PUBLISHER: Allied Market Research | PRODUCT CODE: 1225024
PUBLISHER: Allied Market Research | PRODUCT CODE: 1225024
Product analytics is the process of analyzing how users interact with a product or service. Companies use product analytics to track, analyze, and visualize the user's experience. This helps teams optimize product features based on user data and feedback. In addition, product analytics can answer different types of questions ranging from trends to analyzing feature adoption or user engagement over time, to visualizing intricate experiences and user flows inside or outside the product. Analyzing trends over time is one of the most commonly used types of reporting in product analytics.
It helps companies visualize whether feature adoption is increasing or decreasing over time. Such advantages provide the lucrative opportunities for the market growth during the forecast period. Furthermore, many organizations such as government, retail, and other sectors are adopting product analytics due to surge in demand for digitization. This factor creates lucrative growth opportunities in the market.
Factors such as a shift to algorithm-based analysis for more advanced analytics, and the emergence of opinionated analytics, thus drives the growth of the market. In addition, the increase in requirement to enhance customer behavior management to provide personalized recommendations of products is projected to fuel the adoption of the product analytics market during the forecast period. However, security & privacy concerns among enterprises hamper the growth of the market. Furthermore, the increased use of modern technologies such as Big Data, Machine Learning (ML), Artificial Intelligence (AI), and other analytical technologies, are expected to provide the lucrative growth opportunities for the market in the upcoming years. Moreover, growing demand for cloud-based analytical solutions and managed platforms and rise of digitalization, will create significant opportunities for the market growth in the future.
The product analytics market is segmented on the basis of component, deployment mode, application, end-user, industry vertical, and region. By component, it is bifurcated into software and services. By deployment mode, it is divided into on-premise, and cloud. On the basis of application, it is categorized into design and manufacturing, sales and marketing and consumer engagement. By end user, the market is segregated into small & medium-sized enterprises and large enterprises. By industry vertical, the market is classified into IT and telecommunication, BFSI, manufacturing, consumer goods and retail, media and entertainment, healthcare, energy and utility and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The market players operating in the product analytics market are Adobe Inc., Alphabet Inc., Amplitude, Inc., IBM Corporation, LatentView Analytics, Medallia Inc., Mixpanel, Oracle Corporation, Pendo.io Inc. and Salesforce, Inc.. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which help to drive the growth of the product analytics market globally.
By Component
By Deployment Mode
By Application
By End User
By Industry Vertical
By Region