Pune,India, Jan. 17, 2023 (GLOBE NEWSWIRE) -- The global Product Analytics Market Size was valued at USD 5.25 billion in 2020. The market is projected to rise from USD 5.93 billion in 2021 to USD 16.69 billion by 2028 at a 15.9% CAGR during the forecast period 2021-2028. Fortune Business Insights™ has deep-dived into these insights in its latest research report, titled, "Product Analytics Market, Forecast, 2023-2028."
According to the study, the demand for product analytics software will be pronounced across media, e-commerce and fintech sectors. The expanding penetration of the software analytics service and tools will boost customer experience and real-time information.
Key Industry Developments
Amplitude acquired Iteratively to expand Amplitude's data management portfolio that empowers end-users with solutions for customizations and analytics.
Quantum Metric partnered with Medallia to allow companies to provide customer experience based on the end users' 360-degree digital customer journey.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 15.9% |
| 2028 Value Projection | USD 16.69 Billion |
| Base Year | 2020 |
| Product Analytics Market Size in 2020 | USD 5.25 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 160 |
| Segments covered | Component, End-User, |
| Product Analytics Market Growth Drivers | Increasing Need to Improve Customer Behavior Management to Aid the Market Growth |
| Increased Demand for Cloud-Based Analytics Solutions to Fuel the Market Growth |
Key Takeaways
- Product Analytics Market is expected to flourish & reach USD 16.69 Billion in 2028
- The innovation benefits provided by product analytics providers have a direct impact on the company business value, especially for major market players.
- By focusing on improving consumer behaviour and service initiatives, these recommendation tools assist businesses in maximising the potential of their marketing initiatives.
- The rising use of digital devices like smartphones, tablets, laptops, and other gadgets is expected to cause the services segment to grow at a considerable CAGR over the course of the forecast period.
- Product Analytics Market Size in North America was USD 2.45 Billion 2020
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Drivers and Restraints
- Rising Uptake of Cloud-based Analytics Solutions to Usher Innovations
- Industry players are likely to exhibit traction for cloud-based analytics solutions through investments in tools and advanced techniques.
- Leading companies are poised to boost product analytics market growth on the back of product portfolio expansion. For instance, in April 2021, IBM rolled out novel features to help organizations build trustworthy AI. Lately, end-users have upped focus on optimizing customer behavior.
- In January 2021, Google introduced product discovery solutions to foster customer experience and help enhance retailers' e-commerce capabilities. Stakeholders expect personalization to gain traction across the end-use sectors.
- However, security and privacy concerns could challenge enterprises injecting funds into the solution. Hackers will continue to adopt AI and ML, thereby compelling organizations to rethink their strategies.
Regional Insights
Adoption of State-of-the-art Technologies to Foster North America Market Growth
North America is likely to provide promising growth opportunities in the wake of the presence of leading companies and the implementation of state-of-the-art technologies. Industry players are poised to unlock opportunities across the U.S. and Canada. In June 2021, Amplitude Inc. launched apparently the first experimentation solution based on product analytics and consumer behavior. North America market size was valued at USD 2.45 billion in 2020 and will witness an upward growth trajectory during the forecast period.
Major players envisage China, Japan, and India as lucrative destinations for expanding software analytics tools. An exponential rise in the e-commerce industry could underpin Asia Pacific product analytics market share. The implementation of business intelligence will be noticeable across financial and business sectors, auguring well for the business outlook.
Industry participants are likely to further their investments across Turkey and Israel with digital projects gaining prominence. To illustrate, in June 2021, International Financial Corporation (IFC) came up with the DigiLab program in the Middle East and Africa. It could assist financial institutions in boosting their digital service portfolio. Meanwhile in November, Virgin Mobile announced the launch of a digital carbon offsetting app.
Competitive Landscape (2023-2028)
Key Players Focus on Mergers & Acquisitions to Gain Footfall
Leading companies are poised to up their investments in mergers & acquisitions, R&D activities and technological advancements as an added advantage. The competitiveness suggests major players could invest in product portfolio expansion and geographical expansion.
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Report Coverage
The report is prepared with the use of qualitative and quantitative assessments. The report includes secondary sources, including SEC filings, press releases, annual reports and paid databases. The use of primary sources, such as interviews with key opinion leaders has boosted the dynamics and insights with respect to trends. The report also delves into top-down and bottom-up approaches to forecast market size, revenues and growth of major players in the landscape.
List of Key Players Mentioned in the Report:
- Amplitude Inc. (California, U.S.)
- Heap, Inc. (California, U.S.)
- Mixpanel (California, U.S.)
- Pendo.io (North Carolina, U.S.)
- Gainsight (California, U.S.)
- Hevo Data, Inc. (California, U.S.)
- Fullstory, Inc. (Georgia, U.S.)
- Looker Data Science, Inc. (California, U.S.)
- PostHog, Inc. (California, U.S.)
- Indicative Inc. (New York, U.S.)
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Major Table of Contents:
- Global Product Analytics Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- Key Findings
- By Component (USD)
- Software/Tools
- Services
- By End-user(USD)
- Consumer Tech
- Fintech
- Media
- E-Commerce
- By Region (USD)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Product Analytics Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- Key Findings
- By Component (USD)
- Software/Tools
- Services
- By End-user(USD)
- Consumer Tech
- Fintech
- Media
- E-Commerce
- By Country (USD)
- United States
- By Component
- Canada
- By Component
- Mexico
- By Component
- United States
- South America Product Analytics Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- Key Findings
- By Component (USD)
- Software/Tools
- Services
- By End-user(USD)
- Consumer Tech
- Fintech
- Media
- E-Commerce
- By Country (USD)
- Brazil
- By Component
- Argentina
- By Component
- Rest of South America
- Brazil
- Europe Product Analytics Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- Key Findings
- By Component (USD)
- Software/Tools
- Services
- By End-user(USD)
- Consumer Tech
- Fintech
- Media
- E-Commerce
TOC Continued…!
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FAQ:
How big is the Product Analytics Market?
The market is projected to grow from USD 5.93 billion in 2021 to USD 16.69 billion in 2028 at a CAGR of 15.9% during the 2021-2028 period.
How big is Product Analytics Market In North America?
The market in North America stood at USD 2.45 billion in 2020 and is expected to gain a huge portion of the market share in the coming years.
About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
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