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The SNS Insider report indicates that the Product Analytics Market size was valued at USD 13.87 Billion in 2023, and is expected to reach USD 65.9 Billion by 2031 and grow at a CAGR of 21.5% over the forecast period 2024-2031.
Rising Need to Gain Deeper Customer Insights Fuels Product Analytics Market Growth
The surging demand for data-driven decisions is fueling the product analytics market. Businesses need insights into user behaviour to stay competitive. Product analytics tools provide this crucial data, allowing companies to tailor products and services to meet evolving customer needs. Furthermore, the shift towards cloud-based solutions makes data analytics more accessible and scalable for businesses of all sizes. Finally, the integration of product analytics with IoT and AI technologies unlocks real-time data collection, predictive analysis, and even automated decision-making, further propelling market growth.
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Major The Key Players of Product Analytics Market
Mixpanel, Adobe Inc., Alphabet Inc., Oracle Corporation, Pendo.io Inc., Amplitude, Inc., Salesforce, Inc., LatentView Analytics, IBM Corporation, Medallia Inc., and other players
Segmentation Analysis
- commerce is dominating sub-segment of product analytics by end-user. The booming popularity of mobile shopping demands in-depth customer behavior analysis to optimize mobile experiences. This, surging internet access and disposable income, creates a massive wave of online shoppers. To keep pace, e-commerce businesses need analytics tools to track trends and tailor product offerings. Finally, increasingly savvy customers are driving investment in online retail networks, and these businesses require product analytics to boost customer engagement and ultimately, sales.
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Key Market Segments
By Component
- Software
- Services
By Deployment Mode
- On-Premise
- Cloud
By Application
- Design
- Manufacturing
- Sales
- Marketing
- Consumer Engagement
By Industry Vertical
- IT
- Telecommunication
- BFSI
- Manufacturing
- Consumer Goods
- Retail
- Media
- Entertainment
- Healthcare
- Energy
- Utility
- Others
Impact of Geopolitical Tensions on the Product Analytics Market
The war in Russia-Ukraine is disrupting the product analytics market. Inflation and rising costs strain businesses, potentially slowing market growth by 2-3% according to Gartner. The war has also displaced skilled tech workers, creating a talent shortage. Additionally, companies like Google halting sales in Russia further dampen the market in that region. An economic slowdown could also pose challenges, as reduced spending might lead to lower investments in analytics tools. However, some businesses might use product analytics to optimize costs and become more efficient during an economic downturn.
Key Regional Developments:
North America is leading the product analytics market due to its cutting-edge technology and a well-established ecosystem of product analytics companies. This strong foundation positions the region for continued dominance in the years to come.
Future Market Growth:
The future of the product analytics market appears bright. The shift towards cloud-based solutions makes data analytics more accessible and scalable. Additionally, a growing focus on customer-centricity is driving demand for deeper customer insights. Finally, the integration of cutting-edge technologies like AI and machine learning unlocks powerful capabilities for product analysis and optimization.
Recent Developments:
- In April 2021:Gainsight launched Horizon Analytics, offering enhanced analytics and reporting capabilities within its customer success software platform. This empowers users with improved reporting, facilitates better decision-making, and accelerates the generation of valuable insights.
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Effective Key Takeaways
- The report highlights the product analytics empowers companies to make informed choices based on customer behaviour, leading to product optimization and business success.
- The report emphasizes the growing importance of cloud-based product analytics solutions.
- This report highlights the future potential of product analytics with the integration of AI and advanced analytics. This allows to stay ahead of the curve by incorporating these advancements into their product or service, giving them a competitive edge.
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