Product Analytics Market Expected to Reach $76.7 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Product Analytics Market," The product analytics market was valued at $10.2 billion in 2021, and is estimated to reach $76.7 billion by 2031, growing at a CAGR of 22.7% from 2022 to 2031.

Nowadays, customers need advancement in every product they use. With this growing consumer trend toward advanced products, many manufacturers and leading companies have started developing innovative products to adopt their strategic growth. In this regard, enterprises used advanced business strategies such as convergence of technology, AI, ML and others to survive in the competition, thus providing lucrative opportunities for the product analytics market growth in the upcoming years.

Depending on component, the software segment dominated the product analytics market size in 2021 and is expected to continue this trend during the forecast period. The adoption of product analytics provides numerous benefits to the industry such as, streamline the business process, and reduces the time and costs, further fuel the growth of the market. However, the services segment highest growth market share in the upcoming year. The adoption of product analytics services enhances software implementation, maximize the value of existing installation by optimizing it, and minimize the deployment cost & risks, and others, further fuel the product analytics market forecast for this segment.

Region-wise, North America dominated the market share in 2021 for the product analytics market. Adoption of product analytics solution growing steadily to meet increasing demands from today’s businesses to enhance their business process and improve the customer experience will provide lucrative opportunities for the market in this region. However, Asia-Pacific is expected to exhibit highest growth during the forecast period. This is attributed to increase in penetration of advanced technology and higher adoption of cloud-based solution and services, are particularly fueling regional market growth.

The outbreak of COVID-19 will surely provide numerous opportunities for the market to grow in the forecasted period. These opportunities include the rise in digital transformation trend in the enterprises; upsurge in adoption of cloud-based solutions by SMEs businesses and emergence of advanced technology such AI, ML, big data and others.

In addition, rise in remote working has proliferated the digital product analytics industry as the end users were locked down at their homes. Hence, companies are focusing on content services strategies as the product analytics offer simpler and much informative digital platforms with the comparative prices of the rivals and helps in better decision making. In addition, consumer behaviors have evolved, as a result of greater connectivity via cellphones and social media. This in turn boosts the market growth.

KEY FINDINGS OF THE STUDY

• By Component, the software segment accounted for the largest product analytics market share in 2021.
• By Deployment Mode, the on-premise segment accounted for the largest product analytics market share in 2021.
• By Application, the consumer engagement segment accounted for the largest product analytics market share in 2021.
• By End User, the large enterprises segment accounted for the largest product analytics market share in 2021.
• On the basis of Industry Vertical, the consumer goods and retail segment accounted for the largest product analytics market share in 2021.
• Region wise, North America generated highest revenue in 2021.

The key players that operate in the product analytics market analysis are Adobe Inc., Alphabet Inc., Amplitude, Inc., IBM Corporation, LatentView Analytics, Medallia Inc., Mixpanel, Oracle Corporation, Pendo.io Inc. and Salesforce, Inc.. These players have adopted various strategies to increase their market penetration and strengthen their position in the product analytics industry.