According to a new market research report "Product Analytics Market
by Mode (Tracking Data, Analyzing Data), Component, End-User (Designers,
Manufacturers, Sales & Marketing Professionals, Consumer Engagement),
Deployment, Enterprise Size, Vertical, and Region - Global Forecast to
2024", published by MarketsandMarkets, the product
analytics market size is projected to grow from USD 6.9 billion in 2019 to USD
13.9 billion by 2024, at a CAGR of 15.1% from 2019 to 2024. Major growth
drivers for the market include the growing adoption of big data and other
related technologies.
Browse 41 market data Tables and 35
Figures spread through 109 Pages and in-depth TOC on "Product Analytics Market”
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Retail
& consumer goods vertical to hold a larger market size during the forecast
period
Product
analytics in this vertical assist vendor to get a more detailed understanding
of consumer needs & attitudes, which helps make faster decisions in
day-to-day business, and deliver improved performance. In the vertical, the
focus of product analytics is sales in which analytics has a significant impact
followed by marketing, finance, and supply chain. Several companies in the
vertical are making vast improvements to their internal data and BI system,
along with substantial investments in a mix of on-premises and cloud-based
analytics that provides flexibility to scale while leveraging the existing IT
investment.
Manufacturers
end-user to lead the market in 2019
Product
analytics plays an integral part in manufacturing, planning, warranty analysis,
supply chain intelligence, and so on. Customers are demanding quality products
at lower prices with faster delivery. Hence, it has become vital for
manufacturers to deliver a differentiated experience throughout the entire
customer lifecycle.
North
America to hold the largest market size during the forecast period
North
America has always been an innovative and competitive ground for every
technology. Due to the presence of tech-giants such as Google, Oracle, IBM in
this region, technological trends such as Business Intelligence (BI),
Artificial Intelligence (AI), Machine Learning (ML), cloud technology, and
analytics solutions are observed. Product analytics is used by various
industries such as retail, manufacturing, automotive, and healthcare, to
analyze the user, enhance the user experience, and offer better service in this
region.
Market
Players
Major
vendors covered in the product analytics market include Google (US), IBM (US),
Oracle (US), Adobe (US), Salesforce (US), Mixpanel (US), Piwik PRO (Poland),
Amplitude (US), and Heap (Denmark) Plytix (US), Pendo (US),Risk Edge Solutions
(India), LatentView (US), and Kissmetrics (US).
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