product analytics market

Product Analytics Market Share, Size, Trends, Industry Analysis Report, By Component (Solutions, Services), By Deployment (Cloud, On-premises), By Industry Vertical; By Region; Segment Forecast, 2022 - 2030

  • Published Date: May 2022
  • Pages: 116
  • Format: PDF
  • Report ID: PM2393
  • Base Year: 2021
  • Historical Data: 2018 - 2020

Report Summary

The global product analytics market was valued at USD 9.44 billion in 2021 and is expected to grow at a CAGR of 21.1% during the forecast period. The increasing adoption of advanced technologies such as Artificial Intelligence (AI), Machine Learning (ML), big data, and other analytical technologies by various product-specific industries like manufacturing is the chief driving factor for the industry demand.

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The analytics is aiding manufacturers in evaluating defects in products through customer feedback, information from connected sensors, and examining merchandise returns, warranties, and service reports. Additionally, the growing need for understanding consumer attitudes and requirements, as well as increasing investments in the R&D activities by the major companies, is also bolstering the industry demand. Furthermore, surging demand for cloud-based analytical solutions and managed platforms and increasing digitalization also act as catalyzing factors for the product analytics market development in the estimated period.

The onset of the COVID-19 has witnessed a major impact on the various industries of the global economy. The significant disruptions were caused in the manufacturing and supply-chain operations owing to the various precautionary lockdowns and other restrictions that were enforced by various regulatory authorities around the world.

Accordingly, the global product analytics market has also exhibited a substantial downfall during this period. Besides, consumer demand was also deemed to decrease because of the unstable source of income. Hence, this pandemic has disrupted the worldwide financial markets and created uncertainty and interruption in the operations of global corporations.

However, various government bodies started rushing toward the adoption of artificial intelligence (AI) for identifying, evaluating, and procuring reliable solutions. AI and advanced analytics are vital to organizations for managing uncertainty in real-time, managing fragile and complex supply chains, and engaging consumers through digital channels. Thereby, the gradual opening of lockdown and emergence of novel technologies are expected to bring an upsurge in the product analytics market demand over the forecasting years.

Industry Dynamics

Growth Drivers
The rising need to boost consumer behavior management for delivering personalized recommendations of products is the chief driving factor for the industry growth across the globe. The increasing consumer requirements have become a major concern for businesses to offer effective solutions and make sure that their clients are satisfied and receive optimum results. The merchandise recommendation engines offer personalized service to every single customer.

Moreover, the increasing utilization of advanced technologies in merchandise analytics is one of the chief driving factors for industry growth around the world. The rapid technological development and diversified customer demands are creating a huge competitive scenario for the companies. In order to fulfill the shifting consumer needs, various retail and manufacturing companies are compelled to implement many business strategies like a convergence of technology to prosper in a rapidly evolving and competitive market. The penetration of artificial intelligence (AI) enables the company to boost the functionality of its business intelligence applications.

Besides, AI helps to better understand the value of smaller components in a larger picture. Therefore, these factors are anticipated to surge the industry demand over the forecasting years owing to the product analytics presenting data more valuable by incorporating all information sources into a sole organized view, which boosts the operational efficiency.

Product Analytics Market
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Report Segmentation

The market is primarily segmented on the basis of component, deployment, industry vertical, and region.

By Component

By Deployment

By Industry Vertical

By Region

  • Solutions
  • Services
  • Cloud
  • On-premises
  • Automotive
  • Energy & Utilities
  • Healthcare & Pharmaceuticals
  • Retail & Consumer Goods
  • Industry Equipment Manufacturing
  • Media & Entertainment
  • Others
  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Spain, Netherlands, Russia)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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Insight by Component

The solutions segment is recorded to hold the largest revenue share. The product analytics solutions facilitate product teams to improve a deeper understanding of customers' experience with digital products. The solution presents several benefits such as tracking engagement, analyzing behaviors, identifying personas, and allowing teams to gain insight into the overall picture and take quick action are the factors that are augmenting the segment growth.

Additionally, these solutions convert data into actionable customer scores and detect the root cause of problems and rapidly solve it, and allied human and digital engagement to enhance processes. Moreover, the product analytics solution inevitably captures all consumers' information from every pageview, swipe, click, & fill and assists organizations make data-driven decisions. Thereby, rising investments in technological development, business expansion, as well as increasing consumer base are attributed to the segment growth across the globe.

The service segment is projected to witness the highest CAGR in the forecasting years. The advancements in technological tools have offered solutions to be delivered as a service. Owing to this, professional service and managed service have emerged as potential growth opportunities for analytics service providers.

With the thriving growth of industry 4.0 and rising penetration of analytical services, nearly all industries are augmenting the organization to shift to the cloud platforms. The automation aids in analyzing data for patterns, and it is utilized for envisaging impending incidence, which manufacturers can use to schedule predictive maintenance. Thereby, these factors of the service segmenting are anticipated to present productive demand in the approaching year, which, in turn, drives the industry growth.

Geographic Overview

North America accounted for the largest revenue share in the global product analytics market. Various organizations in the region are adopting a new level of insight to offer maximum satisfaction to their customer by fulfilling their demand. The integration of analytics assists in obtaining customer reviews and feedback for further product development.

Accordingly, the rising presence of the leading players, as well as the region, is the early adopter of the novel technologies that are further act as a catalyzing factor for the market growth across North America. In addition, product analytics facilitates organizations to receive timely notifications and alarms relating to sentiment changes in the marketplace. Thereby, enterprises can take actionable insights with key consumer metrics, which leads to the dominance of the market across the region.

Moreover, the Asia Pacific is anticipated to exhibit the highest CAGR over the forecasting years. The increasing number of internet subscribers, coupled with the penetration of the internet with smartphones and other portable gadgets, are attributed to the market growth.

In addition, the exponential growth of emerging markets such as China, Japan, India, and South Korea are offering various growth prospects for market development. Furthermore, the immense growth of e-commerce, retail, consumer goods industries, and other end-use verticals are further propelling the demand for product analytics to determine the sentiment associated with the consumer feedback leading the market growth. Hence these factors are augmenting the industry growth in the foreseen period.

Competitive Insight

Some of the major players operating in the global market include Adobe, Amplitude, Countly, Gainsight, Google, Heap, IBM, LatentView Analytics, Medallia, Oracle, Pendo, Plytix, Riskedge Solutions, Salesforce, and Veritone.

Product Analytics Market Report Scope

Report Attributes

Details

Market size value in 2021

USD 9.44 Billion

Revenue forecast in 2030

USD 46.53 Billion

CAGR

21.1% from 2022 - 2030

Base year

2021

Historical data

2018 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD Million/Billion and CAGR from 2022 to 2030

Segments covered

By Component, By Deployment, By Industry Vertical, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Key companies

Adobe, Amplitude, Countly, Gainsight, Google, Heap, IBM, LatentView Analytics, Medallia, Oracle, Pendo, Plytix, Riskedge Solutions, Salesforce, and Veritone

Key Take-Away
Polaris Market Research
Global Product Analytics Market Size Report, 2022 - 2030