| Status : Published | Published On : Mar, 2024 | Report Code : VRICT5135 | Industry : ICT & Media | Available Format :
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Page : 164 |
Global Product Analytics Market – Analysis and Forecast (2025-2030)
Industry Insights by Offering (Software, Service [Professional, Managed]), by Solution (Web-Based, Mobile-Based), by Deployment Type (On-Premises, Cloud-Based), by Enterprise Size (Small & Medium Enterprise, Large Enterprise), by Vertical (BFSI, Media & Entertainment, Manufacturing, Automotive, Healthcare, Energy & Utilities, Government, Retail, Others), by End User (Designers, Manufacturers, Sales Professionals, Marketing Professionals, Finance and Risk Professionals, Others)
Industry Overview
The global product analytics market is projected to reach USD 42.0 billion by 2030 from USD 12.7 billion in 2023, registering a CAGR of 19.5% during the forecast period.
The growing use of social media across the world, the huge surge in the number of smartphone users, and the rising number of mobile application users are the primary factors for the growth of the global product analytics market.
This specific practice helps product manufacturers find defects in their products based on feedback from the customers, service reports, information from connected sensors, warranties, and by examining merchandise returns.
Additionally, the industry demand is further bolstered by the rising need for understanding consumer requirements, and behavior, and higher investments in research and development activities by the major players.
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Moreover, the growing demand for managed platforms, cloud-based analytical solutions, and digitalization also catalyze market development during the estimated period. There is also a significant adoption of AI technology across several industries to evaluate, identify, and procure reliable solutions.
Overall, the process helps in managing uncertainties in real-time, complex and fragile supply chains, and engages consumers through digital channels. All of these will help the global product analytics market to grow during the forecast period.
Market Segmentation
Insight by Offering
According to the offering, the global product analytics market is divided into software and service, where the former is the larger contributor. This is because there are a large number of big and small market players in the market offering innovative and sophisticated solutions to customers according to their personalized requirements.
However, the service category, which is further divided into professional and managed service, is also expected to grow at a fast rate during the forecast period due to the growing demand for technical expertise and training for the deployment and usage of product analytics solutions.
Insight by Solution
Web-based solutions and mobile-based solutions are the two categories the global product analytics market is divided into based on solutions. The market is dominated by web-based solutions which is mainly due to the large number of internet users surfing the web.
Insight by Deployment Type
According to the deployment type, the global product analytics market is divided into on-premises and cloud-based categories.
Among these two segments, the cloud-based segment is the larger contributor in terms of revenue and is also expected to continue to be so during the forecast period. This is because the cloud-based deployment offers higher flexibility in data storage, management, and faster access. This offers businesses a competitive advantage and also improves customer behavior tracking.
Insight by Enterprise Size
According to the enterprise size, the global product analytics market is divided into small & medium enterprises and large enterprises. The large enterprise segment will dominate the market during the forecast period because it is typically driven by the higher adoption of product analytics solutions the companies with adequate resources and proper infrastructure to implement and manage these solutions.
Insight by Vertical
According to the industry vertical, the global product analytics market is divided into BFSI, manufacturing, media & entertainment, healthcare, automotive, retail & consumer goods, energy & utilities, government, and others. Out of all these segments, the retail and consumer goods segment is expected to have the highest share during the forecast period due to the growing importance of customer service in every business.
Insight by End-user
According to the end-users, the global product analytics market is divided into designers, manufacturers, sales professionals, marketing professionals, finance and risk professionals, and others, wherein the market will be dominated by the manufacturers segment.
Global Product Analytics Market Report Coverage
|
Report Metric |
Details |
|
Historical Period |
2018 - 2023 |
|
Base Year Considered |
2024 |
|
Forecast Period |
2025 - 2030 |
|
Market Size in 2023 |
U.S.D. 12.7 Billion |
|
Revenue Forecast in 2030 |
U.S.D. 42.0 Billion |
|
Growth Rate |
19.5% |
|
Segments Covered in the Report |
By Offering, By Solution, By Deployment Type, By Enterprise Size, By Vertical, and By End User |
|
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
|
Regions Covered in the Report |
North America, Europe, Asia-Pacific, Middle East, and Rest of the World |
Industry Dynamics
Growth Drivers
Several major factors drive the growth of the global product analytics market but predominantly it is the growing demand for mobile and web applications and mounting digital engagement worldwide. This results in a rise in the number of service providers such as retail, e-commerce, e-gaming, banking, and more.
The process helps businesses understand their customers in a much better way through deeper insights into their behavior, preferences, buying, and usage patterns. This helps them design, optimize, and deliver products and services according to the expectations and demands of their customers.
Accurate analysis of valuable data, helps businesses to make more informed decisions based on trend analysis, predictive modeling, and market segmentation to ensure better product development, pricing, and marketing strategies.
Overall, such practices make a business more agile in product development by emphasizing incremental and iterative improvements based on data analysis reports and customer feedback. Real-time visibility into product performance is made possible by these solutions to detect issues quickly and make necessary modifications to deliver high-quality products faster.
All these have raised the expectations of the customers for a fast and reliable service on-demand while interacting digitally. This has in turn augmented the product analytics solutions mandate for analyzing the users and enhancing their experience with better services offered. This, in turn, propels the growth of the global product analytics market.
Restraints
Data privacy and security along with the possibility of critical data theft may hinder the growth of the global product analytics market. However, efforts are being taken to mitigate such possibilities to ensure market growth.
Geography Insight
North America holds the largest share of the global product analytics market and is expected to hold its position and grow notably during the forecast period. This is because there is a large number of IT companies in this region and a higher usage of mobile applications. In addition, higher adoption of innovative technology, such as AI, ML, BI, cloud technology, and analytics solutions allows using product analytics by various industries, such as BFSI, retail, education, and travel and hospitality.
Competitive Insight
Some of the key players operating in the global product analytics market are Google LLC, Teradata, Adobe Systems Incorporated, Salesforce.com Inc., SAP SE, IBM Corporation, Atlassian, Amplitude, Piwik PRO, Oracle Corporation, Mixpanel, and Plytix.
Recent Developments by Key Players
Google LLC’s cloud unit collaborated with Lytics Inc. has used its platform to build three new artificial intelligence features for users. Portland-based Lytics provides a customer data platform of the same name. A CDP is an application that allows companies to aggregate customer data from multiple internal systems into a single repository. This shall help industries digitally transform their customer experiences by storing records in one place to find and analyze.
Teradata, a multi-cloud data and analytics provider, has acquired startup Stemma Technologies to increase its AI and machine learning data analytics technology. Stemma helps redefine how enterprises find trustworthy data and providing a consistently up-to-date view of data anytime, anywhere
The Product Analytics Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2025–2030.
Segments Covered in the Report
- By Offering
- Software
- Service
- Professional
- Managed
- By Solution
- Web-Based
- Mobile-Based
- By Deployment Type
- On-Premises
- Cloud-Based
- By Enterprise Size
- Large Enterprises
- Small & Medium Enterprises
- By Vertical
- Banking, Financial Services, and Insurance (BFSI)
- Media & Entertainment
- Manufacturing
- Automotive
- Healthcare
- Energy & Utilities
- Government
- Retail
- Others
- By End User
- Designers
- Manufacturers
- Sales Professionals
- Marketing Professionals
- Finance and Risk Professionals
- Others
Region Covered in the Report
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia-Pacific (APAC)
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- Rest of the World (RoW)
- Brazil
- Saudi Arabia
- South Africa
- U.A.E.
- Other Countries
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Source: VynZ Research
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Source: VynZ Research
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Product Analytics Market