Portland, OR, March 29, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global product analytics market generated $10.2 billion in 2021, and is estimated to reach $76.7 billion by 2031, witnessing a CAGR of 22.7% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Report coverage & details:
| Report coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $10.2 billion |
| Market Size in 2031 | $76.7 billion |
| CAGR | 22.7% |
| No. of Pages in Report | 292 |
| Segments Covered | Deployment mode, Application, End user, Industry vertical, and Region |
| Drivers | Surge in demand for cloud-based product analytics solution across enterprises |
| The functional capabilities that boost up the business performance of the organizations | |
| Cost effectiveness | |
| Opportunities | Developing economies are expected to adopt the cloud-based technology, due to cost benefits |
| Various industries are adopting product analytics software and services to work to grow their companies | |
| Restraints | Security and privacy concerns |
Covid-19 Scenario:
- The COVID-19 outbreak had considerably boosted the growth of the product analytics market, due to accelerating demand for the cloud to support several crucial digital solutions such as e-commerce and remote work, as well as entertainment platforms such as online gaming and video streaming.
- The pandemic led governments across regions to implement product analytics and advanced technology such as AI, ML and others for managing uncertainty in real time. This had helped the market to grow rapidly during the pandemic.
- With the help of product analytics, enterprises areable to engage with customers through digital channels, manage complex and fragile supply chains and support employees through disruption to their lives and work. Such enhancement is anticipated to create numerous opportunities for market growth during the forecast period.
The report offers a detailed segmentation of the global product analytics market based on deployment mode, application, end user, industry vertical, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
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Based on component the software segment held the largest share in 2021, accounting for more than two-thirds of the global product analytics market and would maintain its dominance in terms of revenue through 2031. Moreover, the service segment is estimated to witness the fastest CAGR of 25.1% during the forecast period.
Based on deployment mode, the on-premise segment held the highest share in 2021, accounting for nearly three-fifths of the global product analytics market. However, the cloud segment is expected to rule the roost in terms of revenue during the forecast period. The same segment is expected to manifest the highest CAGR of 28.2% from 2022 to 2031.
Based on application, the consumer engagement segment held the highest share in 2021, accounting for more than half of the global product analytics market and would maintain its dominance in terms of revenue through 2031. On the other hand, the design and manufacturing segment is expected to register the highest CAGR of 34.1% from 2022 to 2031.
Based on end user, the large enterprises segment held the highest share in 2021, accounting for more than three-fifths of the global product analytics market and is expected to maintain its lead in terms of revenue during the forecast period. The small and medium-sized enterprises segment is expected to manifest the highest CAGR of 25.6% from 2022 to 2031.
Based on region, North America held the largest share in 2021, contributing to more than one-third of the global product analytics market. However, the Asia-Pacific region is projected to maintain its dominant share in terms of revenue in 2031. The same region is expected to manifest the fastest CAGR of 28.3% during the forecast period.
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Leading market players of the global product analytics market analyzed in the research include Medallia Inc., Oracle Corporation, Pendo.io Inc., Salesforce, Inc., IBM Corporation, Alphabet Inc., Adobe Inc., Amplitude, Inc., LatentView Analytics, Mixpanel.
The report provides a detailed analysis of these key players of the global product analytics market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
