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.
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.
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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.
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Unique Features in the Product Analytics Market
Product analytics solutions facilitate the comprehensive monitoring and evaluation of user behaviour within digital goods, offering valuable perspectives into the ways in which users engage with features, content, and interfaces.
Businesses may improve conversion rates and user happiness by identifying and optimising key elements in the user experience through the analysis of conversion funnels.
Product analytics tools examine patterns of user involvement over time to gain insights into user retention. This facilitates the creation of plans to increase client retention and lower attrition.
Businesses can keep an eye on certain user actions thanks to granular event tracking, and segmentation functions help classify users according to traits or behaviours, which makes focused analysis easier.
Product teams can test different features or designs, gauge user reaction, and make data-driven decisions to maximise product performance with the use of A/B testing tools.
Major Highlights of the Product Analytics Market
Product analytics solutions are emphasising a deep understanding of user behaviour, preferences, and experiences to drive product enhancements, which is a noticeable shift towards user-centric analysis.
Product teams, designers, developers, and other stakeholders are working together more frequently to make more effective and data-driven decisions thanks to the growing integration of product analytics tools into the product development lifecycle.
Product analytics solutions have improved experimentation and A/B testing capabilities, enabling companies to run more complex tests, thoroughly examine the data, and refine their product offerings.
Cross-platform analytics solutions have become more popular in the industry, responding to the requirement to comprehend user behaviour across several channels and devices, such as web, mobile, and developing digital platforms.
Businesses may now anticipate user behaviour, trends, and possible areas for improvement with the help of predictive analytics provided by advanced product analytics solutions that incorporate machine learning capabilities.
Top Key Companies in the Product Analytics Market
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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