Europe 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

Europe 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 Europe is expected to grow from US$ 2,658.62 million in 2021 to US$ 8,410.29 million by 2028; it is estimated to grow at a CAGR of 17.9% from 2021 to 2028. Customer service is significant for a company's success. Customers base 70% of their purchasing decisions on how effectively they are served. Predicting customer wants is a matter of serious concern for organizations to provide efficient solutions and ensure customer satisfaction. As a result, to deliver individualized service to every consumer, successful businesses rely on product suggestion engines. By using consumer behavior and maximizing customer care efforts, the correct product recommendation tool can help organizations boost the potential returns of their marketing efforts.

According to a Harvard Business Review analysis, personalization can yield five to eight times the return on marketing spends and increase sales by 10% or more. 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 on each transaction. As per a study, personalized product recommendations generate up to 31% of eCommerce site revenue because intelligent product recommendations allow for natural, logical upsell and cross-sell opportunities. Their actions and history indicate the client's interest, and the product recommendation tool matches that behavior with the appropriate recommendations. 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. This shows how important is product analytics in understanding customer behavior.

Based on deployment type, the Europe product analytics is categorized into on premise, and cloud-based. The cloud-based segment led the Europe product analytics with a larger market share. The cloud-based product analytics segment is anticipated to grow at a significant CAGR during the forecast period. The growth of the segment is attributed to the growing demands for data collection, tracking, and analysis on systems hosted in the cloud. Cloud-based analytics tools allow companies to analyse large data sets with ease and to improve business results. Smartlook offers a cloud and mobile-based quantitative analytics solution to businesses of all sizes helping them with user behavior and insights on every user action. The solution includes features such as visitor recordings, event tracking, funnels, and heatmaps. Smartlook’s product analytics solution also provides video sessions options to identify customers and features a visitor journey module. There is a growing demand for event tracking among businesses to know how visitors perform certain tasks and their thoughts about a product. Smartlook is primarily used by industries including digital agencies, travel, gaming, health care, education, and media, and integrates with many platforms and tools including Google Analytics, Zendesk, Instapage, Intercom, Shopify, Gambio, Blogger, Magento, and Google Tag Manager. Kissmetrics is another cloud-based customer engagement solution that helps businesses understand website visitors through behavior-based analysis. Pricing is available via monthly subscription, and support is provided through online methods.

Ecommerce sales in Europe are significantly growing with most of the online turnover being generated in Western Europe, which accounts for approximately 70% of total European online retail turnover. Southern Europe, Northern Europe, Central Europe, and Eastern Europe are anticipated to occupy a smaller share in the European eCommerce industry. As the countries start to reopen, companies are shifting toward smart technologies to boost customer experience. Companies are focusing on connecting their employees and workers virtually and ensure end to end security in the connection. The pandemic has accelerated the consumers' rate of digital adoption and expectations for a seamless, convenient, and personalized experience. As a result, businesses are shifting from traditional ways of designing and measuring to digital experiences. The product analytics market is anticipated to witness strong growth in Europe as industry leaders demand customer and data-driven insights across all stages of the product life cycle, to stay in front of the competition in the post-pandemic era. The European big data networks remained mostly unaffected during the COVID-19 pandemic, however, the investment in big data projects has gone down as new projects were put on hold. As businesses are realizing that the customer data insight can make them more flexible and resilient in difficult times, it is expected that the COVID-19 pandemic will only increase the demand for product analytics solutions in Europe. Germany is the largest economy in Europe. According to Industry experts, Germany will be the first major European economy to recover from the current crisis based on the country’s healthy finances and its large industrial sector. Also, Germany is one of the biggest spenders on the Internet of Things, which is a positive indication for the generation of a lot of potentially useful data, thereby propelling the growth of the product analytics market.

The Europe 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 Europe 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 Europe product analytics market. Amplitude, Inc.; Gainsight; Heap Inc.; IBM Corporation; LogRocket, Inc; Mixpanel; Pendo.io, Inc.; and Smartlook are among the key players operating in the product analytics market in this region.

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