharmaceuticals, Retail & Consumer Goods, Industry Equipment Manufacturing, Media & Entertainment, and Others. The automotive sector is expected to dominate the market.

Analytics can help automotive companies track resolved and unresolved product issues, investigations, and performance. These insights can help drive supply chain efficiencies by highlighting problems with shared suppliers, parts, and technologies.

Product Analytics Market, By Geography

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

On the basis of Geography, the global Product Analytics Market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America had the highest revenue share in the global Product Analytics market. Several organizations in the region are embracing a new level of insight in order to maximize customer satisfaction by meeting their demands. Analytics integration assists in gathering customer feedback and reviews for future product development.

As a result, the region, as well as the growing presence of the leading players, is an early adopter of novel technologies, serving as a catalyst for market growth across North America. Furthermore, Product Analytics enables businesses to receive timely notifications and alarms about changes in market sentiment. As a result, businesses can gain actionable insights from key consumer metrics, propelling them to market dominance in every industry.

Key Players

The “Global Product Analytics Market” study report will provide a valuable insight with an emphasis on the global market. The major players in the market are Google, IBM, Oracle, Adobe, Salesforce, Mixpanel, Piwik PRO, Amplitude, Heap, Plytix, Pendoamong others.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the players mentioned above globally.

Key Developments

• In May 2021, Vodafone Group collaborated with Google Cloud to increase the use of safer and more reliable data analytics, learning to complement the launch of digital services and products, insights, and data services for Vodafone customers globally.
• In April 2021, IBM revealed new IBM Watson features aimed at assisting businesses in developing trustworthy artificial intelligence. These features have been added to Watson’s suite of tools for controlling and explaining AI-driven decisions, improving insight accuracy, minimizing risks, and meeting privacy and legal requirements.

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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