| Status : Published | Published On : Jan, 2021 | Report Code : VRICT5135 | Industry : ICT & Media | Available Format :
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Page : 164 |
Global Product Analytics Market – Analysis and Forecast (2023-2030)
Industry Insights by Offering (Software, Service [Professional, Managed]), by Solution (Web-Based, Mobile-Based), by Deployment Type (On-Premises, Cloud-Based), by Enterprise Size (Small & Medium Enterprise, Large Enterprise), by Vertical (BFSI, Media & Entertainment, Manufacturing, Automotive, Healthcare, Energy & Utilities, Government, Retail, Others), by End User (Designers, Manufacturers, Sales Professionals, Marketing Professionals, Finance and Risk Professionals, Others)
Industry Overview
The global product analytics market is projected to reach USD 41.6 billion by 2030, 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 an increasing number of mobile application users, propelling the growth of the market.
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Market Segmentation
Insight by Offering
On the basis of offering, the global product analytics market is categorized into software and service, wherein the software category held a larger share of the market in 2022. The growth of this segment is attributed to a huge number of large and small market players 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 product analytics solutions.
Furthermore, the service category is also sub-segmented into managed and professional.
Insight by Solution
On the basis of solutions, the global product analytics market is segmented into web-based and mobile-based solutions, wherein the web-based solutions category held a larger share of the market in 2022. The growth of this segment is attributed to – most of internet users surfing 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.
Data Science Platform Market Report Coverage
|
Report Metric |
Details |
|
Historical Period |
2018–2022 |
|
Base Year Considered |
2022 |
|
Forecast Period |
By 2030 |
|
Market Size in 2022 |
$X.XX Billion |
|
Revenue Forecast in 2030 |
$41.6 Billion |
|
Growth Rate |
CAGR 19.5% |
|
Segments Covered in the Report |
By Offering, By Solution, By Deployment Type |
|
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
|
Regions Covered in the Report |
North America, Europe, Asia-Pacific, Middle East, and Rest of the World |
Industry Dynamics
Growth Drivers
The global product analytics market has been driven by several key factors, predominantly increasing demand for web applications and mobile application along with escalating digital engagement across the globe. The increasing digital involvement in the world, also witness an 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, boosts the demand for product analytics solutions in order to analyze the user, and enhance their experience, by offering better services.
Enhanced customer understanding: Product analytics enable businesses to gain deep insights into customer behavior, preferences, and usage patterns. By analyzing data collected from various sources such as web and mobile applications, customer feedback, and social media, companies can understand customer needs and expectations better. This understanding helps in designing and optimizing products to meet customer demands effectively.
Data-driven decision-making: With the increasing availability of data, businesses are relying more on data-driven decision making. Product analytics solutions provide advanced analytical capabilities, such as predictive modeling and trend analysis, that enable organizations to make informed decisions about product development, pricing, marketing strategies, and customer segmentation. By leveraging these insights, companies can optimize their product offerings and improve overall business performance.
Agile product development: The product analytics market is benefiting from the growing adoption of agile methodologies in product development. Agile development emphasizes iterative and incremental improvements based on feedback and data analysis. Product analytics solutions provide real-time visibility into product performance, allowing teams to quickly identify issues, make necessary adjustments, and deliver high-quality products faster.
Restraints
Increasing concerns towards the security of data privacy and critical data theft is hindering the growth of the product analytics market, globally.
Geography Insight
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.
Competitive Insight
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.
Forecast Parameters
- 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.
Data Validation
- 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.
Primary Research
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.
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Source: VynZ Research
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Source: VynZ Research
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Product Analytics Market