North America 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 Good

North America 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 North America is expected to grow from US$ 3,764.19 million in 2021 to US$ 11,191.25 million by 2028; it is estimated to grow at a CAGR of 16.8% from 2021 to 2028. Companies can no longer control the product analytics industry with only one product due to rapid technological improvements and diverse customer expectations. Many industrial and retail companies are pushed to implement various business strategies, such as technological convergence, to flourish in this fast-changing market. Artificial intelligence improves the functionality of business intelligence applications by allowing organizations to better understand the value of smaller components in a larger picture by breaking down large volumes of data into granular insights. Amazon Go, for example, is disrupting the traditional retail experience by leveraging analytics to increase sales and customer loyalty. Product analytics adds value to that data by merging all available data sources into a single, sorted-out picture, which might help obtain small bits of knowledge.

Based on component, the North America product analytics market can be bifurcated into solutions and services. The solutions segment held the largest market share in 2020. Product analytics solutions empower product teams to gain insights into the features and customer actions that lead to outcomes and help them to gain a deeper understanding of how customers experience digital products. Benefits offered by product analytics solutions such as analyzing behaviors, identifying personas, tracking engagement, and enabling teams to easily see the complete picture and take faster action is propelling the growth of the solutions segment. Product analytics solutions turn data into actionable customer scores to drive impactful, cross-functional action. It also enables users to identify root causes of problems and quickly solve them and combine digital and human engagement to enhance processes. Amplitude offers its product analytics solutions to more than 1,400 customers and 26 of the Fortune 100 to analyze how customers use their products and use these insights to maximize business outcomes. Similarly, Gainsight provides users with tools for the in-depth analysis of customer experience data to uncover customers’ demands. It also helps to collect feedback from any part of the customer journey by bringing all of the structured and unstructured data into a single view, including surveys, meeting notes, online reviews, and more. Heap Inc helps Software as a Service (SaaS) companies to understand their users, get advanced signals on customer behavior, and build better products. The product analytics solution automatically captures all user data from every click, swipe, pageviews, and fill and helps organizations to make data-driven decisions.

Consumer optimism and spending have remained strong in North America during the pandemic. Progress in vaccination programs and the reopening of businesses is anticipated to fuel the demand for product analytics in the coming years. While the first half of 2020 led to reduced sales revenue due to the lockdown and halted operations of several industries, the second half of 2020 witnessed a massive surge in online sales. In the latter half of 2021, this growth was further driven by the strong consumer intent to splurge. Social media is continuing to influence consumer purchases, particularly for younger generations, in discretionary, travel, and entertainment categories. As a result, market players are investing in customer data collection and management technologies to boost sales and generate revenues. There is an increasing trend of using artificial intelligence, cloud technology, edge computing, and machine learning, along with IoT technology in North America. Further, the advent of 5G technology, combined with IoT is expected to create opportunities in maximizing efficiency and minimizing wastage of resources across various industry verticals.

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

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