Global Product Analytics Market Size, Trends, and Growth Opportunity, By Component (Software, Services), By Deployment (On-Premises, Cloud), By Industry (BFSI, Consumer Goods and Retail, IT and Telecom, Media and Entertainment, Healthcare and Pharmaceutical, Manufacturing, Energy and Utility, Others), By End User (Large Enterprises, Small and Medium-sized Enterprises), Regional Outlook, Competitive Market Share & Forecast, 2022 – 2027.
Global Product Analytics Market
The Global Product Analytics Market was valued at USD 10.5 bn in 2021, estimated to reach USD 38.71 bn in 2027, with a CAGR of 22.42%.
Product analytics is a method that is used to learn how users interact with digital goods. It is a paradigm for placing consumers at the center of a company's operations through the analysis of behavioral data, the identification of conversion possibilities, and the creation of memorable digital experiences that increase customer lifetime value. Product analytics helps in marketing initiatives and creating profitable market expansion possibilities.
Market Drivers
The growth of the global product analytics market will be driven due to the need for improved product recommendations and customer service, and the need to better understand customer preferences and behaviors. The growth of the product analytics market will also be supported by the integration of AI, ML, and advanced analytics systems that overall improve product analytics systems.
Many companies are relying on customer service for their success. Good customer service becomes an incentive for customers to make repeat purchases with a company. To provide efficient solutions & guarantee customer satisfaction, organizations place a high priority on anticipating customer wants. As a result, profitable companies rely on product recommendation algorithms to offer each consumer a customized experience. By leveraging consumer behavior and maximizing customer service efforts, the correct product recommendation tool assists businesses in maximizing the potential benefits of their marketing initiatives.
Retailers provide the appropriate offer to the right customer at the right moment with the help of predictive recommendations. The behavior & history of the customer reveal their interests, and the product recommendation tool automatically matches those behaviors with the appropriate recommendations. Hence, to understand client behavior, firms are investing in product analytics. This is a huge driver for the growth of the product analytics market.
Market Restraints
Security & privacy concerns are major restraints for businesses implementing product analytics technologies. As cyber criminals adopt AI & ML technology more quickly than security leaders, these technologies can become vulnerable to malicious attacks. The misuse of these technologies can harm all firms looking to safeguard their customer data. Data security can be a significant challenge faced by firms looking to employ product analytics mechanisms and hence may restrain the growth of the market.
Market Segmentation
The global product analytics market is segmented into components of software and services, deployment modes of on-premises, and cloud. Further, the market is segmented into industry verticals of BFSI, consumer goods, and retail, IT & telecom, media & entertainment, healthcare & pharmaceutical, manufacturing, energy & utility, and others, as well as by end-user type, which are large enterprises and small and medium-sized enterprises.
Regional Analysis
For the forecast period, North America is expected to hold a dominant market share in the product analytics market. The market in North America is anticipated to benefit from lucrative growth possibilities due to the rising use of product analytics services in BFSI, retail, healthcare, and other industries to enhance operations and customer experience.
Also, during the projection period, Asia-Pacific is anticipated to have the greatest growth. This is related to the wider adoption of cloud-based solutions & services as well as the increased penetration rate and cutting-edge technology, all of which are driving the market's expansion in this market.
Key Developments
For instance, in February 2023, Whatfix, a digital adoption platform provider, launched product analytics, which helps organizations track, analyze, and visualize their user engagement and behavior data.
In April 2022, Kubit raised $18 million, totaling its capital to about $24 million. The company plans to utilize its latest financial resource to expand its team and further grow its platform to help customers manage their data quality.
Key Players
Google, IBM, Adobe Inc., Oracle Corporation, Salesforce, Countly, Risk Edge Solutions, Piwik PRO, Smartlook, InnerTrends, Cux.io, and LatentView Analytics.
