Product Analytics Market Segmented By Cloud-based, On-premise Product Analytics Platform and Implementation & Integration, Consulting, Support & Maintenance Services
Industry: IT and Telecommunication
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Report Type: Ongoing
Report ID: PMRREP32610
Product Analytics is a set of tools which allow product teams and manager to assess the performance of digital experience they build. Product analytics helps to diagnose problems, optimize the performance and correlate customer activity with long-term value.
Products analytics is used for making data-driven decision, increase activation, measure & run experiments, increase retention, to understand the customers and craft captivating digital experiences.
According to latest research, Product Analytics market is estimated to reach around 18 Bn in 2031 with an expected CAGR of 15%. Adoption of technologies like machine learning, big data testing, AI by product specific industries like manufacturing is driving the demand for product analytics.
Enterprises are focusing on flexible data analysis based on their business requirements. That is, enterprises are seeking efficient advisory services while starting out, but striving to take ownership as quick as possible in the future. Enterprises are ensuring that their analytics model is compatible with the way their customers converse, to capture key insights.
Enterprises are dedicatedly using the results obtained via analytics tools and are turning the data into actionable meaningful information. This adds value to both, the business and the customers. Enterprises are adopting technologies like big data, AI, ML as these technologies increases the functionality of business intelligence applications.
These technologies break the large volume of data into granular insights which are used by enterprises to better understand the value of smaller component in large picture. However, the demand for product analytics is increasing as the product analytics make the information valuable by combining all information resources into single sorted out view.
Businesses are focusing towards products and services which are customer centric and focusing on customer first approach. Businesses around the world are looking forward to improve the customer experience management as customers demand better service, price, and convenience, the digital platform for modern engagement.
Businesses are exploiting digital touch points with product analytics solutions to find the meaningful insights in the customer’s information. Therefore, enterprises around the globe are focusing on enhancing customer engagement and experience through digital, social and mobile support channel.
Businesses are streamlining the customer engagement process by delivering the quality support and right information to the customers at the right time and therefore, due to this factor, the product analytics market is expected to witness high growth rates.
Organizations in the region are progressively adopting analytics software solutions integrated with deep learning technologies. These deep learning analytics software solutions feature improved adaptability to different languages and domains. Such solutions also reduce maintenance expenditure and improve analytical accuracy.
The integrated deep learning technology automatically deduce the meaning of data and also determine the association. This helps organizations to determine the sentiment associated with the topics.
Enterprises in the region are procuring a new level of insights into what their customers are saying about their products and services, using available analytics solutions. By incorporating analytics, enterprises are matching sentiments from both, negative and positive feedback. Enterprises are progressively analyzing sentiments across various public categories that fit their business.
Also, these solutions are enabling enterprises to receive timely notifications and alerts pertaining to sentiment changes in the marketplace. The enterprises can then align those actionable insights with key customer metrics. This is the primary trend in the North America product analytics market.
Some of the leading manufacturers and suppliers include
Product Analytics vendors adopt various expansion strategies for enhancing their presence and increasing the market share in the global market. The strategies that vendors follow include partnership and collaborations, with other players, merger & acquisitions, Strategic alliances, new product launches, and strengthening of regional and global distribution networks.
By Solution
By Enterprise Size
By Industry
By Region
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.
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