|Status : Published||Published On : Jan, 2021||Report Code : VRICT5135||Industry : ICT & Media||Available Format :||Page : 164|
The global product analytics market is projected to reach USD 41.6 billion by 2027, registering a CAGR of 19.5% during the forecast period. Rising social media usage in the world, rapid increase in the number of smartphones, and increasing number of mobile application users, propelling the growth of the market.
Insight by Offering
On the basis of offering, the global product analytics market is categorized into software and service, wherein the software category held larger share in the market in 2020. The growth of this segment is attributed towards huge number of large and small market players are offering the most advanced and innovative software to customers as per their requirements and personalized needs.
The service category is expected to witness faster growth during the forecast period, owing to the rising demand for technical expertise and training regarding the usage and deployment of the product analytics solutions.
Furthermore, service category is also sub-segmented into managed and professional.
Insight by Solution
On the basis of solution, the global product analytics market is segmented into web-based and mobile-based solutions, wherein the web-based solutions category held larger share in the market in 2020. The growth of this segment is attributed towards – most of the internet users surf the web, so, with the help of a web analytics solution, it is very easy to keep track of their activities.
Insight by Deployment Type
Based on deployment type, the product analytics market is segmented into on-premises, and cloud-based. Among the two segments, cloud-based contributes to the larger revenue globally in 2020, and also it is expected to witness faster growth during the forecast period. The growth of this segment is attributed to the fact that cloud-based deployment offers flexible storage and fast data access to product teams, which in turn, improves customers’ behavior tracking to gain a competitive edge.
Global product analytics market has been driven by several key factors, predominantly increasing demand for web application and mobile application along with escalating digital engagement across the globe. With the increasing digital involvement in the world, also witness the increase in the number of service providers such as e-commerce, retail, e-gaming, banking, and others. Due to this, consumers expectation regarding fast, on-demand, and reliable services during digital interactions is also growing rapidly. This, in turn, boosting the demand for product analytics solutions in order to analyze the user, and enhance their experience, by offering better services.
Increasing concerns towards the security of data privacy and critical data theft is hindering the growth of the product analytics market, globally.
Geographically, North America has accounted for the largest share in the product analytics market, globally and is predicted to grow significantly during the forecast period. The growth of this market is attributed towards the existence of a large number of IT companies, increasing mobile application usage, rapid adoption of technological trends, such as BI, AI, ML, cloud technology, and analytics solutions. Product analytics are used by various industries such as retail, banking, financial services, & insurance (BFSI), education, and travel & hospitality, to analyze the user, and enhance their experience, by offering better services.
Some of the key players operating in the global product analytics market are Google LLC, Teradata, Adobe Systems Incorporated, Salesforce.com Inc., SAP SE, IBM Corporation, Atlassian, Amplitude, Piwik PRO, Oracle Corporation, Mixpanel, and Plytix.
- Identifying variables and establishing market impact.
- Establishing market trends regionally.
- Analyzing opportunities and market penetration rates by understanding product commercialization, regional expansion.
- Analyzing demand and supply trends and changes in industry dynamics to establish future growth.
- Analyzing sustainability strategies adhered by market participants in an attempt to determine future course of the market.
- Analyzing historical market trends and super-imposing them on the current and future variables to determine the year-on-year trend.
- Understanding adoption, production, export, import and regulatory framework.
- Estimated and forecasted data was validated through industry experts.
- Apart from industry experts, data triangulation methods were used for validation.
- Bottom-up and top-down approach has been used for estimation and forecast of market data, whereas the top-down approach was used for validation.
- Demand, as well as supply-side surveys, were conducted in order to understand the industry dynamics and data validation.
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from the industry experts. The key profiles approached within the industry include CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads, and Others. Also, end-user surveys comprising of consumers are also conducted to understand consumer behavior.
Source: VynZ Research
Source: VynZ Research