In terms of revenue, the Global Product Analytics Market is expected to reach USD 29 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 20.80% from 2022 to 2028.
Product Analytics is an application used in multiple industries to analyze the defects in related products. This includes warranties, product returns, customer feedback, service reports, and information from connected sensors. Product Analytics is a part of Business Intelligence (BI) and analytical software, which is majorly used to identify designs in the utilization of products, connect every opportunity to customers, and find out future possibilities for product developments. All these factors accelerated the growth of the Product Analytics Market.
Key Highlights from Report:
· The Solution segment mentions the significant growth of the Product Analytics Market in 2021. This segment primarily analyzes data generated from social media platforms, clickstreams, IoT devices, and sensors. In addition, they support data outputs via interactive dashboards. Thus, all these benefits increase the segmental demand of the Market.
· The Cloud segment of the Deployment Mode segmentation is expected to witness the potential growth of the Product Analytics Market in 2021. This segment is used to supply solutions to businesses. It means that the firms that have to process massive amounts of data and require large processing and storage capacity can use the pay-as-you-go method.
· is accounted to have the most significant growth of the Product Analytics Market during the forecast period. Factors such as the increasing number of leading players and technological advancement are responsible for the regional growth of the Product Analytics Market.
Nowadays, customers need more advancement in every product they use. With this increasing consumer trend toward advanced products, many manufacturers and leading companies started developing innovative products to adopt their strategic growth. In this regard, they used advanced business strategies such as convergence of technology, Artificial intelligence, and others to survive in the competition. For instance, Veritone Inc., an artificial intelligence tech company, introduced Interaction Analytics solutions. This is a pre-configured AI solution for conversational intelligence that fetch insights from customer interactions such as texts, social streams, videos, chats, images, voice calls, and emails in near-real-time. This helps in more intelligent decision-making, enhancing customer satisfaction, lowering operational costs, and increasing the company's revenue.
is accounted to have the enormous growth of the Product Analytics Market during the forecast period. This surge is attributed owing to the excellent demand for Product Analytics Market in the U.S. In addition, the presence of major Product Analytics players and increasing technological advancement are expected to propel the growth of the Product Analytics Market during the forecast period in this region. For instance, Adobe Systems Incorporated, an American multinational computer software company, launched a Real-time Customer Data Platform that can be used to match, combine, and analyze data at any point in the consumer journey. It also supports predictive intelligence, flexible reporting, and other features. Also, Google LLC, an American multinational technology company, introduced discovery Solutions for the retail industry. This solution helps in enhancing the retailer’s eCommerce capabilities and provides an improved customer experience.
The Global Product Analytics Market is Segmented as follows:
- Tracking Data
- Analyzing Data
- End User
- Sales & Marketing Professionals
- Consumer Engagement
- Deployment Mode
- Organization Size
- Large Enterprise
- Retail & Consumer Goods
- IT & Telecom
- Media & Entertainment
- Healthcare & Pharmaceuticals
- Energy & Utilities
- Other Verticals
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of Key Players of the Global Product Analytics Market is:
Google (US), IBM (US), Oracle (US), Adobe (US), Salesforce (US), Medallia (US), Veritone (US), LatentView Analytics (US), Mixpanel (US), Amplitude (US), Pendo (US), Kissmetrics (US), Gainsight (US), UserIQ (US), Copper CRM (US), Countly (UK), Heap (US), Plytix (Denmark), Risk Edge Solutions (India), Woopra (US), Piwik PRO (Poland), Smartlook (Czech Republic), LogRocket (US), Auryc (US), Quantum Metric (US), cux.io (Germany), Refiner (France), InnerTrends (England), GrowthSimple (US), OmniPanel (US), Productlift (Canada)
The Global Product Analytics Market Scope can be tabulated as below:
|Market Size Provided for Years||2017 - 2030|
|Historic Years||2017 - 2021|
|Forecast Years||2023 - 2030|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|