The Global Product Analytics Market size is expected to reach $29. 7 billion by 2027, rising at a market growth of 20% CAGR during the forecast period. Product analytics refers to specialized business intelligence (BI) and analytical software.
New York, Aug. 31, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Product Analytics Market By Component, By Vertical, By Enterprise Size, By Deployment Type, By End User, By Regional Outlook, COVID-19 Impact Analysis Report and Forecast, 2021 - 2027" - https://www.reportlinker.com/p06131633/?utm_source=GNW
Several industries are keeping an eye on the user experience related to the products to acquire quantitative understanding; thus, it is estimated that there will a surge in the adoption of product analytics.
Product analytics is very helpful for manufacturers as it allows to estimate defects in products by examining product returns, customer feedback, warranties, information from connected sensors, and service reports. In addition, it is also employed to identify designs in the utilization of products, connect every opportunity to customers, and find out future possibilities for product developments. Additionally, product analytics offers a feature that combines feeds from social media channels to monitor feedbacks related to products, which assists companies to enhance their services and products.
The key factor propelling the growth of the product analytics market is the growing adoption of advanced technologies like Artificial Intelligence (AI), Machine Learning (ML), Big Data, and other analytical technologies via product-specific industries like the manufacturing industry. Besides this, product analytics solutions assist manufacturers to obtain a comprehensive understanding of consumer needs and thoughts about products, which will help the manufacturers in taking faster decisions in everyday business and offer an enhanced implementation. These aspects are accountable for the upsurge in the growth of the market. Though, the growing concerns related to confidential data are an issue that may hamper the growth of the market. The growing demand for the managed platform and cloud-based analytical solutions would create a lucrative growth opportunity for the product analytics market.
The outbreak of the COVID-19 pandemic displayed that correlation plays a vital role in international cooperation. Due to this, various governments have begun to identifying, acquiring, and evaluating trustworthy solutions driven by Artificial Intelligence. Artificial Intelligence and advanced analytics are priceless tools for enterprises as they manage instability in real-time, whereas several predictive models are still depending on historical patterns. During the coronavirus pandemic, the utilization of artificial intelligence and advanced analytics has increased. These tools assisted enterprises in managing complex & fragile supply chains, supporting workers, and engaging customers through digital channels. Simultaneously, key players have recognized a main loophole in their analytics strategy that is trusted on historical data for algorithmic models.
Based on Component, the market is segmented into Solution and Services. It is estimated that the services segment will display a major growth rate over the forecast period. These services play an important role in the swift & efficient implementation of product analytics solutions, which increases the value of the enterprise investments and in the functioning of these solutions. The increase in the deployment of these solutions is anticipated to surge the implementation of managed and professional services.
Based on Vertical, the market is segmented into Retail & Consumer Goods, IT & Telecom, Healthcare & Pharmaceuticals, Automotive, Media & Entertainment, BFSI, Manufacturing and Others. The retail and consumer goods are expected to obtain the maximum revenue share over the forecast period. The factors such as the higher requirement to improve customer experience & customer retention, the growing potential value of various customer segments, and increasing emphasis of retailers on core business are responsible for the growth of this segment.
Enterprise Size Outlook
Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Enterprise. The small & medium enterprises segment would display a promising growth rate over the forecast period. With the help of Cloud-based solutions and services, small & medium enterprises are empowered to enhance their business performance and increase productivity.
Deployment Type Outlook
Based on Deployment Type, the market is segmented into Cloud and On-premise. The Cloud market dominated the Global Product Analytics Market by Deployment Type 2020, and would continue to be a dominant market till 2027. The On-premise market is expected to witness a CAGR of 16.2% during (2021 - 2027).
End User Outlook
Based on End User, the market is segmented into Manufacturers, Sales & Marketing Professionals, Consumer Engagement and Designers. The manufactures segment is expected to dominate the global market over the forecast period. The manufacturers and designers mutually accounted for the significant revenue share of the market, as the implementation of product analytics in the pre-manufacturing section is extremely high.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. North America is expected to garner the highest revenue share of the global product analytics market during the forecast period. The key factor like rising technological advancements is supporting the growth of the regional product analytics market. Moreover, the increase in the number of product analytics players around this region would further fuel the growth of the regional market.
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Google, Inc. is the forerunner in the Product Analytics Market. Companies such as IBM Corporation, Amplitude, Inc., and Adobe, Inc. are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Oracle Corporation, Google, Inc., Salesforce.com, Inc., Adobe, Inc., Medallia, Inc., Gainsight, Inc., Veritone, Inc., Amplitude, Inc., and Pendo.Io, Inc.
