Global Product Analytics Market

Product Analytics Market Size, Share, Growth Analysis, By Component, By Deployment, By Organization size, By Mode, By Region - Industry Forecast 2025-2032

Report ID: SQMIG45A2388 | Region: Global | Published Date: December, 2024
Pages: 168 | Tables: 86 | Figures: 66

Product Analytics Market News

  • In March 2024, Accenture announced the completion of the acquisition of GemSeek, which is a provider of customer experience analytics and helps understand the customers of global enterprises through insights, analytics, and AI-powered predictive models. The goal of the acquisition is to improve the customer experience and enhance the performance of the product.
  • In March 2024, Oracle launched Oracle Analytics Server. The update delivers more than a hundred new features that help every user to have a better analytics experience. The new capability allows customers to derive deeper insights from the data and make better decisions that can drive better business results.
  • In February 2024, Medallia Inc., announced the launch of four new solutions that help to personalize customer and employee experience. The solutions are Ask Athena, Intelligent Summaries, Smart Response, and Themes. Each of the four solutions are complimentary to the Medallia customers and will be available via the Medallia Experience Cloud.
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Product Analytics Market size was valued at USD 9.23 Billion in 2023 and is poised to grow from USD 10.7 Billion in 2024 to USD 30.06 Billion by 2032, growing at a CAGR of 15.9% during the forecast period (2025-2032).

Competition in product analytics is driven by the endeavors of companies playing in the space to widen their customer base and surpass their competitors. As a result, many companies adopt a range of strategic moves such as partnerships, mergers & acquisitions, product/ technology development, and collaborations. It is not feasible for companies to continue to dominate the product analytics market for an extended period by relying only on a singular product. This case is obvious as a consequence of the rapid evolution of technology and the shift in customer expectations. In the process of rapidly shifting business environment to succeed, several industrial and retail companies now implement different business processes such as the convergence of technology. 'Accenture ', 'Adobe Inc. ', 'Google LLC ', 'International Business Machines Corporation ', 'LatentView Analytics ', 'Medallia Inc.(Thoma Bravo) ', 'Mixpanel ', 'Oracle ', 'Salesforce, Inc. ', 'Veritone, Inc. ', 'Pendo ', 'Amplitude ', 'Gainsight ', 'Heap ', 'Mixpanel ', 'Useriq ', 'Latentview Analytics ', 'Countly ', 'Plytix ', 'Riskedge Solutions'

The use and demand for product recommendation engines, which offer personalized service to the end-users, are growing day by day. Through recommendations, these tools help organizations to optimize customer behavior and service resulting in the maximum potential of marketing efforts. The end-user’s interest expressed by their history and their behavior enables the product recommendation tool to automatically pair that behavior with the right recommendation. Hence product analytics plays a key role in analyzing customer behavior.

Integration of AI and Advanced Analytics with Product Analytics: Product analytics software powered by artificial intelligence and advanced analytics helps organizations whose product teams analyze, visualize, and track customer behavior and engagement data. It also allows these organizations’ product managers and teams to assess and identify the impact of the digital experiences they create. The data is also critical in calibrating experiences for exceptional performance, diagnosing problems, and correlating customer behavior with long-term value.

North America has dominated the market revenue share in 2023. High internet penetration and the burgeoning e-commerce sector in North America are heavily dependent on product analytics to study and understand customer behavior, personalize the shopping experience, as well as optimize marketing strategies. The financial services sector in North America seems to be leveraging product analytics to enhance fraud detection, enabling the personalization of financial products, and enhancing customer services experience. The US is home to a highly advanced technology infrastructure, including widespread internet access, smartphone usage, and increasing connectivity across devices. Moreover, this infrastructure generates massive volumes of data, thereby driving the demand for product analytics solutions.

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Global Product Analytics Market

Report ID: SQMIG45A2388

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