Product Analytics Market with COVID-19 Impact Analysis by Component, Mode, End-user, Deployment Mode, Organization Size, Vertical & Region - Global Forecast to 2026 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Product Analytics Market with COVID-19 Impact Analysis by Component, Mode (Tracking Data, Analyzing Data), End User (Sales & Marketing Professionals, Consumer Engagement), Deployment Mode, Organization Size, Vertical, & Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

The global product analytics market size to grow from USD 9.6 billion in 2021 to USD 25.3 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 21.3% during the forecast period.

Various factors such as growing need to improve customer behavior management to deliver personalized recommendations of products, increasing demand for advanced analytics tools to ensure market competitiveness, and growing adoption of big data and other related technologies are expected to drive the adoption of product analytics solutions and services.

COVID-19's global impact has shown that interconnectedness plays an important role in international cooperation. As a result, several governments started rushing toward identifying, evaluating, and procuring reliable solutions powered by AI. Advanced analytics and AI are invaluable to organizations managing uncertainty in real-time, but most predictive models rely on historical patterns. The use of advanced analytics and AI has accelerated in the COVID-19 pandemic period. This has helped organizations engage customers through digital channels, manage fragile and complex supply chains, and support workers through disruption to their work and lives. At the same time, leaders have identified a major weakness in their analytics strategy: the reliance on historical data for algorithmic models.

The cloud segment to have the largest market size during the forecast period

By deployment mode, the product analytics market has been segmented into on-premises and cloud. The market size of the cloud deployment mode is estimated to be the largest and projected to have the highest CAGR during the forecast period. The cloud-based deployment helps businesses more efficiently process and report data findings, enhance collaboration, and enable decision-makers to get faster access to business intelligence leading to its higher adoption in the product analytics market.

The SMEs segment to hold higher CAGR during the forecast period

The Product analytics market has been segmented by organization size into large enterprises and SMEs. The market for SMEs is expected to register a higher CAGR during the forecast period as cloud-based solutions and services help them improve business performance and enhance productivity. Whereas the large enterprises segment is expected to hold a larger market share in the product analytics market during the forecast period due to the affordability and the acceptance of emerging technologies.

Among regions, APAC to hold higher CAGR during the forecast period

APAC is expected to grow at a good pace during the forecast period. Opportunities for smaller analytics vendors to introduce product analytics solutions for numerous sectors have also increased. All these factors are responsible for the expeditious growth of the product analytics market in the region. Companies operating in APAC continue to focus on improving customer services to drive market competitiveness and revenue growth. China, Japan, and South Korea have displayed ample growth opportunities in the product analytics market.

Market Dynamics

Drivers

• Growing Need to Improve Customer Behavior Management to Deliver Personalized Recommendation of Products
• Increasing Demand for Advanced Analytics Tools to Ensure Market Competitiveness
• Growing Adoption of Big Data and Other Related Technologies

Restraints

• Growing Concerns Over Data Privacy and Security

Opportunities

• Rising Demand for Real-Time Analytics Solutions
• Product Analytics and Intelligence Tools to Play a Key Role in the Post-COVID-19 Era

Challenges

• Integration of Data from Data Silos
• Reluctance to Adopt Advanced Analytical Technologies

Companies Mentioned

• Adobe
• Amplitude
• Auryc
• Copper
• Countly
• Cux.Io
• Gainsight
• Google
• Growthsimple
• Heap
• IBM
• Innertrends
• Kissmetrics
• Latentview Analytics
• Logrocket
• Medallia
• Mixpanel
• Omnipanel
• Oracle
• Pendo
• Piwik Pro
• Plytix
• Productlift
• Quantum Metric
• Refiner
• Riskedge Solutions
• Salesforce
• Smartlook
• Useriq
• Veritone
• Woopra

For more information about this report visit https://www.researchandmarkets.com/r/6f62nm