As stated in our extensive report; the Global Product Analytics Market accounted forUSD 9.3 Billionin the year 2021.
Product Analytics is the set of tools that allow product teams and managers to measure the performance of the digital experience they make. In addition, it is the application of Business Intelligence (BI) analytical software. It mainly helps identify the problems, optimize performance, and correlate customer activity with expanded value. For instance, it is used to examine the service reports, product returns, customer feedback, warranties, and data from connected sensors to facilitate manufacturers in estimating product faults and defects. Also, it is used to find future possibilities for product developments, identify the designs in consumption of products, and connect each opportunity to customers. Many industries thrive to achieve a quantitative understanding of what users are doing with products, which further helps in adopting the Product Analytics Market.
The growth of the Global Product Analytics Market can be attributable to significant factors like the increasing usage of advanced technologies such as Machine Learning (ML), Big Data, Artificial Intelligence (AI), and other analytical technologies by product-specific industries like manufacturing. Moreover, the increasing requirement to enhance customer behavior management to provide personalized recommendations of products will likely fuel the adoption of the Product Analytics Market during the forecast period. In addition, the growing demand for cloud-based analytical solutions and managed platforms, the prominent rise of the digital age, digitization of products, and the rising usage of smartphones are some aspects that will create significant prospects for the Product Analytics Market in the future. Besides, various manufacturers demand maintenance of competition levels, ensuring the delivery of quality products. This, in turn, boosts the development of the Product Analytics Market.
On the other hand, the growing concerns relating to private and confidential information and the rate of a wide variety of regulations that depend on the numerous regions leading to the complicated nature of predictive models might hamper the growth of the Product Analytics Market.
North Americaholds the major market share in theProduct Analytics Market and is expected to continue this trend in the coming years. AmongNorth America, the major revenue contribution forProduct Analytics Market comes from the United States region. The increasing technological developments drive the market growth in this region. In addition, the rising number of Product Analytics players, the growing demand for the managed platform, and the cloud-based analytical solutions will accelerate the regional market growth during the forecast period.
Some of the key players in the Global Product Analytics Market include- Google (US), IBM (US), Oracle (US), Adobe (US), Salesforce (US), Medallia (US), Veritone (US), LatentView Analytics (US), Mixpanel (US), Amplitude (US), Pendo (US), Kissmetrics (US), Gainsight (US), UserIQ (US), Copper CRM (US), Countly (UK), Heap (US), Plytix (Denmark), Risk Edge Solutions (India), Woopra (US), Piwik PRO (Poland), Smartlook (Czech Republic), LogRocket (US), Auryc (US), Quantum Metric (US), cux.io (Germany), Refiner (France), InnerTrends (England), GrowthSimple (US), OmniPanel (US), Productlift (Canada), and others.