Product Analytics Market Key Players and Opportunities by 2031

The product analytics market size is projected to reach US$ 36.74 billion by 2031 from US$ 9.16 billion in 2023. The market is expected to register a CAGR of 19.0% during 2023–2031. The increasing need for enhanced customer behavior management services and the rise in the usage of advanced technologies are likely to be the key drivers and trends of the market.

Product Analytics Market Analysis

The product analytics market is experiencing significant growth globally. This growth is attributed to factors such as the increasing need for enhanced customer behavior management services and the rise in usage of advanced technologies. Moreover, the surge in demand for cloud-based analytical solutions is anticipated to hold several opportunities for the product analytic market.

Product Analytics Market Overview

Product analytics is the method of analyzing how users retain with a product or service. It enables product teams to analyze, track, visualize, user engagement and behavior data. Teams use this data to optimize and improve a product or service.

Product Analytics Market: Strategic Insights

Product Analytics Market Drivers and Opportunities

Increasing Need for Enhanced Customer Behavior Management Services to Favor Market

The increasing need for enhanced customer behavior management services is indeed driving the product analytics market as several businesses understand individual customer preferences and behaviors to customize personalized experiences. Several companies in the market offer product analytics for enhanced customer behavior. For instance, in March 2023, Adobe unveiled new Adobe Product Analytics in Adobe Experience Cloud. The new application reimagines the product analytics category by unifying customer journey insights across marketing and products. For the first time, teams focused on customer experiences can benefit from a truly unified view of the customer and collaborate seamlessly across an organization, driving profitable growth as a result.

Surge in Cloud-Based Analytics Solutions.

A surge in solutions cloud-based analytics solutions can drive the product analytics market in several ways. As cloud-based solutions offer scalability, allowing businesses to easily adjust their analytics capabilities based on demand. Furthermore, many companies offer cloud-based analytics solutions. For example, SAP Analytics Cloud solution, part of SAP Business Technology Platform many companies are empowering people of all ranks and skill sets to make decisions that lead to consequential outcomes for their business and community.

Product Analytics Market Report Segmentation Analysis

Key segments that contributed to the derivation of the product analytics market analysis are component, deployment, mode, and vertical.

• Based on components, the product analytics market is divided into solutions and services. The solutions segment is anticipated to hold a significant market share in the forecast period.
• Based on deployment, the product analytics market is divided into tracking data and analyzing data. The tracking data segment is anticipated to hold a significant market share in the forecast period.
• By vertical, the market is segmented into retail and consumer goods, food and beverages, healthcare and pharmaceuticals, energy and utilities, automotive, manufacturing, and others. Retail and consumer goods are anticipated to hold a significant market share in the forecast period.

Product Analytics Market Share Analysis by Geography

The geographic scope of the product analytics market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

North America has dominated the product analytics market. High technology adoption trends in various industries in the North American region have fuelled the growth of the product analytics market. Factors such as increased adoption of digital tools and high technological spending by government agencies are expected to drive the North American product analytics market growth. Moreover, a strong emphasis on research and development in the developed economies of the US and Canada is forcing the North American players to bring technologically advanced solutions into the market. In addition, the US has a large number of product analytics market players who have been increasingly focusing on developing innovative solutions. All these factors contribute to the region's growth of the product analytics market.

Product Analytics Market Regional Insights

The regional trends and factors influencing the Product Analytics Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Product Analytics Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Product Analytics Market Report Scope

Product Analytics Market Players Density: Understanding Its Impact on Business Dynamics

The Product Analytics Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Product Analytics Market News and Recent Developments

The product analytics market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the product analytics market are listed below:

• Instructure, the leading learning technology ecosystem and maker of Canvas LMS, launched Intelligent Insights, a new product powered by AI and analytics, unlocking a level of self-service reporting capabilities generally unavailable to educational institutions. (Source: Instructure Company Website, June 2024)
• LSEG (London Stock Exchange Group) and Dow Jones announced a new, multi-year data, news, and analytics partnership. Dow Jones to embed LSEG’s world-class data and analytics capabilities across digital and print properties, including The Wall Street Journal, Barron's, Investor’s Business Daily and MarketWatch. (Source: LSEG Company Website, July 2024)

Product Analytics Market Report Coverage and Deliverables

The “Product Analytics Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Product analytics market size and forecast at global, regional, and country levels for all the key market segments covered under the scope.
• Product analytics market trends as well as market dynamics such as drivers, restraints, and key opportunities.
• Detailed PEST/Porter’s Five Forces and SWOT analysis.
• Product analytics market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments.
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the product analytics market.
• Detailed company profiles.