The product analytics market size is projected to reach US$ 36.74 billion by 2031 from US$ 9.16 billion in 2023. The market is expected to register a CAGR of 19.0% during 2023–2031. The increasing need for enhanced customer behavior management services and the rise in the usage of advanced technologies are likely to be the key drivers and trends of the market.
The product analytics market is experiencing significant growth globally. This growth is attributed to factors such as the increasing need for enhanced customer behavior management services and the rise in usage of advanced technologies. Moreover, the surge in demand for cloud-based analytical solutions is anticipated to hold several opportunities for the product analytic market.
Product analytics is the method of analyzing how users retain with a product or service. It enables product teams to analyze, track, visualize, user engagement and behavior data. Teams use this data to optimize and improve a product or service.
The increasing need for enhanced customer behavior management services is indeed driving the product analytics market as several businesses understand individual customer preferences and behaviors to customize personalized experiences. Several companies in the market offer product analytics for enhanced customer behavior. For instance, in March 2023, Adobe unveiled new Adobe Product Analytics in Adobe Experience Cloud. The new application reimagines the product analytics category by unifying customer journey insights across marketing and products. For the first time, teams focused on customer experiences can benefit from a truly unified view of the customer and collaborate seamlessly across an organization, driving profitable growth as a result.
A surge in solutions cloud-based analytics solutions can drive the product analytics market in several ways. As cloud-based solutions offer scalability, allowing businesses to easily adjust their analytics capabilities based on demand. Furthermore, many companies offer cloud-based analytics solutions. For example, SAP Analytics Cloud solution, part of SAP Business Technology Platform many companies are empowering people of all ranks and skill sets to make decisions that lead to consequential outcomes for their business and community.
Key segments that contributed to the derivation of the product analytics market analysis are component, deployment, mode, and vertical.
The geographic scope of the product analytics market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the product analytics market. High technology adoption trends in various industries in the North American region have fuelled the growth of the product analytics market. Factors such as increased adoption of digital tools and high technological spending by government agencies are expected to drive the North American product analytics market growth. Moreover, a strong emphasis on research and development in the developed economies of the US and Canada is forcing the North American players to bring technologically advanced solutions into the market. In addition, the US has a large number of product analytics market players who have been increasingly focusing on developing innovative solutions. All these factors contribute to the region's growth of the product analytics market.
The regional trends and factors influencing the Product Analytics Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Product Analytics Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 9.16 Billion |
| Market Size by 2031 | US$ 36.74 Billion |
| Global CAGR (2023 - 2031) | 19.0% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Component
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Product Analytics Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Product Analytics Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The product analytics market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the product analytics market are listed below:
The “Product Analytics Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
The global product analytics market is expected to reach US$ 36.74 billion by 2031.
The key players holding majority shares in the global product analytics market are Amplitude, Inc., Gainsight, Heap Inc., IBM Corporation, Mixpanel, Pendo.io, Inc., LogRocket, Inc, Smartlook, USERIQ, KISSMETRICS.
The surge in demand for cloud-based analytical solutions is anticipated to drive the market in the forecast period.
The increasing need for enhanced customer behavior management services and the rise in usage of advanced technologies are some of the factors driving the product analytics market.
North America is anticipated to dominate the product analytics market in 2023.
The expected CAGR of the product analytics market is 19.0%.