New York, April 19, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Product Analytics Global Market Report 2023" - https://www.reportlinker.com/p06443897/?utm_source=GNW
, LatentView Analytics, Pendo.io Inc., Kissmetrics, Heap, Gainsight, Piwik PRO, Plytix.Com ApS, Risk Edge Solutions, LogRocket, Countly, UserIQ, Smartlook, Woopra, SAP SE, Atlassian Corporation PLC., SAS Institute, Teradata Corporation, Sisense, Copper CRM Inc., Quantum Metric, CUX.io and Refiner .
The global product analytics market grew from $9.18 billion in 2022 to $11.16 billion in 2023 at a compound annual growth rate (CAGR) of 21.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The product analytics market is expected to grow to $24.37 billion in 2027 at a CAGR of 21.6%.
The product analytics market consists of revenues earned by entities by providing trend analysis, attribution analysis and cohort analysis.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Product analytics refers to a set of activities such as tracking, analyzing, and visualizing the user’s experience to assess the client’s interaction with products and services that allow product managers and product teams to optimize product features based on user data and feedback to provide correlated customer activity with long-term value. The product analytics are used to track and analyze consumer or client behavioral engagement data by an organization to improve its product or services.
North America was the largest region in the product analytics market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the product analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main components of product analytics are solutions and services.Services are the non-physical, intangible parts of our economy, as opposed to goods, which we can touch or handle.
The mode is tracking data and analyzing data.The deployment modes are cloud and on-premises.
The organization size is large enterprises and small and medium-sized enterprises. The various end-users involved automotive, retail and consumer goods, food and beverage manufacturing, machinery and industrial equipment manufacturing, healthcare and pharmaceuticals, and energy and utilities.
The adoption of product analytics tools by eCommerce companies is expected to propel the growth of the product analytics market going forward.E-commerce companies refer to companies that use smart devices and the internet to buy and sell goods and services by creating an online store.
Many e-commerce sites are using product analytics, also known as e-commerce analytics, to leverage their business operations due to several benefits, such as optimizing the pricing of products, better customer engagement, providing a personalized customer shopping experience, improving marketing strategies, and others.For instance, in March 2020, according to Whidegroup, a Ukraine-based software company that provides e-commerce solutions to small to medium-sized companies, approximately 80% of online marketers are using Google Analytics, a popular e-commerce analytics software (product analytics) across the world, which enables highly-detailed reports and meaningful insights about the website and its users to optimize business operations.
Therefore, the adoption of product analytics tools by eCommerce companies is driving the growth of the product analytics market.
Product innovation is a key trend gaining popularity in the product analytics market.Major companies operating in the market are focused on research and development for product innovations that could provide better solutions and strengthen their position in the market.
For instance, in May 2022, Amplitude Inc., a US-based company providing behavior-tracking software, introduced industry’s first insights-driven customer data platform, Amplitude CDP, a customer data platform with integrated product analytics to accelerate time to insights. This platform does not need to be integrated with third-party analytics services, since it can collect and analyze data from its own product analytics platform. Amplitude CDP is also used for better audience discovery.
In March 2020, Amplitude, Inc., a US-based company operating product analytics, acquired ClearBrain, Inc., for an undisclosed amount. Amplitude Inc., aims to strengthen its product portfolio in predictive analytics by leveraging ClearBrain’s product and engineering team to its machine learning division in analytics products that will gain an advantage in the analytics market. ClearBrain Inc., is a US-based company operating in product analytics.
The countries covered in the product analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The product analytics market research report is one of a series of new reports that provides product analytics market statistics, including product analytics industry global market size, regional shares, competitors with a product analytics market share, detailed product analytics market segments, market trends and opportunities, and any further data you may need to thrive in the product analytics industry. This product analytics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06443897/?utm_source=GNW
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