Market Taxonomy
By Component
• Software
• Services
By Deployment
• On-Premises
• Cloud
By Industry
• BFSI
• Consumer Goods and Retail
• IT and Telecom
• Media and Entertainment
• Healthcare and Pharmaceutical
• Manufacturing
• Energy and Utility
• Others
By End User
• Large Enterprises
• Small and Medium-sized Enterprises
By Region
• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa
Global Product Analytics Market
1 Introduction
1.1 Objective of the Study
1.2 Market Definition
1.3 Market Scope
2 Research Methodology
2.1 Data Mining
2.2 Validation
2.3 Primary Interviews
2.4 List of Data Sources
3 Executive Summary
4 Global Product Analytics Market Outlook
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 Global Product Analytics Market, By Component
5.1 Y-o-Y Growth Comparison, By Component
5.2 Global Product Analytics Market Share Analysis, By Component
5.3 Global Product Analytics Market Size and Forecast, By Component
5.3.1 Software
5.3.2 Services
6 Global Product Analytics Market, By Deployment
6.1 Y-o-Y Growth Comparison, By Deployment
6.2 Global Product Analytics Market Share Analysis, By Deployment
6.3 Global Product Analytics Market Size and Forecast, By Deployment
6.3.1 On-Premises
6.3.2 Cloud
7 Global Product Analytics Market, By Industry
7.1 Y-o-Y Growth Comparison, By Industry
7.2 Global Product Analytics Market Share Analysis, By Industry
7.3 Global Product Analytics Market Size and Forecast, By Industry
7.3.1 BFSI
7.3.2 Consumer Goods and Retail
7.3.3 IT and Telecom
7.3.4 Media and Entertainment
7.3.5 Healthcare and Pharmaceutical
7.3.6 Manufacturing
7.3.7 Energy and Utility
7.3.8 Others
8 Global Product Analytics Market, By End User
8.1 Y-o-Y Growth Comparison, By End User
8.2 Global Product Analytics Market Share Analysis, By End User
8.3 Global Product Analytics Market Size and Forecast, By End User
8.3.1 Large Enterprises
8.3.2 Small and Medium-sized Enterprises
9 Global Product Analytics Market, By Region
9.1 Global Product Analytics Market Share Analysis, By Region
9.2 Global Product Analytics Market Size and Forecast, By Region
10 North America Product Analytics Market Analysis and Forecast (2022-2027)
10.1 Introduction
10.2 North America Product Analytics Market Share Analysis, By Component
10.3 North America Product Analytics Market Size and Forecast, By Deployment
10.4 North America Product Analytics Market Size and Forecast, By Industry
10.5 North America Product Analytics Market Size and Forecast, By End User
10.6 North America Product Analytics Market Size and Forecast, By Country
10.6.1 U.S.
10.6.2 Canada
10.6.3 Mexico
11 Europe Product Analytics Market Analysis and Forecast (2022-2027)
11.1 Introduction
11.2 Europe Product Analytics Market Share Analysis, By Component
11.3 Europe Product Analytics Market Size and Forecast, By Deployment
11.4 Europe Product Analytics Market Size and Forecast, By Industry
11.5 Europe Product Analytics Market Size and Forecast, By End User
11.6 Europe Product Analytics Market Size and Forecast, By Country
11.6.1 Germany
11.6.2 France
11.6.3 UK
11.6.4 Rest of Europe
12 Asia Pacific Product Analytics Market Analysis and Forecast (2022-2027)
12.1 Introduction
12.2 Asia Pacific Product Analytics Market Share Analysis, By Component
12.3 Asia Pacific Product Analytics Market Size and Forecast, By Deployment
12.4 Asia Pacific Product Analytics Market Size and Forecast, By Industry
