Product Analytics Market Size & Analysis Report by Component, By Industry, By Deployment and By Region – Global Opportunities & Forecast, 2022-2029
Product Analytics Market Size & Analysis Report by Component (Solution and Services), By Industry (Healthcare & Pharmaceuticals, Automotive, Media & Entertainment, BFSI, Manufacturing, IT & Telecom, Retail & Consumer Goods and Others), By Deployment (Cloud and On-Premises) and By Region
Analysts at GMI Research estimates that the Product Analytics Market was worth USD 10.2 billion in 2021, and forecast to touch USD 44.4 billion in 2029, growing at a significant higher CAGR 20.2% from 2022-2029.
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Major Product Analytics Market Drivers
Growing adoption of product analytics by organizations to track and interpret user’s experience to optimize product features based on feedback and user data stands to be a key driver fueling the product analytics market. In addition, rising need to improve customer engagement in order to provide customized recommendations and increasing adoption of advanced analytical tools to ensure market competitiveness will bolster the market growth. Further, increasing use of advanced technologies which include Machine Learning, Artificial Intelligence, and other analytical tools along with the accelerating number of mobile users have contributed to the market size. For instance, Amazon Go has changed its conventional shopping background by using analytical tools to manage deals and purchaser commitment.
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Component – Segment Analysis
Solutions segment is anticipated to grow at a higher CAGR over the upcoming years, attributed to the increasing investment in technological innovations and expansion in consumer base. Product analytics solutions help organizations making data-driven decisions by collecting all information from every swipe, click and pageview, expanding the Product Analytics Market size.
Services segment will dominate the market for the next seven years, owing to the advent of fourth industrial revolution, growing penetration of analytical services in various end-use verticals, and rising technological advancements.
Industry – Segment Analysis
BFSI is estimated to expand at a faster CAGR over the coming years, owing to the rapid digitalization and the emergence of digital banking systems. Also, rising demand for customized and improved banking services and the growing adoption of smart analytics to improve interactions with customers will strengthen the market size.
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Regional – Segment Analysis:
North America is forecast to expand at a faster CAGR during the forecast period, owing to the increasing availability of high-speed internet services and ongoing technological advancements. Further, the expansion in e-commerce industry helps marketers to analyze the data produced by e-commerce sales to get insights about the customer’s preferences augmenting the regional size. Moreover, the strong presence of leading product analytics players such as Veritone, LatentView Analytics, Salesforce, Adobe, Oracle, etc. and the adoption of Business Intelligence, Machine Learning, and other solutions will further drive the market growth.
Top Market Players
Various notable players operating in the market, include, Google, IBM, Salesforce.com, inc., Countly, Pimberly, Risk Edge Solutions, Piwik PRO, Smartlook.com, InnerTrends, Cux.io, among others.
Key Developments:
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- In May 2021, Veritone launched Veritone’s Interaction Analytics solutions, which can instantly fetch insights from customer interactions including texts, emails, voice calls, social streams, chats, images, and videos in near-real-time, helping them in making smarter decisions while reducing operational costs and improving customer satisfaction.
- In April 2021, Adobe introduced Real-time Customer Data Platform where users can match, combine, and analyze data throughout the consumer journey using Adobe Analytics. The platform incorporated everything and offered real-time information based on actual 360-degree customer viewpoint.
- In April 2021, IBM incorporated an additional feature in IBM Watson to help organizations in introducing a reliable AI which will help in mitigating risks, enhancing insight accuracy, and fulfilling regulatory needs.
- In Jan 2021, Google designed a Product Discovery Solutions for the retail industry. This solution will help retailer’s in improving Electric Commerce capabilities and proving a better customer experience.
Segments covered in the Report:
The global Product Analytics Market has been segmented on the basis of Component, Industry, and regions. Based on Component, the market is segmented into Solution and Services. Based on Industry, the market is segmented into Healthcare & Pharmaceuticals, Automotive, Media & Entertainment, BFSI, Manufacturing, IT & Telecom, Retail & Consumer Goods and Others. Based on Deployment, the market is segmented into Cloud and On-Premises.
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|
Report Coverage |
Details |
| Market Revenues (2021) |
USD 10.2 Billion |
| Market Base Year |
2021 |
| Market Forecast Period |
2022-2029 |
| Base Year & Forecast Units |
Revenues (USD Billion) |
| Market Segment | By Component, By Industry, By Deployment, By Region |
| Regional Coverage | Asia Pacific, Europe, North America, and RoW |
| Companies Profiled | Google, IBM, Salesforce.com, inc., Countly, Pimberly, Risk Edge Solutions, Piwik PRO, Smartlook.com, InnerTrends, Cux.io, among others; a total of 10 companies covered. |
| 25% Free Customization Available | We will customize this report up to 25% as a free customization to address our client’s specific requirements |
Market Segmentation
Global Product Analytics Market by Component
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- Solution
- Services
Global Product Analytics Market by Industry
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- Healthcare & Pharmaceuticals
- Automotive
- Media & Entertainment
- BFSI
- Manufacturing
- IT & Telecom
- Retail & Consumer Goods
- Others
Global Product Analytics Market by Deployment
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- Cloud
- On-Premises
Global Product Analytics Market by Region
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North America Product Analytics Market (Option 1: As a part of the free 25% customization)
- By Component
- By Industry
- By Deployment
- US Market All-Up
- Canada Market All-Up
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Europe Product Analytics Market (Option 2: As a part of the free 25% customization)
- By Component
- By Industry
- By Deployment
- UK Market All-Up
- Germany Market All-Up
- France Market All-Up
- Spain Market All-Up
- Rest of Europe Market All-Up
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Asia-Pacific Product Analytics Market (Option 3: As a part of the free 25% customization)
- By Component
- By Industry
- By Deployment
- China Market All-Up
- India Market All-Up
- Japan Market All-Up
- Rest of APAC Market All-Up
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RoW Product Analytics Market (Option 4: As a part of the free 25% customization)
- By Component
- By Industry
- By Deployment
- Brazil Market All-Up
- South Africa Market All-Up
- Saudi Arabia Market All-Up
- UAE Market All-Up
- Rest of world (remaining countries of the LAMEA region) Market All-Up
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Major Players Operating in the Market Name (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)
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- IBM
- salesforce.com, inc.
- Countly
- Pimberly
- Risk Edge Solutions
- Piwik PRO
- smartlook.com
- InnerTrends
- Cux.io
Frequently Asked Question About This Report
Product Analytics Market [UP2621-001001]
The growth rate of Product Analytics Market during forecast period is 20.1%
The top players in the Product Analytics Market are, Google, IBM, Salesforce.com, inc., Countly, Pimberly, Risk Edge Solutions, Piwik PRO, Smartlook.com, InnerTrends, Cux.io, among others.
The North America region is expected to grow at a higher CAGR rate in the product analytics market during the forecast period due to the growing technological advancements and investment made by leading players in this region supporting in the growth of the region.
The BFSI is projected to grow at a higher CAGR rate in the product analytics market during the forecast period due to the growing shift from the conventional banking system to digital banking, rising demand for personalized banking services, improving customers service experience, and increasing preference of customers toward digital channels has boosted the growth of this market.
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