Asia Pacific Product Analytics Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Component (Solutions and Services), Deployment (On Premise and Cloud-Based), Mode (Tracking Data and Analyzing Data), and Vertical (Retail and Consumer Goods

Asia Pacific Product Analytics Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Component (Solutions and Services), Deployment (On Premise and Cloud-Based), Mode (Tracking Data and Analyzing Data), and Vertical (Retail and Consumer Goods, Food and Beverages, Healthcare and Pharmaceuticals, Energy and Utilities, Automotive, Manufacturing, and Others)

The product analytics market in APAC is expected to grow from US$ 1,870.59 million in 2021 to US$ 6,311.93 million by 2028; it is estimated to grow at a CAGR of 19.7% from 2021 to 2028. Cloud computing environments, where data is kept remotely in distributed storage systems, allow IT infrastructure to be scaled up or down quickly. Pay-as-you-go arrangements are also facilitated in these contexts. This means that businesses that need to process massive amounts of data and have a lot of storage and processing capacity do not have to invest in an extensive IT infrastructure. Instead, companies can license the storage and processing capacity they require and pay only for their use. As a result, most large companies that deal with significant amounts of data are turning to cloud computing to supply their solutions to businesses. However, migrating data from an on-premises solution to the cloud is complicated and time-consuming. Before the data migration is complete, businesses must sync their data sources and platforms for several weeks to months. These factors are not preventing people from using cloud-based solutions. Instead, they are encouraging them to use hybrid and multi-cloud installations.

Cloud storage is being used by early adopters for dynamic workloads, while on-premises platforms are still beneficial for steady applications. Multi-cloud strategies are being adopted by businesses, allowing them to make use of the numerous best-suited tools and solutions such as product analytics, available in multiple deployment modes, such as tracking analyzing data, to optimize their benefits. Due to these benefits, key players in the product analytics market are rapidly adopting the cloud platform, which is expected to support the market in the near future.

Based on mode, the product analytics can be categorized into tracking data, and analyzing data. Analyzing data segment held the largest market share in 2020. Growing demands to examine features, costs, availability, quality, appearance, and other aspects of the product, by potential buyers, and product managers is propelling the segment growth in the APAC product analytics market. Analyzing product data breaks down the product from components, functions, technology, costs, and demands to marketing materials, websites, and sales approaches. Cost analysis and alternative designs analysis determine whether the product is cost-effective while meeting the customer requirements. Growing demands to maintain the quality of the product while reducing their cost in business such as manufacturing, logistics, among others is significantly propelling the growth of the segment. Smartlook.com product analytics enables companies to analyze user behavior, get real qualitative insights that improves the company’s mobile app and website. Features such as advanced filtering allow them to look up people who visited a specific URL, came from a certain city or were on a certain device. Analyzing such data is essential when a company is looking for specific type of users or to offer related product offerings and services to customers.

The COVID-19 pandemic has not only disrupted the overall economy in APAC but has also changed the buyers’ attitude toward the various industry verticals. A rise in consumer demand for expensive features in products and services and a “new normal” way of living persuaded brands to start investing in online marketplaces to drive store visits. As a result, the businesses are adjusting their strategies, according to the changes in consumer behavior and many are going through a digital and e-commerce transformation. The market rebound in the last few months is encouraging the growth of product analytics solutions. Countries in the APAC region are anticipated to harness the potential of AI, IoT technologies, and digitalization. Southeast Asian nations such as Indonesia launched a capacity-building programmed to expedite digitization among micro, small, and medium enterprises. A customer’s interaction with a company in times of crisis can trigger an immediate effect on the sense of trust and loyalty. Thus, product analytics leaders are focusing to cater to the longer-term shifts in consumer behavior that result from this crisis. Demands for real-time monitoring and analysis of changing customer preferences are anticipated to boost the APAC market in the post-pandemic era. Access to real-time data is important for the e-commerce businesses in the Asia Pacific region to accelerate their sales, promotions, and orders in the post-pandemic era.

The APAC product analytics market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the APAC product analytics market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the APAC product analytics market. Amplitude, Inc.; Gainsight; IBM Corporation; Mixpanel; and Pendo.io, Inc. are among the key players operating in the product analytics market in this region.

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