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
Growing adoption of big data and other related technologies
The global 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 factors for the market include manufacturers’ need for ensuring market competitiveness and growing adoption of big data and other related technologies
In the end-user segment, manufacturers to hold a larger market size in 2019
Product analytics plays an integral part in manufacturing, planning, warranty analysis, supply chain intelligence. 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. Through the implementation of product analytics, manufacturers can predict the tendency of a prospect to purchase and the level to which a prospect would be accepting the given offers. These factors contribute manufacturers segment to hold a larger market size.
By enterprise size, SMEs to register a higher growth rate during the forecast period
SMEs to record a faster growth rate due to the stable cloud-based deployments. The management of SMEs is concerned about the expenditures of deploying on-premises product analytics solutions and contracting skilled staff and IT teams for their maintenance. SMEs are leaning toward cloud-based solutions to overcome these issues. The industry players are also making efforts to improve their profit margins and increase their market share by either introducing dedicated cloud platforms or associating with other cloud service organizations.
Asia Pacific (APAC) to register the highest growth rate during the forecast period
The APAC product analytics market is experiencing a disruptive growth, owing to its rapidly growing number of internet subscribers and consumption of internet over smartphones and other portable devices. The market is expected to grow at an even higher rate than present due to the ever-increasing use of content in major APAC economies such as China, Japan, India, and South Korea. Moreover, the massive growth in the eCommerce along with retail and consumer goods industry has fueled the growth of product analytics market, making APAC one of the fastest-growing regions in the product analytics markets.
By Company Type: Tier 1 - 35%, Tier 2 - 45%, and Tier 3 - 20%
By Designation: C-level - 35%, D-level - 25%, and Others - 40%
By Region: North America - 45%, Europe - 20%, Asia Pacific - 30%, RoW - 5%
Major vendors offering content delivery network solutions 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). The study includes an in-depth competitive analysis of the key market players, along with their company profiles, recent developments, and key market strategies.
The market study covers the product analytics market size across segments. It aims at estimating the market size and the growth potential of the market across segments by mode, deployment, enterprise size, component, services, end users, verticals, and region. The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall product analytics market and its sub-segments. The report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.