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 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.
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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.
Manufacturer’s 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.
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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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