Product Analytics Market

Global Product Analytics Market Size (2024 to 2029)

The global product analytics market is foreseen to expand from USD 9.14 billion in 2024 to USD 18.46 billion in 2029, growing at a CAGR of 15.1% during the forecast period.

Product analytics combines business intelligence and analytical software that can help users gather valuable information about their consumers' requirements, needs, and preferences. This information is generated by analysis of service reports, reviews, collected product data, and warranty documents, among other sources. These analyses generate information that can help improve products' quality and customization according to customer needs.

Product analytics analyzes product returns, service reports, customer feedback, warranties, and information from installed sensors to enable manufacturers to assess product faults, discover future opportunities for product updates, identify designs on product usage or limitations, and connect each of these components to customers. Product analysis can also consolidate the flow of social media platforms to track product complaints. By gradually studying the information on the product, this product can make manufacturers aware of replacement and service needs in preventive and reactive maintenance situations and help to direct administration requests to the best possible people or, by Using Machine-to-Machine (M2M) innovations, perform remote administration.

Global Product Analytics Market Drivers:

Increasing use of advanced technologies such as Big Data, ML, AI, and other analytical technologies should stimulate market growth. Multi-manufacturer requirements to maintain competition levels and ensure quality product delivery should drive business growth. The focus on service providers improving the quality of their service offerings by improving the framework of their predictive models also stimulates the growth of the global product analytics market. The significant increase in the digital age, the digitization of products, and the increasing use of smartphones act as a market engine.

The management of SMEs is concerned about the costs of implementing local solutions for product analysis and hiring qualified personnel and IT equipment for maintenance. SMEs are turning to cloud-based solutions to overcome these problems. Industry players are also working to improve their profit margins and raise their market share by introducing dedicated cloud platforms or partnering with other cloud service organizations. Analyzing products in this vertical helps the vendor gain a more detailed understanding of consumer needs and attitudes, enabling faster decisions in daily business and improving performance. Vertically, product analysis focuses on sales, where analysis has a significant impact, followed by marketing, finance, and supply chain. Several vertical companies are making major improvements to their internal data and BI systems and significant investments in a combination of on-premise and cloud-based analytics that offer scalability while leveraging IT investments.

Global Product Analytics Market restraints:

Growing concerns about private and confidential data theft are expected to hamper the global product analytics market boom. The presence of a wide variety of regulations according to different regions, resulting in a complicated nature of predictive models, should limit market expansion in the future.

REPORT COVERAGE:

This report on the global product analytics market has been segmented and sub-segmented based on the component, mode, deployment, organization size, end user, vertical, and region.

Global Product Analytics Market - By Component:

The market includes the following segments:

• Solutions
• Services

Global Product Analytics Market - By Mode:

The product analysis market includes the following segments:

• Tracking Data
• Analyzing Data

Global Product Analytics Market - By Deployment:

• Cloud
• On-Premises

Global Product Analytics Market - By Organization Size:

• Small and Medium Businesses
• Large Enterprises

SMEs are likely to experience significant growth with the highest CAGR over the forecast period.

Global Product Analytics Market - By End User:

• Designers
• Manufacturers
• Sales and marketing professionals
• Consumer Commitment

Global Product Analytics Market - By Vertical:

• Automotive
• Retail and Consumer Goods
• F&B Manufacturing
• Industrial Machines
• Health and Pharmaceutical Products
• Energy and Public Services
• Others

Of these, retail and consumer goods will remain the largest segment over the outlook period. The consumer goods and retail sectors will have a significant market share in the coming years. Analyzing products across this vertical helps suppliers gain an increasingly detailed understanding of consumers, attitudes, and needs, helping them make faster choices in daily activities and offering better execution. Vertically, the focal point of product analysis is the agreements in which analytics have a critical effect pursued by the marketing, account, and store network. Some industry organizations are updating their internal information and decision-making framework significantly. They are generously interested in a combination of cloud-based and on-premise analytics that deliver scalability while using IT operations today.

Global Product Analytics Market - By Region:

• North America
  • The United States
  • Canada
  • Rest of North America
• Europe
  • The United Kingdom
  • Spain
  • Germany
  • Italy
  • France
  • Rest of Europe
• The Asia Pacific
  • India
  • Japan
  • China
  • Australia
  • Singapore
  • Malaysia
  • South Korea
  • New Zealand
  • Southeast Asia
• Latin America
  • Brazil
  • Argentina
  • Mexico
  • Rest of LATAM
• The Middle East and Africa
  • Saudi Arabia
  • UAE
  • Lebanon
  • Jordan
  • Cyprus

North America and Europe are the leading regions to implement product analytics quickly. The increasing adoption of end-user verticals and the presence of leading companies are promoting the expansion of the product analytics market in these areas.

KEY MARKET PARTICIPANTS:

The major companies operating in the global product analytics market include Google, IBM Corporation, Oracle, Adobe, Salesforce.com, Mixing Panel, and Piwik.pro, Amplitude Analytics, Inc ., Heap Inc ., Plytix.com ApS, Pendo.io, Latent view, Kissmetrics, SAP SE, Atlassian, SAS Institute Inc. Teradata, Sisense Inc., Woopra among others.

RECENT HAPPENINGS IN THE MARKET:

• In June 2019, Google announced that it had agreed to acquire Looker with the acquisition, which should be finalized at the end of 2019, and to offer a single platform of services such as analysis and integration of applications in Google Cloud. This acquisition will improve the business analysis capabilities available with Google by helping them establish themselves as the WordPress digital experience platform leader.
• In April 2018, Atlassian announced the opening of a new operational site in Bangalore, India. This facility will focus on R&D and provide customer service in the coming period. This facility will serve as the company’s first presence in the Indian region, helping to strengthen Atlassian’s presence around the world.