Pune, India, July 13, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners latest study on “Product Analytics Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Deployment, Mode, Vertical, and Geography,” the market is valued at US$ 9,165.5 million in 2021 and is expected to reach US$ 28,090.5 million by 2028; it is estimated to record a CAGR 17.4% from 2021 to 2028. The growing demand for product analytics and intelligence tools in post-pandemic era to offer ample future growth opportunity to the product analytics solution providers over the forecast period of 2021 to 2028.
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Global Product Analytics Market Analysis: Competitive Landscape and Key Developments
Amplitude; Gainsight; Heap Inc.; IBM Corporation; Kissmetrics; Mixpanel; Pendo.Io; LogRocket, Inc; Smartlook; and Useriq are a few of the key companies operating in the product analytics market. The market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.
In May 2021, Veritone's Interaction Analytics solutions had announced, 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.
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.
In August 2018, Luye Pharma Group Ltd. agreed to acquire the global rights to hormonal contraceptive Apleek from Bayer AG.
Browse key market insights spread across 187 pages with 115 list of tables & 94 list of figures from the report, "Product Analytics Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Solutions and Services), Deployment (On Premise and Cloud-Based), Mode (Tracking Data and Analyzing Data), and Vertical (Retail and Consumer Goods, Food and Beverages, Healthcare and Pharmaceuticals, Energy and Utilities, Automotive, Manufacturing, and Others)" in detail along with the table of contents: https://www.theinsightpartners.com/reports/product-analytics-market
Personalization and Customer Experience Enhancement Provides Lucrative Opportunities for Global Product Analytics Market:
The opportunity to enhance personalization and customer experiences is a significant driver for the growth of the product analytics market. In today's highly competitive business landscape, delivering personalized experiences has become a key differentiator for companies. Product analytics is vital in understanding user behavior, preferences, and needs, enabling businesses to tailor their products and experiences accordingly. By leveraging product analytics, businesses can gain valuable insights into individual customer journeys, identify patterns, and make data-driven decisions to enhance personalization. They can analyze user interactions, purchase history, demographic information, and other relevant data to segment their customer base and create targeted experiences. This could include personalized recommendations, customized content, and tailored marketing messages. The demand for enhanced personalization and customer experiences is driven by changing consumer expectations. Customers now expect businesses to understand their unique preferences and provide relevant, meaningful experiences across multiple touchpoints. Product analytics helps companies identify pain points, improve user flows, and optimize features to align with customer needs, increasing customer satisfaction, loyalty, and advocacy.
Moreover, as businesses invest in product analytics solutions to enhance personalization, it drives the adoption and growth of the market. Companies understand the value of utilizing data-driven insights to improve customer experiences, and they are willing to invest in advanced product analytics tools and platforms that can provide the necessary capabilities. This drives the revenue and expansion of product analytics providers as they cater to the increasing demand for personalization. The growth of e-commerce and digital platforms further amplifies the importance of personalization and customer experience enhancement. With the advancement of online shopping, businesses need to leverage product analytics to understand customer preferences, optimize product recommendations, and create seamless user experiences. Product analytics enables businesses to track user behavior, analyze conversion funnels, and identify areas for improvement, leading to increased conversion rates and customer satisfaction. Ultimately, by enabling businesses to deliver personalized experiences, product analytics contributes to the growth and success of the market.
Global Product Analytics Market: Segmental Overview
Based on component, the product analytics market is bifurcated into solutions and services. The solution segment held the largest share of the market in 2020 and is anticipated to register the highest CAGR in the market during the forecast period. Based on deployment, is segmented into on premise and cloud-based. The cloud-based segment held the largest share of the product analytics market in 2020 and is anticipated to register the highest CAGR in the market during the forecast period.
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Based on vertical, the product analytics market is segmented into retail and consumer goods, food and beverages, healthcare and pharmaceuticals, energy and utilities, automotive, manufacturing, and others. The retail and consumer goods segment held the largest share of the market in 2020 and is estimated to register the highest CAGR in the market during the forecast period.
The United States (US) has held the largest market share in the product analytics market due to several factors contributing to its growth and dominance. The US is known for its advanced technological landscape and innovation-driven economy. It houses a large number of technology companies, including major players in the product analytics market. These companies have been instrumental in developing cutting-edge product analytics solutions and driving innovation in the field. Their expertise, research, development capabilities, and market presence have propelled the US to the forefront of the product analytics market. Secondly, the US has a thriving digital ecosystem and a strong culture of data-driven decision-making. American businesses across various sectors, such as e-commerce, software development, finance, and healthcare, have recognized the value of leveraging data to optimize their products and services. The demand for product analytics solutions that can provide actionable insights, improve user experiences, and drive business growth has driven market growth in the US. Furthermore, the US has a large market size and a significant consumer base, which creates substantial opportunities for product analytics providers. American businesses cater to a diverse and tech-savvy consumer population, which drives the need for data-driven strategies and personalized customer experiences. Product analytics enables businesses to understand consumer behavior, preferences, and needs, helping them tailor their offerings and marketing efforts accordingly. The US also benefits from robust infrastructure, including widespread internet connectivity and advanced telecommunications networks. This infrastructure facilitates data collection, processing, and analysis, enabling businesses to leverage product analytics effectively. The availability of reliable and high-speed connectivity has played a vital role in supporting the growth and adoption of product analytics solutions in the US market.
Moreover, the regulatory environment in the US has fostered the development of the product analytics market. While data privacy regulations such as the California Consumer Privacy Act (CCPA) and other state-level regulations impose compliance requirements, they have also created opportunities for product analytics providers that offer robust data privacy features and comply with these regulations. The emphasis on data protection and privacy has encouraged businesses to invest in secure and compliant product analytics solutions. Additionally, the competitive landscape in the US drives the adoption of product analytics. American businesses, driven by the need for innovation and staying ahead in the market, are keen to leverage advanced analytics capabilities. Using product analytics to optimize products, improve customer experiences, and gain a competitive edge has become a strategic imperative for businesses across industries in the US.
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