Product Analytics Market Overview:
Product Analytics Market was valued at USD 6.1 Billion in 2021 and is anticipated to grow at a CAGR of 15.5 % and is expected to reach USD 22.31 Billion by 2030
Product Analytics is a subset of data analytics that focuses on understanding customer behaviour and improving product performance. It involves the collection, analysis, and interpretation of data from various sources such as web analytics, customer feedback, and sales data, to gain insights into the performance of a product. The Market refers to the market for solutions and services related to product analytics, including software and services offered by vendors.
Market Dynamics:
Drivers
The heightened emphasis on delivering a superior customer experience has driven the demand for product analytics, as companies strive to comprehend their customer’s behavior and tastes. With the help of product analytics, organizations can improve their products by gaining an understanding of customer behavior and preferences, thereby enabling data-driven decisions regarding product development, marketing, and sales strategies.
Restraints
The issue of customer data privacy, exacerbated by the growing number of data breaches, has raised questions about the security of information gathered and analyzed by product analytics solutions. Implementing product analytics requires technical proficiency and can be a complex process, which can hinder its implementation and utilization by certain organizations.
Opportunities
The expansion of IoT and big data has opened up new prospects for the product analytics market, enabling organizations to gather and process significant amounts of data to improve their product decisions. The rising utilization of cloud-based solutions has also presented opportunities for product analytics vendors, as organizations can now easily access these solutions through cloud technology.
Covid-19 Impact
The product analytics market has experienced the effects of the COVID-19 pandemic in both positive and negative ways. The pandemic has propelled the move towards remote work and digitalization, increasing the need for product analytics to aid remote decision-making and improve customer experience. The pandemic has also resulted in supply chain difficulties, lower spending, and changes in customer behaviour, and remote implementation difficulties that have posed challenges to the market. Nevertheless, organizations continue to seek out product analytics solutions to help them overcome these challenges and adjust to the evolving scenario.
Product Analytics Report Coverage:
| Report Attributes | Report Details |
| Study Timeline | 2018-2030 |
| Market Size in 2030 (USD Billion) | 22.31Billion |
| CAGR (2022-2030) | 15.5% |
| By Component | Software, Services |
| By Application | Design and Manufacturing, Sales and Marketing, Consumer Engagement |
| By Mode | Tracking Data, Analysing Data |
| By Industry Vertical | IT and Telecommunication, BFSI, Manufacturing, Consumer Goods and Retail, Media and Entertainment, Healthcare, Energy and Utility, Others |
| By Geography | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Key Players | Amplitude, Inc., LatentView Analytics, Oracle Corporation, Pendo.io Inc., Adobe Inc., IBM Corporation, Medallia Inc., Mixpanel, Alphabet Inc., Salesforce, Inc |
Market Segmentation:
By Component
The product analytics market is divided into two main segments, software and services, both of which anticipate substantial growth. The software segment is driven by the growing demand for cloud and on-premise analytics solutions that give immediate insights into customer behavior and preferences. The expanding adoption of big data and IoT technologies will further fuel the software segment’s growth. On the other hand, the services segment’s growth is propelled by the growing demand for professional services such as consulting and implementation services.
By Application
The product analytics market can be segmented by application into design and manufacturing, sales and marketing, and consumer engagement. Design and manufacturing companies use product analytics to optimize their product development processes by gaining insights into customer behaviour and preferences. Sales and marketing companies are leveraging product analytics to better understand customer behaviour, allowing them to make data-driven decisions about sales and marketing strategies. Meanwhile, consumer engagement companies use product analytics to enhance customer experiences by providing personalized recommendations and offers, as well as improving customer support through real-time insights into customer interactions and preferences.
By Mode
The product analytics market can be segmented by functionality into tracking data and analyzing data. Tracking data solutions collect customer data from various sources and store it in a centralized location, making it easier to analyze. This helps organizations gain insights into customer behavior, preferences, and interactions.Data analysis solutions utilize sophisticated algorithms and machine learning techniques to examine customer data and offer actionable insights into their behavior and choices. These insights enable companies to make knowledgeable decisions about product development and drive improvement in customer experiences and revenue.
By Region
The Product Analytics Market is a growing field that helps businesses optimize their product offerings and improve customer satisfaction. The market is segmented into regions such as North America, Europe, Asia Pacific, and Rest of the World, with North America expected to hold a significant share. The market is driven by the increase in e-commerce and digital transformation, the need for personalization and improved customer experience, and the growing demand for data-driven decision making.
Competitive Landscape
The Product Analytics market is highly competitive with key players including-
- Amplitude Inc.
- Latent View Analytics
- Oracle Corporation
- Pendo.io Inc.
- Adobe Inc.
- IBM Corporation
- Medallia Inc.
- Mixpanel
- Alphabet Inc.
- Salesforce Inc.
Recent Development
- Adobe Systems is launching a new product analytics solution that integrates AI and ML to provide more personalized insights.
- Google is expanding its product analytics offerings by launching new features and integrations with other Google services.
- IBM is collaborating with leading e-commerce companies to provide enhanced product analytics solutions.
- Mixpanel is launching a new SaaS-based product analytics platform that provides real-time insights.
- Salesforce is acquiring a start-up that specializes in AI-powered product analytics, to enhance its offerings.
Mergers & Acquisitions
- In 2021, Heap, a product analytics company, acquired MeasureCamp, a provider of measurement, attribution, and optimization services for mobile and web.
- In 2021, Tealium acquired Treasure Data, a provider of cloud-based big data management and customer data platform, to enhance its product analytics offerings.
Table of Content
To check our Table of Contents, please mail us at: [email protected]
Research Methodology
The Market Research Community offers numerous solutions and its full addition in the research methods to be skilled at each step. We use wide-ranging resources to produce the best outcome for our customers. The achievement of a research development is completely reliant on the research methods implemented by the company. We always faithful to our clients to find opportunities by examining the global market and offering economic insights.Market Research Community are proud of our widespread coverage that encompasses the understanding of numerous major industry domains. Company offers consistency in our research report, we also offers on the part of the analysis of forecast across a range of coverage geographies and coverage. The research teams carry out primary and secondary research to carry out and design the data collection methods.