The size of the global market for product analytics was USD 5.25 billion in 2020, and it is anticipated to increase at a CAGR of 15.9% between 2021 and 2028, rising from USD 5.93 billion in 2021 to USD 16.69 billion in 2028. The market's response to COVID-19 has been outstanding and unexpected, and during the pandemic, a variety of components have been in high demand throughout the region. According to our research, the global market share increased significantly by 12.6% in 2020 compared to the average annual growth throughout the years of 2017 to 2019.
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Information about the report:
- Forecast Timeframe: 2021-2028
- The starting year is 2020
- Market Size in 2020 - USD 5.25 billion
- The market size in 2030 will be USD 16.69 billion
- CAGR - 15.9%
- Segments Included: according to deployment type, application, enterprise type, sector, and geographic region
The Product Analytics Market is a large and growing sector that covers various aspects, such as market size, market share, market segment, and industry. The total amount of money that service providers make from offering their products to customers is referred to as the market size. Market share is the portion of the market that a single provider or a group of providers controls. The term market segment refers to the different categories of applications based on their functions, features, or target users. The term industry refers to the different sectors or domains that use applications for their business operations or activities.
Analyses of the worldwide Product Analytics Market are conducted across regions, end-user industries, and material types. The study thoroughly examines segments and their sub-segments with tabular and graphic depictions. The segmentation can help investors and market participants create plans based on the report's list of the segments with the highest revenue growth rates.
By Component Analysis,
Based on the component, the market is segmented into software/tools and services. The software/tools are anticipated to command the largest market share for product analytics. The demand for services and goods like Google Analytics, Amplitude Analytics, and others is the main driver of this expansion. The development and delivery of advanced product analytics solutions for a variety of industries, including e-commerce, finance & banking, consumer technology, and others, is being accelerated by key stakeholders.
By End-user Analysis,
Depending on who the market serves, it is divided into e-commerce, fintech, consumer tech, and media. The e-commerce industry is expected to fuel the market during the forecast period. This is mainly because mobile technologies are being adopted more widely and internet usage is skyrocketing along with rising disposable income. Customers are also becoming more assertive and conscious of their needs and available options. To advance e-commerce, they are making financial investments in online retail networks.
By Deployment Analysis,
The best cyber security technologies for an organization include those involving artificial intelligence and machine learning. These technologies are also more vulnerable to malicious attacks because cyber criminals are embracing AI and ML much more quickly than security authorities. Attackers' use of these technologies has an effect on corporate data and assets; this is thought to be a market restraint. The data leak over the internet that unauthorized users can easily access worries the organizations using this service.
By Key Industry Analysis,
Several of the leading companies in the market include Amplitude Inc., Heap Inc., Mixpanel, Pendo.io, Gainsight, Hevo Data Inc., Fullstory Inc., Looker Data Science Inc., PostHog Inc., Indicative Inc., Woopra Inc., and others. Major market players are currently deploying product analytics software that includes advanced analytics, artificial intelligence, and other features. Key market players are also being forced to concentrate on their acquisition strategies as a result of the intensifying competition in the market.
List of Key Companies Profiled:
- Amplitude Inc. (California, U.S.)
- Heap, Inc. (California, U.S.)
- Mixpanel (California, U.S.)
- Pendo.io (North Carolina, U.S.)
- Gainsight (California, U.S.)
- Hevo Data, Inc. (California, U.S.)
By Region
In terms of geography, the market is divided into five key areas: North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Due to the early adoption of cutting-edge technologies, its stable economic environment, and its high adoption of digital technology, North America is predicted to have a sizable market share. Major corporations like Amplitude, Inc., Heap, Inc., Mixpanel, Pendo.io, Indicative Inc., and others have also aided in the progress of the area. Additionally, significant companies' increased investment to expand globally is projected to fuel market expansion in North America.
The study report provides a thorough analysis of the “Product Analytics Market” size globally, including regional and country-level market size analysis, CAGR estimation of market growth during the forecast period, revenue, key drivers, competitive background, and sales analysis of the payers. The paper also discusses the principal risks and challenges that will be encountered over the projected period. The Product Analytics Market is divided into two categories: type and application. Players, stakeholders, and other participants in the global Product Analytics Market industry will be able to gain the upper hand by using the study as a valuable resource.
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