Recent strategies deployed in Product Analytics Market
Partnerships, Collaborations, and Agreements:
May-2021: Google Cloud formed a partnership with Vodafone Group, a leading technology communications company. Together, the companies would develop data services and drive the usage of reliable and safer data analytics, insights, and learnings to complement the launch of the latest digital products & services for Vodafone customers simultaneously across the globe.
Apr-2021: Adobe entered into a partnership with Capgemini, a French multinational information technology services and consulting company. This partnership intended to introduce more solutions, which helps customers to become more data-centric and make value via better knowledge of customer journeys. Together, the companies’ joint approach allows customization at scale, utilizing data & analytics to develop experiences at the micro-level and also leveraging AI & automation to carry out at speed worldwide.
Mar-2021: Oracle entered into a partnership with Saama Technologies, an AI-powered clinical analytics cloud platform company. In this partnership, Saama would combine its smart applications with the Oracle Health Sciences Clinical One platform. This partnership would also enable pharmaceutical organizations with AI-driven real-time insights to boost the speed of their clinical trials.
Mar-2021: Oracle teamed up with Red Bull Racing Honda, a Formula One racing team. This collaboration aimed to Elevate Data Analytics in Formula 1, where Red Bull would leverage the machine learning and data analytics offerings of Oracle Cloud Infrastructure (OCI) to maximize how data is utilized across its business; from on-track activities to giving more data in the hands of the Team’s global fan base.
Feb-2021: IBM entered into a partnership with Palantir Technologies, developer of software to analyze information. Under this partnership, IBM’s hybrid cloud data platform developed to provide AI for business would integrate with Palantir’s next-generation operations platform for building applications. The product would streamline the way companies make and implement AI-infused applications with IBM Watson and assist customer access, evaluate, and take action on the huge amounts of data, which is scattered across the hybrid cloud surroundings.
Feb-2021: Google Cloud extended its partnership with Twitter, an American microblogging and social networking service. Through this expansion, Twitter would shift its offline data processing, analytics, and machine learning workloads to Google’s Data Cloud and would adopt Google’s Data Cloud that includes Dataflow, BigQuery, BigTable, and machine learning (ML) tools to draw more sense of, and enhance, the way Twitter features are utilized.
Jan-2021: Veritone came into partnership with Alteryx, an American computer software company. In this partnership, Veritone joined Alteryx’s Partner Alliances program, combining aiWARE with the Alteryx platform to enable Alteryx clients to transform unstructured data into more actionable intelligence and valuable insights.
Oct-2020: IBM collaborated with Vodafone Idea Limited, an Indian telecom operator. In this collaboration, IBM Services got selected to assist Vodafone Idea Limited incorporates open source at scale over the company by deploying the Big Data Platform on open-source Hadoop framework. In addition, IBM would help in improving the network security of Vodafone. With the IBM team’s expertise, Vodafone would achieve its target of decreasing the total cost of data analytics.
Oct-2020: Adobe formed a partnership with Alteryx, an American computer software company. This partnership aimed to offer marketers access to the latest analytics and data science solutions via Adobe Exchange. Together, the companies would allow companies to automate marketing analytics to get fast analytics-driven results.
Oct-2020: Adobe came into partnership with Dentsu, a multinational media and digital marketing communications company. The partnership aimed at market-leading integrations, which bring together the strengths of Merkury and Adobe Experience Cloud across identity resolution & audience management.
Oct-2020: Medallia partnered with Quantum Metric, a SaaS platform. This partnership aimed to allow companies to provide enhanced customer experiences based on the knowledge of the complete 360 degree digital customer journey.
Acquisition and Mergers:
May-2021: Amplitude completed the acquisition of Iteratively, a leader in data planning and instrumentation. This acquisition aimed to expand Amplitude’s leading data management portfolio that empowers users with a solution for making data for analytics and customization, which couples with their prevailing built-in offerings for solving identities, combining data sources, and governing quality and access.
Mar-2021: Medallia took over Decibel, a digital experience analytics solution. Through this acquisition, Medallia’s top-leading customer experience and engagement platform would effortlessly incorporate unsolicited digital feedback, always-on, offering a comprehensive view of all customers and prospective clients at every point of their journey over every channel. This acquisition would add crucial digital journey and experience offerings, delivering even more value to customers and prospects.
May-2020: Medallia acquired Voci Technologies, a software company. Under this acquisition, Voci’s AI and deep learning offerings coupled with Medallia Experience Cloud would deliver customers with deep, precise insights from customer calls that include sentiment, emotion, and voice biometric identity allowing contact centers to run at substantially higher levels.
