Product Analytics Market Research Report: By Offering (Software, Services), Solution (Web-Based, Mobile-Based), Deployment Type (On-Premises, Cloud-Based), Enterprise Size (SMEs, Large Enterprises), Industry (BFSI, Media & Entertainment, Manufacturing, Automotive, Healthcare, Energy & Utilities, Government, Retail), End-User (Designers, Manufacturers, Sales Professionals, Marketing Professionals, Finance and Risk Professionals), Regional Outlook (U.S., Canada, U.K., Germany, France, Russia, Sweden, Italy, Netherlands, China, India, Japan, South Korea, Singapore, Indonesia, Mexico, Brazil, Argentina, Chile, Colombia, U.A.E., Saudi Arabia) - Industry Size and Share Analysis and Forecast to 2024
Advancing at a CAGR of 18.8% during the forecast period (2019–2024), the product analytics market is predicted to garner $38,049.5 million by 2024, registering a significant jump in revenue from $14,109.3 million in 2018. Factors such as the rising number of mobile application users, growing digital disruption, and the increasing usage of social media across the globe, are attributed for the market growth. A specialized application of business intelligence and analytics software that lets end users utilize product returns, service reports, and customer feedback data from embedded sensors is termed as product analytics.
Based on offering, the categories of the product analytics market are service and software. Between the two, in 2018, the larger revenue share in the market was held by the software category. This was ascribed to the fact that a large number of market players, small or big, are offering innovative and advanced software to end users, as per their customized requirements. In the forecast period, the higher CAGR is predicted to be exhibited by the service category, due to the rising requirement for engineering support, implementation, and integration services.
The product analytics market is bifurcated into mobile-based and web-based solutions, based on solution. The dominating share in the market in 2018 was held by the web-based solutions bifurcation. This was attributed to the heavy usage of internet by consumers, and their activities can be easily tracked by using web-based analytics solutions. In the forecast period, the higher CAGR is expected to be witnessed by the mobile-based solutions due to the rising number of smartphone users, which is resulting in the excessive use of mobile phones for various tasks, such as banking and gaming.
On the basis of enterprise size, the classifications of the product analytics market are small and medium enterprises (SMEs) and large enterprises. Due to the significant demand for advanced analytics tools from big firms to keep up with the competition, and also expand their market presence, the large enterprises classification in 2018, held more than double the share of the SMEs classification. It is being observed that the benefits of product analytics are being recognized by SMEs as well, which would contribute to the classification’s faster growth in the forecast period.
The demand for product analytics market is witnessing growth due to the rising demand for customers for fast, on-demand, and reliable services during digital interactions. The digital engagement has immensely evolved across the globe, where consumers are turning to the digital world for almost everything, ranging from gaming and retail to banking and e-commerce. Product analytics is witnessing a high demand with the increasing requirement for tracking customer’s behavior to provide them better services in future. Companies are increasingly investing in digital intelligence to gauge the changing preferences of customers, and offer them personalized services.
The product analytics market can take advantage of the inclusion of the artificial intelligence and deep learning technologies, such as the convolutional neural networks. These technologies are currently being used for unstructured text, image, and voice processing, and may find application in several other domains. The cognitive technologies that are based on human mind, would be used for processing the complex data streams, which would be generated for effective marketing of insurance products considering a potential customer’s past activities and behaviors.
Therefore, the market for product analytics is expected to witness remarkable growth in the coming years due to the rising competition and changing consumer preferences.
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