Global Product Analytics Market Size, Share, and COVID-19 Impact Analysis, By Component (Solutions, and Services), By Deployment (Cloud, and On-Premises), By Industry Vertical (Automotive, Energy & Utilities, Healthcare & Pharmaceuticals, Retail & Consumer Goods, Industry Equipment Manufacturing, Media & Entertainment, and Others), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022-2030

KEY MARKET INSIGHTS

The global Product Analytics Market is projected to grow from USD 9.6 billion in 2021 to USD 28.1 billion by 2030 at a CAGR of 21.3% during the forecast period.

In product analytics, business intelligence and analytical software are used. Many industries thrive on having a quantitative understanding of how their customers use their products, therefore product analytics adoption is likely to rise. Product analytics is used to review service reports, product returns, customer feedback, warranties, and data from linked sensors to assist manufacturers in evaluating product faults. Product analytics is also used to identify future product development opportunities, create product usage models, and connect each possibility to customers. Product analytics can be used to track product feedback and help businesses improve their products and services by combining data from social media platforms.  End-user need for product analytics software, such as e-commerce, customer technology, and media, is expected to fuel market demand. Increased use of product analytics across all digital platforms aids in using customer experience insights, which are a few main aspects likely to offer market potential in the next years. 

COVID-19 ANALYSIS      

Due to the COVID-19 pandemic, all businesses are concentrating on reshoring, or returning production to its original manufacturing country, in order to avoid revenue loss. As a result, manufacturing companies are having trouble obtaining supplies for product manufacturing and distributing their goods to retailers and distributors. Unlike earlier disruptions, COVID-19 affects all aspects of supply networks.

To meet the demand for critical commodities, supply chain and manufacturing organizations are slowing production lines, assigning staff to specialized work zones, and cleaning equipment between shifts. 

LATEST TREND

Integration of AI with Product Analytics Expected To Be a Growing Market Trend

Artificial Intelligence (AI) has revolutionized how digital solutions operate. As a result, leading vendors search for advanced analytics and AI capabilities when selecting product analytics. Organizations that empower product teams to study, visualize, and track consumer behavior and engagement data benefit from artificial intelligence and sophisticated analytics-based technologies. It also enables product managers and teams to assess the success of the digital experiences they develop, as well as give critical data for improving performance, detecting problems, and associating consumer behavior with long-term value.  

DRIVING FACTORS

Growing Need to Improve Customer Behavior Management to Propel Market Growth

Product recommendation systems that give tailored service to end customers are becoming increasingly popular. These recommendation tools assist businesses in maximizing the marketing potential of their efforts by optimizing consumer behavior and service efforts. Personalization of products, according to a Harvard Business Review report, can assist produce an eight-fold increase in marketing investment and increase sales by more than 10%.

Predictive recommendation also helps end users or retailers to deliver the relevant offers at the right moment, resulting in increased money spent per transaction conversion. The product recommendation tool may automatically link the end user's activity with the relevant suggestions based on their history and behavior.

RESTRAINTS

Security and Privacy Issues Limiting Market Expansion

Artificial intelligence and machine learning are among the most effective tools in a company's cyber security arsenal. Furthermore, because cyber hackers adopt AI and ML considerably quicker than security leaders, these technologies are more vulnerable to hostile attacks. Assailants' use of such technology has an impact on corporate data and assets, which is regarded a market restraint. Data leakage through the internet, which unauthorized users might easily access, is a worry for organizations employing this service.

SEGMENTATION

The Global Product Analytics Market is segmented by Component, Deployment, Industry Vertical, and Region. Based on the Component, the market is categorized into Solutions, and Services. Based on Deployment, the market is categorized into Cloud, and On-Premises. Based on Industry Vertical, the market is categorized into Automotive, Energy & Utilities, Healthcare & Pharmaceuticals, Retail & Consumer Goods, Industry Equipment Manufacturing, Media & Entertainment, and Others. Based on the Region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.            

REGIONAL INSIGHTS

The Global Product Analytics Market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.                 

North America is largest market for product analytics during the forecast period due to the widespread use of digital technology, adoption of new technologies, and stable economic backdrop. Amplitude, Inc., Heap, Inc., Mixpanel, Pendo.io, Indicative Inc., and other notable companies have also contributed to the region's prosperity. Increased investment by important organizations to expand their global reach is also expected to fuel market growth in North America. The concept of product analytics software is progressively being embraced by key players in Europe, which is helping the product's growth in the region. The region's expansion is being fueled by important player investments, government projects, and increased financing for research and development.     

Asia Pacific is expected to expand the fastest CAGR during the forecast period. Major key players in Japan, India, China, Australia, and other countries are focusing on digital applications. In the e-commerce industry, these countries have a large number of small and medium businesses (SMEs). China, Australia, and other countries in the APAC area are employing product analytics tools and business intelligence in their banking, financial services, and e-commerce sectors. In the near future, these factors will lead to the expansion of the product analytics market.  

KEY INDUSTRY PLAYERS

Some of the major companies in the market include Heap, Inc., Amplitude Inc., Mixpanel, Pendo.io, Gainsight, Hevo Data, Inc., Fullstory, Inc., Looker Data Science, Inc., PostHog, Inc., Indicative Inc., Woopra, Inc., and others. Product analytics software that is coupled with advanced analytics and artificial intelligence, among other features, is now being deployed by major market participants. Furthermore, increased market rivalry is prompting leading industry companies to concentrate on acquisition strategies in order to enhance their positions.   

KEY INDUSTRY DEVELOPMENTS:  

• In April 2021, Gainsight released Horizon Analytics, to provide analytics and reporting capabilities to its customer success software platform. End users will benefit from this launch in terms of more relevant reports, improved retention, better decisions, and faster insights.
• In September 2020, Salesforce released Digital 360, to bring together the newest innovation and key components in the Salesforce Customer 360 platform. The platform also enables digital executives to accelerate their growth, transform consumer engagement, and operate from anywhere on the planet.

LIST OF KEY COMPANIES PROFILED:

• Heap, Inc.
• Amplitude Inc.
• Mixpanel
• Pendo.io
• Gainsight
• Hevo Data, Inc.
• Fullstory, Inc.
• Looker Data Science, Inc.
• PostHog, Inc.
• Indicative Inc.
• Woopra, Inc.
• Salesforce, Inc.

SEGMENTATION

By Component

• Solutions
• Services

By Deployment

• Cloud
• On-Premises

By Industry Vertical

• Automotive
• Energy & Utilities
• Healthcare & Pharmaceuticals
• Retail & Consumer Goods
• Industry Equipment Manufacturing
• Media & Entertainment
• Others

By Region

• North America- U.S., Mexico, Canada
• Europe- UK, France, Germany, Italy, Spain, Rest of Europe
• Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
• South America- Brazil, Argentina, Colombia, Rest of South America 
• The Middle East and Africa- GCC, South Africa, Rest of Middle East & Africa