According to a new market research report “Product Analytics Market with Covid-19 Impact Analysis by Component, Mode (Tracking Data, Analyzing Data), End User (Sales & Marketing Professionals, Consumer Engagement), Deployment Mode, Organization Size, Vertical, & Region – Global Forecast to 2026″, published by MarketsandMarkets, the market size to grow from USD 9.6 billion in 2021 to USD 25.3 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 21.3% during the forecast period. Various factors such as growing need to improve customer behavior management to deliver personalized recommendation of products, increasing demand for advanced analytics tools to ensure market competitiveness, and growing adoption of big data and other related technologies are expected to drive the adoption of product analytics solutions and services.
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COVID-19’s global impact has shown that interconnectedness plays an important role in international cooperation. As a result, several governments started rushing toward identifying, evaluating, and procuring reliable solutions powered by AI. Advanced analytics and AI are invaluable to organizations managing uncertainty in real-time, but most predictive models rely on historical patterns. The use of advanced analytics and AI has accelerated in the COVID-19 pandemic period. This has helped organizations engage customers through digital channels, manage fragile and complex supply chains, and support workers through disruption to their work and lives. At the same time, leaders have identified a major weakness in their analytics strategy: the reliance on historical data for algorithmic models. From customer behavior to supply and demand patterns, historical patterns, and the assumption of continuity are empowering the predictive models. Technology and service providers have been facing significant disruption to their businesses from COVID-19. It has become important for product managers to evaluate the critical ways in which the pandemic affects their teams so they can mitigate the negative effects and plan for recovery. Product managers serve at the intersection of different functions. They glue together product, engineering, and design. However, as the COVID-19 has been changing the product landscape, these relationships have gone remote and that is not the only problem teams are tackling. As many of the world’s major economies work to address the second wave of COVID-19, it would be an appropriate time to look at how the pandemic has changed product management. Hence, the COVID-19 pandemic has disrupted the global financial markets and has created panic, uncertainty, and distraction in the operations of global corporations.
The services segment to hold higher CAGR during the forecast period
Based on components, the product analytics market is segmented into solutions and services. The services segment has been further divided into professional and managed services. These services play a vital role in the functioning of product analytics solutions, as well as ensure faster and smoother implementation that maximizes the value of the enterprise investments. The growing adoption of product analytics solutions is expected to boost the adoption of professional and managed services. Professional service providers have deep knowledge related to the products and enable customers to focus on the core business, while MSPs help customers improve business operations and cut expenses.
The manufacturers segment to hold the largest market size during the forecast period
End users for the product analytics market are segmented into designers, manufacturers, sales and marketing professionals, and consumer engagement. Designers and manufacturers together accounted for more than 70% of the end-user share as the deployment of product analytics is preferred in the pre-manufacturing phase. Product analytics enables manufacturers to use ML and big data tools to track equipment in real-time and construct predictive models to give production and plant managers a better understanding of their assets.
Analyzing data segment to account for higher CAGR during the forecast period
The product analytics market is bifurcated on the basis of tracking data and analyzing data. There have been significant transformations in the functioning of businesses with the expansive penetration of IT infrastructure among organizations. The analyzing data segment is a faster-growing segment in the product analytics market during the forecast period. The increased data has enforced various industry players to analyze the data and gather insights to drive business growth. Hence, organizations are banking greatly to accumulate and analyze such data leading to its higher growth in the product analytics market.
The large enterprises segment to hold a larger market size during the forecast period
The Product analytics market has been segmented by organization size into large enterprises and SMEs. The market for SMEs is expected to register a higher CAGR during the forecast period as cloud-based solutions and services help them improve business performance and enhance productivity. Whereas the large enterprises segment is expected to hold a larger market share in the product analytics market during the forecast period due to the affordability and the acceptance of emerging technologies.
Retail and consumer goods segment to have the largest market size during the forecast period
The Product analytics market by vertical has been categorized into banking, financial services, and insurance, automotive, media and entertainment, manufacturing, retail and consumer goods, IT and telecom, healthcare and pharmaceuticals, energy and utilities, and others (transportation and logistics, and government and defense). The healthcare and pharmaceuticals vertical is expected to witness the highest growth rate, while the retail and consumer goods vertical is expected to have the largest market size during the forecast period. The larger market size of the retail and consumer goods vertical can be attributed to the rising focus of retail dealers on core business, the increasing potential value of different customer segments, and the growing need to enhance customer experience while improving customer retention.
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APAC to hold higher CAGR during the forecast period
APAC is expected to grow at a good pace during the forecast period. Opportunities for smaller analytics vendors to introduce product analytics solutions for numerous sectors have also increased. All these factors are responsible for the expeditious growth of the product analytics market in the region. Companies operating in APAC continue to focus on improving customer services to drive market competitiveness and revenue growth. China, Japan, and South Korea have displayed ample growth opportunities in the product analytics market.
Major vendors in the global product analytics market 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), and Productlift (Canada).
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