Mar-2020: Amplitude completed the acquisition of ClearBrain, a San Francisco-based predictive analytics company. This acquisition enabled Amplitude to provide its users the ability to forecast which products, features, or campaigns would be successful without doing conventional A/B testing, wherein one version is launched and then a distinct version is provided to observe which resonates the most with customers.
Product Launches and Product Expansions:
Jun-2021: Amplitude launched Amplitude Experiment, the industry’s first experimentation solution powered by customer behavior and product analytics. This solution offers companies an end-to-end experimentation and delivery workflow, which combines customer data into each step from producing a hypothesis to targeting customers to calculate outcomes.
May-2021: IBM announced the advancements in artificial intelligence (AI), quantum computing, and hybrid cloud. These innovations showcased IBM’s role in enabling its customers and partners to boost their digital transformations, return to work smarter, and make strategic ecosystems, which can drive better business results.
May-2021: Google unveiled three latest solutions in its database and data analytics portfolio, Datastream, Dataplex, and Analytics Hub. These services are developed to assist companies to break free from data silos to forecast business results and make informed decisions.
May-2021: Veritone introduced Veritone’s Interaction Analytics solutions. These solutions are powered by Veritone’s proprietary aiWARE pre-configured AI solutions for interactive intelligence, which automatically generate more insights from customer interactions like texts, chats, social streams, emails, images, voice calls, and videos in near-real-time, helping in better decision-making and also generating more revenues, decreasing operations costs and enhancing customer satisfaction.
Apr-2021: IBM launched the latest capabilities for IBM Watson developed to enable companies to make trustworthy AI. Such capabilities would expand Watson tools developed to enable companies in governing and explaining AI-led decisions, improving insight precision, reduce risks and fulfill their privacy & compliance needs.
Apr-2021: Adobe introduced a Real-time Customer Data Platform. Through this platform, customers can integrate, match, and evaluate data at any point in the consumer journey by utilizing Adobe Analytics. The platform integrates all the things together to deliver real-time data based on actual 360-degree customer perspectives. In addition, it also utilizes attribution to decide what will drive each conversion and assign resources accordingly.
Apr-2021: Amplitude unveiled the industry’s first Digital Optimization System. This system aims to manage, calculate and maximize the business value of digital product innovation.
Apr-2021: Gainsight launched Horizon Analytics, which provides robust new reporting and analytics offerings to its Customer Success software platform. This product assists customers to uncover faster insights, take better and informed business decisions with precision and relevant reporting, and enhances retention and growth by enabling company-wide customer-centricity.
Jan-2021: Google released Product Discovery Solutions for the retail sector. This portfolio would improve the retailer’s eCommerce offerings and offer a better customer experience. These solutions would bring together AI algorithms and search service, Cloud Search for Retail that leverages Google Search technology to empower retailers’ product-finding tools.
Dec-2020: Oracle introduced the Oracle MySQL Database Service with embedded MySQL Analytics Engine, improved for Oracle Cloud Infrastructure (OCI). This new service would help OCI customers to operate the advanced analytics directly against their operational MySQL databases without the requirement of complicated data integration with a disparate analytics database.
Sep-2020: Salesforce unveiled Digital 360, which brings together main components and latest innovations in the Salesforce Customer 360 platform. This platform would help digital leaders to transform their customer engagement and boost their growth in the all-digital, work-from-anywhere across the globe. Digital 360 consists of expert services, a wide partner ecosystem, and also latest learning resources on Trailhead.
Sep-2020: Pendo unveiled Pendo Free, a free version of Pendo. This version provides product managers access to use analytics and in-app guidance offerings, everything they require to answer the main question.
Jun-2020: Google launched new tools for newsrooms. These tools help in understanding their online audiences and the way those audiences feed into their whole business. In addition, Google introduced version 2.0 of both News Consumer Insights and Realtime Content Insights and also added the latest feature called the News Tagging Guide.
Jun-2020: Amplitude introduced its new milestone analysis capability. Amplitude’s no-code milestone analysis helps in empowering product teams to determine the exact moments in the customer journey, which change new customers into high-value customers. By recognizing such key milestones, product teams can design product experiences to make sure that more customers are fulfilling these milestones, which boosts growth.
Scope of the Study
Market Segments covered in the Report:
• Retail & Consumer Goods
• IT & Telecom
• Healthcare & Pharmaceuticals
• Media & Entertainment
By Enterprise Size
• Large Enterprises
• Small & Medium Enterprise
By Deployment Type
By End User
• Sales & Marketing Professionals
• Consumer Engagement
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• IBM Corporation
• Oracle Corporation
• Google, Inc.
• Salesforce.com, Inc.
• Adobe, Inc.
• Medallia, Inc.
• Gainsight, Inc.
• Veritone, Inc.
• Amplitude, Inc.
• Pendo.Io, Inc.
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