$29 Bn Global Product Analytics Market Size Expected to Grow at a CAGR of over 20.9% During 2022-2028 | Vantage Market Research

WASHINGTON, Aug. 17, 2022 (GLOBE NEWSWIRE) -- The adoption of Product Analytics Market solutions and services are anticipated to be influenced by a number of factors, including the growing need to enhance customer behavior management in order to deliver personalized product recommendations, the rising demand for advanced analytics tools to ensure market competitiveness, and the expanding adoption of big data and other related technologies. Thus, driving the market growth.

The Global Product Analytics Market revenue is expected to reach a value USD 29 Billion in the year 2028.

The Global Market revenue stood at a value USD 9.3 Billion in the year 2021 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 20.9% during the forecast period; states Vantage Market Research, in a report, titled "Product Analytics Market Size, Share & Trends Analysis Report by Component (Solutions, Services), by Mode (Tracking Data, Analyzing Data), by End User (Designers, Manufacturers, Sales & Marketing Professionals, Consumer Engagement), by Deployment Mode (Cloud, On-Premise), by Organization Size (Large Enterprise, SMEs), by Vertical (BFSI, Retail & Consumer Goods, IT & Telecom, Automotive, Media & Entertainment, Manufacturing, Healthcare & Pharmaceuticals, Energy & Utilities), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".

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Key Industry Findings & Insights from the report:

• The global Product Analytics Market was valued USD 9.3 Billion in 2021 and is all set to surpass USD 29 Billion by 2028, exhibiting a CAGR of 20.9% during the forecast period 2021-2028.
• In terms of revenue, the application segment held the largest revenue share of in 2021 and is estimated to maintain its dominance for the forecast period.
• In terms of revenue, the product segment held the second largest market share of in 2021 and is estimated to grow rapidly during the forecast period.
• The growth can be attributed to rapid urbanization, technological advancement, an increase in investment by developing countries.
• Asia Pacific captured the lion share in 2021 and is projected to retain its position over the forecast period. This can be attributed to the existence of a significant number of Product Analytics industry companies and the high adoption rate owing to government measures that stimulate this industry in this region. The growth is primarily due to the increasing collaborations.
  

Market Dynamics:

Drivers:

Growing Need to Improve Customer Behavior Management to Deliver Personalized Recommendations of Products

Customer service is now essential to a company's success. Customers make 70% of their purchase decisions on the level of service they receive. To provide efficient solutions and guarantee customer satisfaction, organizations now place a high priority on anticipating customer needs. As a result, profitable companies rely on product recommendation engines to offer every consumer a customized experience. The right product recommendation tool helps businesses increase the potential RoI of their marketing efforts by utilizing customer behavior and optimizing their customer service efforts. According to research in the Harvard Business Review, personalization may increase sales by at least 10% while returning five to eight times the return on marketing investment. Retailers can provide the appropriate offer to the right customer at the right moment with predictive suggestions. This results in conversion and more money spent per transaction. Hence, Product Analytics Market plays a vital role in analyzing customer behavior.

Growth in Utilization of Advanced Technologies

Companies can no longer control the Product Analytics Market with only one product for an extended period. This fact is owing to the rapid improvement of technology and the diversification of client expectations. Many industrial and retail companies are pushed to embrace different business strategies, such as the convergence of technology, to succeed in the quickly changing market. In order to assist enterprises in better understanding the value of tiny components in a broader picture, artificial intelligence helps to break down vast amounts of data into granular insights, increasing the usefulness of business intelligence tools. For instance, Amazon Go is changing the conventional shopping background by utilizing analytics to drive deals and purchaser commitment.

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COVID-19 Impact Analysis:

The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the manufacturing industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020.

Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:

1. Impact Assessment of COVID-19 Pandemic
   1. North America
   2. Europe
   3. Asia Pacific
   4. Latin America
   5. Middle East & Africa
2. Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
3. Key Strategies Undertaken by Companies to Tackle COVID-19
4. Long Term Dynamics
5. Short Term Dynamics

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The report on Product Analytics Market highlights:

• Assessment of the market
• Premium Insights
• Competitive Landscape
• COVID Impact Analysis
• Historic Data, Estimates, and Forecast
• Company Profiles

Regional Analysis:

North America is expected to dominate the growth of Product Analytics Market in 2021. This dominance is due to the increasing technological advancements in the region. Furthermore, a growing number of Product Analytics Market players across regions is anticipated to fuel the market growth over the forecast period in the region. Additionally, the presence of the major regional players provides a special opportunity, ultimately driving the market growth.

List of Prominent Players in Product Analytics Market:

• Google (US)
• IBM (US)
• Oracle (US)
• Adobe (US)
• Salesforce (US)
• Medallia (US)
• Veritone (US)
• Latent View Analytics (US)
• Mixpanel (US)
• Amplitude (US)
• Pendo (US)
• Kissmetrics (US)
• Gainsight (US)
• User IQ (US)
• Copper CRM (US)
• Countly (UK)
• Heap (US)
• Plytix (Denmark)
• Risk Edge Solutions (India)
• Woopra (US)
• Piwik PRO (Poland)
• Smartlook (Czech Republic)
• Log Rocket (US)
• Auryc (US)
• Quantum Metric (US)
• cux.io (Germany)
• Refiner (France)
• Inner Trends (England)
• Growth Simple (US)
• Omni Panel (US)
• Product lift (Canada)
  

Browse market data Tables and Figures spread through 145 Pages and in-depth TOC on "Product Analytics Market Size, Share & Trends Analysis Report by Component (Solutions, Services), by Mode (Tracking Data, Analyzing Data), by End User (Designers, Manufacturers, Sales & Marketing Professionals, Consumer Engagement), by Deployment Mode (Cloud, On-Premise), by Organization Size (Large Enterprise, SMEs), by Vertical (BFSI, Retail & Consumer Goods, IT & Telecom, Automotive, Media & Entertainment, Manufacturing, Healthcare & Pharmaceuticals, Energy & Utilities), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".

Recent Developments:

· In May 2021, Veritone announced Veritone's Interaction Analytics solutions, which are pre-configured AI solutions for conversational intelligence that instantly retrieve insights from customer interactions such as voice calls, texts, emails, chats, social streams, images, and videos in near-real-time, allowing for smarter decision-making while increasing revenues, lowering operational costs, and enhancing customer satisfaction.

· In April 2021, Adobe announced a Real-time Customer Data Platform. Users can combine, match, and analyze data at any point in the consumer journey using Adobe Analytics. They can benefit from flexible reporting, predictive intelligence, and other features. The platform combines everything together to provide real-time information based on actual 360-degree customer perspectives. It uses attribution to determine what is driving each conversion and allocate resources accordingly.

Key Questions Answered in The Report:

• Which region will show the fastest and highest growth in the near future?
• Which are the top five players and their weakness and strength of the Market?
• What will be the future innovation in the upcoming six years?
• Which application and product will lead the largest share of the Market?
• What are the growth drivers, restraints and challenges of the industry?
• What will be the CAGR and size of the Product Analytics Market for the base year and forecast period?

This market titled "Product Analytics Market" will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:

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The report can be customized as per client needs or requirements. For any queries, you can contact us on sales@vantagemarketresearch.com or +1 (202) 380-9727. Our sales executives will be happy to understand your needs and provide you with the most suitable reports.

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