The global Product Analytics market size is expected to reach USD 46.53 billion by 2030 according to a new study by Polaris Market Research. The report “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” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The growing need for advanced analytics tools to ensure market competitiveness, as well as increasing demand for the managed platform and cloud-based analytical solutions, are the chief factors that are anticipated to bolster the demand in the near future. In addition, increasing requirements for advancing customer behavior management to deliver personalized recommendations of goods are further attributed to the industry demand across the globe.
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Moreover, rapid integration of advanced technologies such as Big Data, artificial intelligence (AI), Machine Learning (ML), and other analytical technologies, as well as flourishing growth of end-use verticals, is also presenting various growth prospects to the industry growth. The solutions segment is anticipated to lead the market over the forecasting period. The industry solutions offer product teams to increase their well-understanding of customers' experience and offer benefits like tracking engagement, finding personas, and scrutinizing behaviors.
Additionally, the segment also gathers consumers' information and helps enterprises to make data-driven decisions. Whereas the service segment is showing the highest growth rate in the global industry in the near future. The increasing number of technological developments, growth of industry 4.0, and rising penetration of analytical services in almost every sector are act as a catalyzing factor for the segment growth.
The demand for product analytics in a specific use of business intelligence (BI) and analytical software for analyzing merchandise reports, services return, warranties, customer feedback, and other information from deployed sensors is leading the market growth. Various businesses are emphasizing the goods and services that are customer-centric and aid in boosting the customer's experiences. Businesses are highly adopting digital touchpoints with product analytics solutions to discover and understand the customers' needs and demands.
Accordingly, organizations are converging to improvise customer experience and engagement with the help of social, digital, and mobile support channels. Thereby, the shifting trend for consumer experience and engagement by delivering the right information and quality support to the population in real-time is witnessing an upsurge in demand for product analytics across the globe.
Market participants such as Riskedge Solutions, Medallia, Amplitude, Countly, Gainsight, Google, Heap, IBM, LatentView Analytics, Adobe, Oracle, Pendo, Plytix, Salesforce, and Veritone are some of the key players operating in the global market. For instance, in January 2021, Google declared the introduction of its Product Discovery Solutions for the retail industry. This suite will improve the retailer's eCommerce competence and also boosts consumer experience.
Polaris Market Research has segmented the Product Analytics market report on the basis of component, deployment, industry vertical, and region:
Product Analytics, Component Outlook (Revenue - USD Billion, 2018 - 2030)
Product Analytics, Deployment Outlook (Revenue - USD Billion, 2018 - 2030)
Product Analytics, Industry Vertical Outlook (Revenue - USD Billion, 2018 - 2030)
Product Analytics, Regional Outlook (Revenue - USD Billion, 2018 - 2030)