According to Fortune Business Insights, the global Product Analytics Market size is projected to reach USD 16.69 billion in 2028, at CAGR of 15.9% during forecast period; Cloud-based Solutions to Gain Ground

Pune, India, May 16, 2022 (GLOBE NEWSWIRE) -- The global product analytics market size was valued at USD 5.25 billion in 2020. The market is projected to rise from USD 5.93 billion in 2021 to USD 16.69 billion by 2028 at a 15.9% CAGR during the forecast period 2021-2028. Fortune Business Insights™ has deep-dived into these insights in its latest research report, titled, “Product Analytics Market, 2021-2028.”

According to the study, the demand for product analytics software will be pronounced across media, e-commerce and fintech sectors. The expanding penetration of the software analytics service and tools will boost customer experience and real-time information.

Key Industry Developments

• May 2021: Amplitude acquired Iteratively to expand Amplitude’s data management portfolio that empowers end-users with solutions for customizations and analytics.

• October 2020: Quantum Metric partnered with Medallia to allow companies to provide customer experience based on the end users' 360-degree digital customer journey.

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Report Scope

Drivers and Restraints

Rising Uptake of Cloud-based Analytics Solutions to Usher Innovations

Industry players are likely to exhibit traction for cloud-based analytics solutions through investments in tools and advanced techniques. Leading companies are poised to boost product analytics market growth on the back of product portfolio expansion. For instance, in April 2021, IBM rolled out novel features to help organizations build trustworthy AI. Lately, end-users have upped focus on optimizing customer behavior. In January 2021, Google introduced product discovery solutions to foster customer experience and help enhance retailers’ e-commerce capabilities. Stakeholders expect personalization to gain traction across the end-use sectors.

However, security and privacy concerns could challenge enterprises injecting funds into the solution. Hackers will continue to adopt AI and ML, thereby compelling organizations to rethink their strategies.

COVID-19 Impact

Companies Tap Software Analytics to Foster Business Operation

The uptake of product analytics tools and services will be noticeable against the backdrop of the pandemic. Amidst the onslaught of the COVID-19 outbreak, the need for advanced solutions became noticeable across the end-use sectors. Prominently, the trend for collaborative digital workflow has driven remote work culture. Besides, governments have upped investments in analytics services to streamline the supply chain.

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Regional Insights

Adoption of State-of-the-art Technologies to Foster North America Market Growth

North America is likely to provide promising growth opportunities in the wake of the presence of leading companies and the implementation of state-of-the-art technologies. Industry players are poised to unlock opportunities across the U.S. and Canada. In June 2021, Amplitude Inc. launched apparently the first experimentation solution based on product analytics and consumer behavior. North America market size was valued at USD 2.45 billion in 2020 and will witness an upward growth trajectory during the forecast period.

Major players envisage China, Japan, and India as lucrative destinations for expanding software analytics tools. An exponential rise in the e-commerce industry could underpin Asia Pacific product analytics market share. The implementation of business intelligence will be noticeable across financial and business sectors, auguring well for the business outlook.

Industry participants are likely to further their investments across Turkey and Israel with digital projects gaining prominence. To illustrate, in June 2021, International Financial Corporation (IFC) came up with the DigiLab program in the Middle East and Africa. It could assist financial institutions in boosting their digital service portfolio. Meanwhile in November, Virgin Mobile announced the launch of a digital carbon offsetting app.

Segmentation

In terms of component, the market is segmented into services and software/tools.

Based on end-user, the industry is fragmented into fintech, consumer tech, e-commerce and media.

On the basis of region, the market is segregated into North America, Asia Pacific, Europe, South America and the Middle East & Africa.

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Report Coverage

The report is prepared with the use of qualitative and quantitative assessments. The report includes secondary sources, including SEC filings, press releases, annual reports and paid databases. The use of primary sources, such as interviews with key opinion leaders has boosted the dynamics and insights with respect to trends. The report also delves into top-down and bottom-up approaches to forecast market size, revenues and growth of major players in the landscape.

Competitive Landscape

Key Players Focus on Mergers & Acquisitions to Gain Footfall

Leading companies are poised to up their investments in mergers & acquisitions, R&D activities and technological advancements as an added advantage. The competitiveness suggests major players could invest in product portfolio expansion and geographical expansion.

Major Players Profiled in the Market Report:

• Amplitude Inc. (California, U.S.)

• Heap, Inc. (California, U.S.)

• Mixpanel (California, U.S.)

• Pendo.io (North Carolina, U.S.)

• Gainsight (California, U.S.)

• Hevo Data, Inc. (California, U.S.)

• Fullstory, Inc. (Georgia, U.S.)

• Looker Data Science, Inc. (California, U.S.)

• PostHog, Inc. (California, U.S.)

• Indicative Inc. (New York, U.S.)

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Major Points of Table:

• Introduction

  • Definition, By Segment

  • Research Methodology/Approach

  • Data Sources

• Executive Summary

• Market Dynamics

  • Macro and Micro Economic Indicators

  • Drivers, Restraints, Opportunities and Trends

  • Impact of COVID-19

    • Short-term Impact

    • Long-term Impact

• Competition Landscape

  • Business Strategies Adopted by Key Players

  • Consolidated SWOT Analysis of Key Players

  • Global Product Analytics Key Players Market Share Insights and Analysis, 2021

• Global Product Analytics Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028

  • Key Findings

  • By Component (USD)

    • Software/Tools

    • Services

  • By End-user(USD)

    • Consumer Tech

    • Fintech

    • Media

    • E-Commerce

  • By Region (USD)

    • North America

    • South America

    • Europe

    • Middle East & Africa

    • Asia Pacific

• North America Product Analytics Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028

  • Key Findings

  • By Component (USD)

    • Software/Tools

    • Services

  • By End-user(USD)

    • Consumer Tech

    • Fintech

    • Media

    • E-Commerce

  • By Country (USD)

    • United States

      • By Component

    • Canada

      • By Component

    • Mexico

      • By Component

• South America Product Analytics Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028

  • Key Findings

  • By Component (USD)

    • Software/Tools

    • Services

  • By End-user(USD)

    • Consumer Tech

    • Fintech

    • Media

    • E-Commerce

  • By Country (USD)

    • Brazil

      • By Component

    • Argentina

      • By Component

    • Rest of South America

TOC Continued…!

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