Product Analytics Market Analysis Basis of Type(Cloud-based and web-based), Basis of Application(SMEs and Large Enterprises) & Forecast
- PUBLISHED ON
- 2024-10-03
- NO OF PAGES
- 221
- CATEGORY
- Retails & Consumer
The global Product Analytics market is anticipated to grow from 6.89 billion in 2022 to 20.78 billion by 2030. Product analytics is the process of analyzing how users engage with a product or service by allowing businesses to track, visualize, and analyze user behavior data. Companies across the globe utilize this data to improve and optimize their product portfolio. Product analytics helps companies to get a quantitative understanding of what users are doing with their product, and to get an aggregated view of how many users use or reuse a feature. In-product analytics enables company officials to pay off empathy debt with qualitative feedback gathered through concept testing or with quantitative data collected in-product with product analytics. Growing popularity of dashboard testing, is helping businesses make informed product decisions. Product analytics deepens that understanding to understand what users really want.
Product Analytics Market Drivers:
Features of product analytics are bolstering the growth of the market. Features such as acquisition to gather information about the background of customers and their preferences regarding a product, customer experience and customer retention ate some of the major factors driving the growth of the product analytics market. A product analytics software offers further benefits such as tracking can be automatically applied to user actions, Profiles let establish user categories around criteria, and dashboards allow users to visualize data in useful and revealing ways. This helps team leaders, developers, UX designers, or growth managers to keep their teams informed about the customer behavior patterns and make informed decisions. Such advantages of deploying a product analytics tool to enhance business growth is propelling the growth of the market.
Product Analytics Market Segmentation:
On the basis of type, the global Product Analytics market is segmented into cloud-based and web-based. On the basis of application, the global Product Analytics market is segmented into SMEs and large enterprises.
Geography:
On the basis of region, the global Product Analytics market is segmented into North America, Middle East & Africa, Europe, Asia Pacific, and South America. North America is projected to capture a substantial revenue share in the global Product Analytics market over 2022-2030. The growth is attributable to the existence of multiple tech giants and the early adoption of the new technology in regions of US, Canada, and Mexico.
Impact of COVID-19 on the global Product Analytics Market:
The Covid-19 pandemic significantly increased the adoption of Technologies across the globe. The crisis negatively impacted various businesses and disrupted the global supply chain. However, as the economies started to recover from the adverse impacts, product analytics deployments witnessed a rapid acceleration. In the post COVID-19 scenario automation and efficiency of industry verticals are rapidly improving for business that are actively embracing digitalization. The pandemic has encouraged global businesses to rely on industry 4.0 technologies, most importantly IoT to increase productivity. Data management, and continuity are some of the major factors that is bolstering the growth of the Product Analytics market in the post pandemic era.
Impact of the Russia-Ukraine War on the global Product Analytics Market:
The global supply chains are disrupted by the Russia-Ukraine conflict in the same way as the it did when the COVID-19 pandemic first surfaced. There has been a significant rise in the transportation costs, gas prices, and electricity rates as a result of the Russia Ukraine war. Due to the increased energy costs, companies are forced to raise prices. The supply of commodities is substantially disrupted in regions such as US, Europe, and China. The conflict has accelerated the chip shortage and raw materials such as neon and palladium used in semiconductor manufacturing. Russia and Ukraine are the two major producers of neon and palladium. The countries produce more than 50% of the aforementioned raw materials. Due to the war the industries that are completely dependent on Russia and Ukraine for raw material are incurring huge losses and are unable to find an alternative supplier soon. The continuation of the conflict is likely to further delay IIoT hardware production and sales which is anticipated to slow down the accelerated deployment of the Product Analytics. This is estimated to negatively impact the global market growth.
Key Company Profiles:
The key market players in the global Product Analytics market are Sisense, Amplitude, Looker, Heap Analytics, Atlassian, and Woopra.
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Case Study- Automotive Sector
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
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The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
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In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Case Study- ICT Sector
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
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