Product Analytics Market – Global Industry Analysis and Opportunity Assessment and Forecast (2023-2029)

Product Analytics Market was valued at US$ 9.6 Bn. in 2022 and is expected to reach US$ 34.39 Bn. by 2029, at a CAGR of 20% during a forecast period.
Product Analytics Market Overview:
Analytical software and Business Intelligence are used in product analytics (BI). Many sectors thrive on gaining a quantitative insight of what their customers do with their products, which is likely to increase product analytics adoption. To enable manufacturers to evaluate product problems, product analytics is used to examine service reports, customer feedback, product returns, warranties, and data from linked sensors. Product analytics is also utilized to discover future product development possibilities, establish product usage designs, and connect every opportunity to customers.

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COVID-19 Impact on Product Analytics Market:

The global impact of COVID-19 has demonstrated the importance of interconnection in international cooperation. As a result, some governments have been rushing to locate, evaluate, and procure viable AI-powered solutions. All manufacturing companies are experiencing difficulty procuring supplies for product manufacturing, as well as shipping their products to retailers and distributors. COVID-19, unlike other disruptions, affects every area of supply chains. This has aided firms in engaging customers through digital channels, managing fragile and complex supply chains, and assisting people during work and life disruptions. However, as the COVID-19 has changed the product environment, these interactions have become more remote, and this isn't the only issue that teams are dealing with. To meet the demand for vital items, supply chain and manufacturing businesses are taking all necessary precautions to ensure the safety of their workers, such as slowing down production lines, assigning personnel to specific work zones, and cleaning equipment between shifts.

Product analytics enables businesses to conduct a thorough analysis and obtain a holistic understanding of their users' needs. Because organizations are better equipped to understand their users' demands, updates are put out in response to ensure those needs are addressed. According to a recent Forbes report, businesses that rely on data-driven decision-making are six times more likely to be profitable, and nearly 76% of businesses believe that proper use of Product Analytics led to increased user engagement and 53% believe that their businesses became more consumer-centric.

Product Analytics as a primary decision-making factor:

• Netflix examines data on usage and viewership to determine which films and TV shows to invest in for future releases. Users like to return to view similar material if they come across something they enjoyed earlier, therefore the following releases are based on what kind of content the majority of people enjoy watching. This leads to high User Engagement.
Product Analytics Market Dynamics:
The rising use of modern technologies likes Big Data, ML, AI, and other analytical technologies is likely to promote the growth of the product analytics market in the forecast years. Additionally, the several producers requirement for maintaining competitive levels and assuring the supply of high-quality products is expected to stifle the market's growth. On the other hand, rising concerns about the theft of private and confidential data are expected to stymie the product analytics market's growth over the forecast period. In addition, the significant rise of the digital age, product digitization, and the increasing use of smartphones will create more potential for the product analytics industry to grow in the next years. However, the occurrence of a wide range of rules based on various countries has resulted in the sophisticated nature of predictive models, which may pose a further obstacle to the market's growth in the approaching years.

Data interchange and data ecosystems provide tools for analyzing acquired data in one place and extracting and cross-checking business-critical components. The growth of data exchanges and ecosystems is dependent on the assumptions made about the value of data for each client category. Several product analytics companies provide unified data aggregation and data analytics solutions that assist users in successfully combining and analyzing data from several sources. Data interchange is a serious concern for companies that deal with personal information, such as banking and financial services and healthcare.

The AI and machine learning technology is most effective defensive technology in a company's cyber security armory. However, because attackers embrace new technology quicker than security leaders, these technologies are vulnerable to harmful attacks. Cybercriminals' adoption of these technologies might have a gloomy influence on any firms attempting to secure their most valuable asset and data. This is one of the issues that is limiting the growth of the product analytics industry. Product analytics solutions pose security and privacy concerns for businesses.
Product Analytics Market segment analysis:
Based on component, Solutions and services have been added to the component category. During the forecast period, the solutions segment is likely to account for a greater market share. Data generated by IoT devices, sensors, clickstreams, and social media platforms can be analyzed with the help of solutions. They present data in the form of interactive dashboards. However, services linked with such software are an important element of the business, ensuring that product analytics solutions are used effectively.

Based on deployment, during the forecast period, on-premises segment are expected to account for a greater market share. The solution's implementation and operation take place within the infrastructure of the company. Financial reporting and consolidation operations are automated with on-premise Product Analytics, which improves efficiency and consistency. Additionally, on-premises segment gives physical control over the server and it help to keep critical data in house.
Regional Insight:
North America region held largest market share of xx% in 2022. Because of technical advancements, North America currently dominates the product analytics industry. Moreover, throughout the projected period, the growing number of product analytics companies will fuel the region's product analytics market growth. Due to the increased use of analytics software solutions paired with deep learning technologies, Asia-Pacific is expected to see considerable growth in the product analytics market. Furthermore, the coupled deep learning technology is expected to accelerate the expansion of the product analytics market in the area in the coming years.

Recent Developments:

• Veritone's Interaction Analytics solutions, which are pre-configured AI solutions for conversational intelligence that 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 improving customer satisfaction, were announced in May 2021.

• In April 2021, IBM unveiled new IBM Watson features aimed at supporting businesses in developing trustworthy AI. Watson's set of tools for controlling and explaining AI-driven decisions, enhancing insight accuracy, minimizing risks, and satisfying privacy and legal requirements now includes these features.

The objective of the report is to present a comprehensive analysis of the Product Analytics market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Product Analytics market dynamics, structure by analyzing the market segments and projects the Product Analytics market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Product Analytics market make the report investor’s guide.
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Product Analytics Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 9.6 Bn.


Forecast Period 2023 to 2029 CAGR:
20 %
Market Size in 2029:
US $ 34.39 Bn.


 Segments Covered:
by Mode
Tracking Data
Analyzing Data


by Component
Solutions
Services


by  Deployment
Cloud
On-premises


by Organization Size
Small & Medium Enterprises
Large Enterprises


by End-user
Designers
Manufacturers
Sales & Marketing Professionals
Consumer Engagement


by Verticals
Automotive
Retail & Consumer Goods
F&B Manufacturing
Machinery & Industrial Equipment Manufacturing
Healthcare & Pharmaceuticals
Others



Product Analytics Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (razil, Argentina Rest of South America)
Key Players:
1. Google
2. IBM
3. Oracle
4. Adobe
5. Salesforce
6. Mixpanel
7. Piwik PRO
8. Amplitude
9. Heap
10. Plytix
11. Pendo
12. Risk Edge Solutions
13. LatentView
14. Kissmetrics
15. SAP SE
16. Atlassian; SAS Institute Inc.
17. Teradata
18. Sisense Inc.
19. Woopra
20. Gainsight

Frequently Asked Questions:

1. Which region has the largest share in Product Analytics Market?
Ans: North America region holds the highest share in 2022.

2. What is the growth rate of Product Analytics Market?
Ans: The Product Analytics Market is growing at a CAGR of 20 % during forecasting period 2023-2029.

3. What segments are covered in Product Analytics market?
Ans: Product Analytics Market is segmented into mode, component, deployment, organization size, end user, verticals and region.

4. Who are the key players in Product Analytics market?
Ans: The important key players in the Product Analytics Market are – Google, IBM
Oracle, Adobe, Salesforce, Mixpanel, Piwik PRO, Amplitude, Heap, Plytix, Pendo, Risk Edge Solutions, LatentView, Kissmetrics, SAP SE.

5. What is the study period of this market?
Ans: The Product Analytics Market is studied from 2022 to 2029.