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).

The global Product Analytics 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.

Scope of the Report

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.

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As per Heap, product analytics is a robust set of tools that allow product managers and product teams to assess the performance of the digital experiences they build. Product analytics provides critical information to optimize performance, diagnose problems, and correlate a customer activity with a long-term value. The product analytics market comprises product analytics services and solutions embedded with advanced technologies, such as Artificial Intelligence (AI) and Machine Learning (ML) and big data analytics.

Some of the key players operating in the product analytics market include 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). These product analytics vendors have adopted various organic and inorganic strategies to sustain their positions and increase their market shares in the global product analytics market.

Oracle was incorporated in 1977 and is headquartered in California, US. The company is a global leader in delivering a broad spectrum of products, solutions, and services designed to meet the requirements of corporate IT environments, such as platforms, applications, and infrastructure. Oracle’s customers include businesses of various sizes, government agencies, educational institutions, and resellers. The company, directly and indirectly, sells its products and services through a worldwide sales force and Oracle Partner Network, respectively. It specializes in developing, manufacturing, and marketing hardware systems, databases, middleware software, and application software. It provides SaaS offerings that are designed to incorporate emerging technologies, such as IoT, AI, ML, and blockchain. It operates through three business segments: cloud and license, hardware, and services, in more than 175 countries and caters to 4,30,000 customers across banking, telecommunications, engineering and construction, financial services, healthcare, insurance, public sector, retail, and utilities verticals. Oracle offers Oracle Analytics Cloud, Oracle Analytics Server, Oracle fusion analytics, and Oracle Essbase in the product analytics market.

IBM is a multinational technology and consulting corporation founded in the year 1911 and is headquartered in New York, US. It offers infrastructure, hosting, and consulting services and operates through five major business segments: cloud and cognitive software, global business services, global technology services, systems, and global financing. IBM’s product portfolio comprises various segments, such as IoT, analytics, security, mobile, social, and Watson. It caters to various industry verticals that include aerospace and defense, education, healthcare, oil and gas, automotive, electronics, insurance, retail and consumer products, banking and finance, energy and utilities, life sciences, telecommunications, media and entertainment, chemicals, government, manufacturing, travel and transportation, construction, and metals and mining. The company has a robust presence in the Americas, Europe, the MEA, and Asia Pacific and clients in more than 175 countries. In the product analytics market, IBM offers IBM Cognos Analytics, IBM Planning Analytics, IBM Spectrum control, IBM Streaming Analytics, and IBM QRadar User Behavior Analytics (UBA).

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