Product Analytics Market worth $25.3 billion by 2026, Growing at a CAGR of 21.3%: Report by MarketsandMarkets™

Chicago, Aug. 28, 2023 (GLOBE NEWSWIRE) -- The global Product Analytics Market size is expected to grow from USD 9.6 billion in 2021 to USD 25.3 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 21.3% during the forecast period, according to a new report by MarketsandMarkets™.

Various factors such as growing need to improve customer behaviour management to deliver personalized recommendations of products, increasing demand for advanced analytics tools to ensure market competitiveness, and growing adoption of big data and other related technologies are expected to drive the adoption of product analytics solutions and services.

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249 - Tables
58 - Figures
276 - Pages

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The product analytics platform is user-driven and a part of the Business Intelligence (BI) architecture, which enables organizations to optimize their supply-side spend, procurement, sales, and consumer engagement by integrating data across the stages of the value chain. It also assists users in making more informed and actionable decisions to prevent spend leakages, enhance their suppliers’ procurement analytics, and enhance customer experience. It is a management discipline process that enables companies to focus on supporting the integrated management process on the operational, financial, and strategic fronts. It also enables them to closely and effectively monitor financial, supply side, and marketing spend. The demand for analytical tools has witnessed a tremendous shift due to the growing trends of Artificial Intelligence (AI) and Machine Learning (ML). 

The market based on components is divided into solutions and services. Product analytics solutions enable product teams to make intelligent decisions, persuade customers, and improve their team's legitimacy within the company that is driving the growth with the correct data and product analytics solutions at their disposal. The services segment is expected to show a higher growth rate during the forecast period. The services offered in the market are professional services and managed services. 

By deployment mode, the Product analytics market has been segmented into on-premises and cloud. Organizations primarily look for solutions that can help them reduce costs and increase profit margins. The product analytics solutions offered via the cloud are gaining good traction in the past few years, and are expected to have a larger market size during the forecast period.  

Among organization sizes, the large enterprises segment is expected to hold a larger market size, whereas the SMEs segment is expected to grow at a faster rate during the forecast period as cloud-based solutions and services help them improve business performance and enhance productivity. 

The product analytics market is bifurcated on the basis of tracking data and analyzing data. There have been significant transformations in the functioning of businesses with the expansive penetration of IT infrastructure among organizations. The increased data has enforced various industry players to analyze the data and gather insights to drive business growth. Hence, organizations are banking greatly to accumulate and analyze such data leading to its higher growth in the product analytics market. 

End users for the product analytics market are segmented into designers, manufacturers, sales and marketing professionals, and consumer engagement. In today’s challenging market conditions, it is important for the product manufacturers/designers or marketers across verticals to have forward-looking analytics solutions and services, such as predictive analytics, for better decision-making. The designers segment is expected to witness the highest growth rate during the forecast period. This growth is attributed to the rise in design preferences by end user, enhancing the end-user experience. 

The product analytics market by vertical has been categorized into nine verticals, such as BFSI, automotive, media and entertainment, manufacturing, retail and consumer goods, IT and telecom, healthcare and pharmaceuticals, energy and utilities, and others. The healthcare and pharmaceuticals vertical is expected to witness the highest growth rate, while the retail and consumer goods vertical is expected to have the largest market size during the forecast period. The larger market size of the retail and consumer goods vertical can be attributed to the rising focus of retail dealers on core business, the increasing potential value of different customer segments, and the growing need to enhance customer experience while improving customer retention. 

The product analytics market has been segmented into five major regions: North America, Europe, APAC, Latin America, and MEA. In North America, product analytics solutions and services are highly effective in most organizations and verticals due to the increasing importance of data tracking and data-driven insights. Europe is gradually advancing toward incorporating product analytics within its market. APAC is showing a substantial rise in the adoption of product analytics solutions and services during the forecast period, while Latin America and MEA are slowly picking up product analytics due to its benefits for various industries to get user insights. 

Top Trends in global Product Analytics Market:

• Advanced Data Analytics: The product analytics market was once witnessing a shift closer to extra superior analytics techniques, such as predictive and prescriptive analytics. Companies have been searching to no longer solely analyze historic facts but additionally predict future tendencies and prescribe movements to optimize their products' overall performance and purchaser experiences.
• AI and Machine Learning Integration: Artificial brain (AI) and laptop getting to know (ML) had been turning into necessary to product analytics. These applied sciences enabled businesses to acquire deeper insights from significant quantities of data, automate decision-making processes, and customize product hints for customers.
• User Behavior Tracking and Analysis: Understanding person conduct used to be a key focal point in product analytics. Companies had been investing in equipment that allowed them to tune consumer interactions with their products, analyze person journeys, and pick out ache factors or areas for improvement.
• Cross-Platform Analytics: With the proliferation of gadgets and platforms, cross-platform analytics grew to be crucial. Businesses had been looking for solutions that should supply a unified view of consumer conduct throughout extraordinary units and channels, permitting for greater correct and complete analysis.
• Real-Time Analytics: Real-time analytics won prominence as corporations desired to make rapid and knowledgeable selections based totally on up-to-the-minute data. This used to be mainly necessary for e-commerce, gaming, and different industries the place on the spot responses ought to influence person experiences.
• Focus on Customer Experience: Improving client journey remained a using pressure at the back of product analytics. Companies have been the use of analytics to apprehend patron preferences, ache points, and expectations, enabling them to optimize their merchandise and offerings accordingly.
• Data Privacy and Security: With growing issues round statistics privateness and security, groups have been inserting greater emphasis on making sure that their product analytics practices have been compliant with policies such as GDPR. Anonymizing and defending consumer facts grew to become a priority.

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Key Industry Development in global Product Analytics Market:

• Increased Focus on User-Centricity: Businesses had been putting a more advantageous emphasis on perception and catering to person needs. Product analytics equipment had been being utilized to collect insights into consumer behaviors, preferences, and ache points, permitting organizations to enhance greater user-centric products.
• Integration of Qualitative and Quantitative Data: While quantitative facts (metrics and numbers) had lengthy been the basis of product analytics, there was once a developing focus of the significance of qualitative statistics (customer feedback, surveys, etc.). Integrating each kinds of information furnished a greater holistic view of person experiences.
• Rise of Predictive Analytics: Predictive analytics received traction in the product analytics landscape. Companies have been the usage of historic facts to construct fashions that should forecast future tendencies and consumer behaviors, enabling them to proactively make changes to their merchandise and strategies.
• Personalization and Customization: Product analytics enabled organizations to provide personalised experiences to their customers. By inspecting person data, organizations may want to supply tailor-made product recommendations, content, and interactions, main to greater engagement and conversion rates.
• AI-Powered Insights: Artificial brain and computer gaining knowledge of performed a pivotal function in automating insights extraction. AI algorithms should analyze giant datasets to perceive patterns, anomalies, and trends, which had been fundamental for making knowledgeable decisions.
• Cross-Functional Collaboration: Product analytics had been no longer restricted to statistics or analytics teams. Cross-functional collaboration between product managers, designers, marketers, and engineers grew to become common. These groups labored collectively to derive insights and pressure product improvements.
• Real-Time Monitoring and Alerts: Real-time analytics abilities improved, permitting corporations to reveal their products' overall performance in real time. Automated signals and notifications helped agencies reply immediately to troubles or possibilities as they arose.

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