12.5 Asia Pacific Product Analytics Market Size and Forecast, By End User
12.6 Asia Pacific Product Analytics Market Size and Forecast, By Country
12.6.1 China
12.6.2 Japan
12.6.3 India
12.6.4 Rest of Asia
13 Latin America Product Analytics Market Analysis and Forecast (2022-2027)
13.1 Introduction
13.2 Latin America Product Analytics Market Share Analysis, By Component
13.3 Latin America Product Analytics Market Size and Forecast, By Deployment
13.4 Latin America Product Analytics Market Size and Forecast, By Industry
13.5 Latin America Product Analytics Market Size and Forecast, By End User
13.6 Latin America Product Analytics Market Size and Forecast, By Country
13.6.1 Brazil
13.6.2 Rest of Latin America
14 Middle East Product Analytics Market Analysis and Forecast (2022-2027)
14.1 Introduction
14.2 Middle East Product Analytics Market Share Analysis, By Component
14.3 Middle East Product Analytics Market Size and Forecast, By Deployment
14.4 Middle East Product Analytics Market Size and Forecast, By Industry
14.5 Middle East Product Analytics Market Size and Forecast, By End User
14.6 Middle East Product Analytics Market Size and Forecast, By Country
14.6.1 Saudi Arabia
14.6.2 UAE
14.6.3. Egypt
14.6.4. Kuwait
14.6.5. South Africa
15 Competitive Analysis
15.1 Competition Dashboard
15.2 Market share Analysis of Top Vendors
15.3 Key Development Strategies
16 Company Profiles
16.1 Google
16.1.1 Overview
16.1.2 Offerings
16.1.3 Key Financials
16.1.4 Business Segment & Geographic Overview
16.1.5 Key Market Developments
16.1.6 Key Strategies
16.2 IBM
16.2.1 Overview
16.2.2 Offerings
16.2.3 Key Financials
16.2.4 Business Segment & Geographic Overview
16.2.5 Key Market Developments
16.2.6 Key Strategies
16.3 Adobe Inc.
16.3.1 Overview
16.3.2 Offerings
16.3.3 Key Financials
16.3.4 Business Segment & Geographic Overview
16.3.5 Key Market Developments
16.3.6 Key Strategies
16.4 Oracle Corporation
16.4.1 Overview
16.4.2 Offerings
16.4.3 Key Financials
16.4.4 Business Segment & Geographic Overview
16.4.5 Key Market Developments
16.4.6 Key Strategies
16.5 Salesforce
16.5.1 Overview
16.5.2 Offerings
16.5.3 Key Financials
16.5.4 Business Segment & Geographic Overview
16.5.5 Key Market Developments
16.5.6 Key Strategies
16.6 Countly
16.6.1 Overview
16.6.2 Offerings
16.6.3 Key Financials
16.6.4 Business Segment & Geographic Overview
16.6.5 Key Market Developments
16.6.6 Key Strategies
16.7 Risk Edge Solutions
16.7.1 Overview
16.7.2 Offerings
16.7.3 Key Financials
16.7.4 Business Segment & Geographic Overview
16.7.5 Key Market Developments
16.7.6 Key Strategies
16.8 Piwik PRO
16.8.1 Overview
16.8.2 Offerings
16.8.3 Key Financials
16.8.4 Business Segment & Geographic Overview
16.8.5 Key Market Developments
16.8.6 Key Strategies
16.9 Smartlook
16.9.1 Overview
16.9.2 Offerings
16.9.3 Key Financials
16.9.4 Business Segment & Geographic Overview
16.9.5 Key Market Developments
16.9.6 Key Strategies
16.10 InnerTrends
16.10.1 Overview
16.10.2 Offerings
16.10.3 Key Financials
16.10.4 Business Segment & Geographic Overview
16.10.5 Key Market Developments
16.10.6 Key Strategies
16.11 Cux.io
16.11.1 Overview
16.11.2 Offerings
16.11.3 Key Financials
16.11.4 Business Segment & Geographic Overview
16.11.5 Key Market Developments
16.11.6 Key Strategies
16.12 LatentView Analytics
16.12.1 Overview
16.12.2 Offerings
16.12.3 Key Financials
16.12.4 Business Segment & Geographic Overview
16.12.5 Key Market Developments
16.12.6 Key Strategies
