The product analytics market growth prospects have been showing great promise all over the world with immense growth potential in terms of revenue generation. The global product analytics market size is anticipated to reach USD 27.39 billion by 2028 with a CAGR of 17.1%. Significant factors driving market growth include developments in computational technology, rapid smartphone penetration, moving from web-based internet browsing to mobile-first approach, and growing emphasis of marketing teams to deliver their customer's customized products and services.
Product analytics is a specialized use of analytical software and business intelligence ( BI) that analyzes product returns, service reports, customer reviews, warranties, and information from installed sensors to allow manufacturers to determine product defects, identify potential product improvement opportunities, identify designs for use or product limitations, and link each of these Brand analytics will also aggregate feeds from social media sites to track user reviews. By slowly analyzing product details, this software will proactively raise awareness of repair and service requirements in responsive circumstances as well as preventive maintenance, and aid route management demands to the best available people or conducts remote administration with the assistance of machine-to-machine (M2M) technologies.
Unlike marketing, drug sales have always been powered by statistics, and today, with the proliferation of data and computing capacity, product analytics has become integral to every major selling enterprise. Companies should take advantage of product analytics tools from modeling to success improvement to improve productivity in selling and enable selling workers to concentrate on revenue rather than analytics.
The global demand for product analytics is driven primarily by organizations' rising need for global market competitiveness monitoring. The growing penetration of big data and emerging technology further assists the industry. The use of advanced technologies such as Big Data, ML, AI, and other analytical technologies; this aspect will drive market development. The Small and Medium Businesses segment is projected to expand at the fastest pace due to the increased adoption of cloud-based applications to reduce contracting skilled worker's maintenance costs.
Due to the increasing need for suppliers to better understand customer needs and behaviors, retail and consumer products are expected to see substantial growth based on end-use. Besides, various manufacturers demand that competition rates be sustained and that quality goods are provided and that service providers be more focused on improving the quality of their service offerings, strengthening the structure of their predictive models expected to drive market development. However, issues related to the exploitation of private and confidential data are expected to impede market development.
Geographically the global product analytics market is divided into North America, Europe, APAC, South America, and the Middle East & Africa. North America has several leading players in the industry supplying low code production and services to all end consumers in the region. For any technology, North America has always been an innovative and competitive field. Technological developments such as analytics solutions, Business Intelligence (BI), Machine Learning (ML), Artificial Intelligence (AI), and cloud technology, and are observed because of the presence of tech giants such as Google, Oracle, IBM in this area.
Product analytics is used by different industries such as retail, manufacturing, automotive, and healthcare to evaluate the customer, improve user experience, and provide better service in this area Artificial Intelligence is being embraced by businesses in almost all sectors in the region and is already being applied by the marketing industry to identify new potential customers and markets. Moreover, the emergence of large numbers of youth using social media channels and rising technological innovation in the APAC countries is boosting the growth of the regional product analytics industry.
The global product analytics market consists of a large number of prominent players. The global product analytics market is dominated by market players such as IBM Corporation, salesforce.com, inc., Oracle; Adobe, Google, Mixpanel, Heap Inc., Plytix.com ApS, Latentview, Amplitude Analytics, Inc., Piwik.pro, and others. Players include product analytics tools that take consumer expectations and demands into consideration. Significant development processes that the players receive include partnerships, mergers and acquisitions and mergers, product releases and agreements, and software updates. But the market also shows the involvement of many small players competing with each other and big players as well.
Besides, several organizations that do not provide analytics services are increasing their offerings and concentrating on acquiring the requisite products and skills through mergers & acquisitions from analytics solution providers. Additionally, with the advancement of machine learning, predictive analysis, business intelligence, and data analytics, the number of market players is growing. Gradually this leads to an increase in big data consolidation.
Segment Overview of Global Product Analytics Market
Component Overview, 2018-2028 (USD Million)
Deployment Overview, 2018-2028 (USD Million)
End-User Overview, 2018-2028 (USD Million)
- Sales & Marketing Professionals
- Consumer Engagement
Industry Vertical Overview, 2018-2028 (USD Million)
- Retail & Consumer Goods
- Healthcare & Pharmaceuticals
- Machinery & Industrial Equipment Manufacturing
- F&B Manufacturing
- Energy & Utilities
Regional Overview, 2018-2028 (USD Million)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America