The new report by Expert Market Research titled, ‘Global Product Analytics Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global product analytics market, assessing the market based on its segments like mode, end-user, component, deployment mode, organisation size, and region. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
• Historical Market Size (2022): USD 9.07 Billion
• Forecast CAGR (2023-2028): 15.20%
• Forecast Market Size (2028): USD 21.07 Billion
Product Analytics Market Overview (2018-2028)
The growing demand for organisations to evaluate market competitiveness globally is driving the global product analytics market. The growing usage of big data and innovative technologies also helps the sector. The industry’s demand is being fuelled by the growing demand for cloud-based analytical solutions. Because of the rising adoption of cloud-based solutions to reduce the maintenance cost of contracting expert staff, the small and medium-sized organisations segment is predicted to grow at the highest rate. Retail and consumer goods are predicted to develop significantly in terms of end-use due to providers’ growing demand for a deeper understanding of consumers.
Product Analytics Industry Definition and Major Segments
Product analytics find its applications in sectors such as designers, manufacturers, sales and marketing professionals, and consumer engagement.
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Based on their mode, they can be categorised as:
• Tracking Data
• Analysing Data
On the basis of end-use, the market is segmented into:
• Automotive
• Retail and Consumer Goods
• Food and Beverage Manufacturing
• Machinery and Industrial Equipment Manufacturing
• Healthcare and Pharmaceuticals
• Energy and Utilities
Based on their mode, they can be divided as:
• Solutions
• Services
Based on their deployment mode, they can be bifurcated as:
• Cloud
• On-premises
Based on their organisation size, they can be categorised as:
• Small and Medium-Sized Enterprises
• Large Enterprises
On the basis of region, the market is segmented into:
• North America
• Europe
• Asia
• Latin America
• Middle East and Africa
Product Analytics Market Trends
Customer service has become critical to a company’s success. Customers majorly make their purchasing decisions on how effectively they are served. Predicting customer wants has become a critical concern for organisations to provide efficient solutions and ensure customer satisfaction. As a result, to deliver individualised service to every consumer, successful businesses rely on product suggestion engines. By using consumer behaviour and maximising customer care efforts, the correct product recommendation tool can help organisations boost the potential ROI of their marketing efforts. Retailers can use predictive suggestions to send the appropriate offer to the right shopper at the right moment. As a result, there will be a higher conversion rate and more money spent each transaction. Personalised product recommendations generate a high share of eCommerce site revenue because intelligent product recommendations allow for natural, logical upsell and cross-sell opportunities. The client’s interest is indicated by their actions and history, and the product recommendation tool matches that behaviour with the appropriate recommendations. Product analytics is critical in understanding customer behaviour as the small transactions grow into larger ones, and clients who previously had no intention of making a purchase now have a strong desire to do so.
Key Market Players
The major players in the market are Google LLC, International Business Machines Corporation, Oracle Corporation, Adobe Inc., Salesforce.com Inc., Mixpanel Inc., Piwik PRO Sp. z o. o., Amplitude Inc., Heap Inc., Plytix.com ApS, Pendo.io, Inc., Risk Edge Solutions Pvt. Ltd., and Others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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