Product Analytics Market Size (2021-2031) and Analysis
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.
Product Analytics Market Analysis
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 Market Overview
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.
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Product Analytics Market: Strategic Insights
Product Analytics Market
-
CAGR (2023 - 2031)
19.0%
-
Market Size 2023
US$ 9.16 Billion
-
Market Size 2031
US$ 36.74 Billion
Market Dynamics
GROWTH DRIVERS
- Increasing Need for Enhanced Customer Behavior Management Services to Favor Market
FUTURE TRENDS
- The surge in demand for cloud-based analytical solutions is anticipated to drive the market in the forecast period.
OPPORTUNITIES
- Surge in Cloud-Based Analytics Solutions.
Key Players
- Amplitude Inc
- Gainsight
- Heap Inc
- IBM Corporation
- Mixpanel
- Pendo io Inc
- LogRocket Inc
- Smartlook
- USERIQ
- KISSMETRICS
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Component
- Solutions
- Services
Deployment
- On-Premise and Cloud-Based
Mode
- Tracking Data and Analyzing Data
Vertical
- Retail and Consumer Goods
- Food and Beverages
- Healthcare and Pharmaceuticals
- Energy and Utilities
- Automotive
- Manufacturing
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Product Analytics Market: Strategic Insights
-
CAGR (2023 - 2031)19.0% -
Market Size 2023
US$ 9.16 Billion -
Market Size 2031
US$ 36.74 Billion
Market Dynamics
- Increasing Need for Enhanced Customer Behavior Management Services to Favor Market
- The surge in demand for cloud-based analytical solutions is anticipated to drive the market in the forecast period.
- Surge in Cloud-Based Analytics Solutions.
Key Players
- Amplitude Inc
- Gainsight
- Heap Inc
- IBM Corporation
- Mixpanel
- Pendo io Inc
- LogRocket Inc
- Smartlook
- USERIQ
- KISSMETRICS
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
- Solutions
- Services
- On-Premise and Cloud-Based
- Tracking Data and Analyzing Data
- Retail and Consumer Goods
- Food and Beverages
- Healthcare and Pharmaceuticals
- Energy and Utilities
- Automotive
- Manufacturing
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Product Analytics Market Drivers and Opportunities
Increasing Need for Enhanced Customer Behavior Management Services to Favor Market
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.
Surge in Cloud-Based Analytics Solutions.
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.
Product Analytics Market Report Segmentation Analysis
Key segments that contributed to the derivation of the product analytics market analysis are component, deployment, mode, and vertical.
- Based on components, the product analytics market is divided into solutions and services. The solutions segment is anticipated to hold a significant market share in the forecast period.
- Based on deployment, the product analytics market is divided into tracking data and analyzing data. The tracking data segment is anticipated to hold a significant market share in the forecast period.
- By vertical, the market is segmented into retail and consumer goods, food and beverages, healthcare and pharmaceuticals, energy and utilities, automotive, manufacturing, and others. Retail and consumer goods are anticipated to hold a significant market share in the forecast period.
Product Analytics Market Share Analysis by Geography
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.
Product Analytics Market Report Scope
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 |
|
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Product Analytics Market News and Recent Developments
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:
- Instructure, the leading learning technology ecosystem and maker of Canvas LMS, launched Intelligent Insights, a new product powered by AI and analytics, unlocking a level of self-service reporting capabilities generally unavailable to educational institutions. (Source: Instructure Company Website, June 2024)
- LSEG (London Stock Exchange Group) and Dow Jones announced a new, multi-year data, news, and analytics partnership. Dow Jones to embed LSEG’s world-class data and analytics capabilities across digital and print properties, including The Wall Street Journal, Barron's, Investor’s Business Daily and MarketWatch. (Source: LSEG Company Website, July 2024)
Product Analytics Market Report Coverage and Deliverables
The “Product Analytics Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Product analytics market size and forecast at global, regional, and country levels for all the key market segments covered under the scope.
- Product analytics market trends as well as market dynamics such as drivers, restraints, and key opportunities.
- Detailed PEST/Porter’s Five Forces and SWOT analysis.
- Product analytics market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the product analytics market.
- Detailed company profiles.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component, Deployment, Mode, and Vertical
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
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%.