Pune, India, Sept. 05, 2023 (GLOBE NEWSWIRE) -- The global Product Analytics Market Size was valued at USD 5.25 billion in 2020 and is projected to reach USD 16.69 billion by 2028 at a 15.9% CAGR during the forecast period. Fortune Business Insights presents this information in their report titled "Global Product Analytics Market Forecast, 2021-2028."
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Notable Industry Development:
April 2021- IBM launched new features to IBM Watson that would help enterprises develop trustworthy artificial intelligence (AI). The new capabilities added to Watson’ suite will foster organizations in explaining and governing artificial intelligence-driven choices, mitigating risks, meeting regulatory and privacy needs and improving insight accuracy.
Key Takeaways
- Product Analytics Market size in North America was USD 2.45 billion in 2020
- COVID 19 Pandemic to Create Significant Growth Opportunities for Product Analytics Market
- Increasing Popularity of Product Analytics among E-Commerce to Gain Traction
- Software/Tools to Lead Market Owing to the Rising Demand from E-Commerce and Fintech
Discover the Leading Players Featured in the Report:
“Companies leading the global Product Analytics Market are 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.)”
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, and Region |
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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.
Segmentation
By Component
- Software/Tools
- Services
By End-user
- Consumer Tech
- Fintech
- Media
- E-Commerce
By Region
- North America (the US and Canada)
- Europe (the United Kingdom, Germany, France, Italy, Spain, Scandinavia, and the rest of Europe)
- Asia Pacific (including Japan, China, India, Australia, Southeast Asia, and the remaining countries in the region)
- South America (including Brazil, Mexico, and the rest of South America) Europe, Asia, and Africa (South Africa, GCC, and Rest of the Middle East & Africa)
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.
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Competitive Landscape:
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.
FAQs
How big is the Product Analytics Market?
The Product Analytics Market size was USD 5.25 billion in 2020. It is expected to reach USD 16.69 billion by 2028.
How fast is the Product Analytics Market growing?
The Product Analytics Market will exhibit a CAGR of 15.9% during the forecast period, 2021-2028.
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