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Product Analytics Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component, Deployment, Mode, and Vertical

·4-min read

The global product analytics market is expected to grow from US$ 9,165. 5 million in 2021 to US$ 28,090. 5 million by 2028; it is estimated to grow at a CAGR of 17. 4% from 2021 to 2028. Customer service is significant for a company’s success.

New York, June 23, 2022 (GLOBE NEWSWIRE) -- announces the release of the report "Product Analytics Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component, Deployment, Mode, and Vertical" -
Customers base 70% of their purchasing decisions on how effectively they are served.

Predicting customer wants is a matter of serious concern for organizations to provide efficient solutions and ensure customer satisfaction.As a result, to deliver individualized service to every consumer, successful businesses rely on product suggestion engines.

By using consumer behavior and maximizing customer care efforts, the correct product recommendation tool can help organizations boost the potential returns of their marketing efforts.According to a Harvard Business Review analysis, personalization can yield five to eight times the return on marketing spend and increase sales by 10% or more.

Retailers can use predictive suggestions to send the appropriate offer to the right shopper at the right moment. As a result, there will be a higher conversion rate and more money spent on each transaction. As per a study, personalized product recommendations generate up to 31% of eCommerce site revenue because intelligent product recommendations allow for natural, logical upsell and cross-sell opportunities. Their actions and history indicate the client’s interest, and the product recommendation tool matches that behavior with the appropriate recommendations. Small transactions grow into larger ones, and clients, who previously had no intention of making a purchase, now have a strong desire to do so. This shows how important is product analytics in understanding customer behavior.

Asia Pacific Product Analytics market is one of the most significant regions with respect to the adoption of product Analytics.As customers make informed buying decisions, excellent customer service has become the key to success for Asia Pacific (APAC) businesses.

Hence, businesses in the region rely on product recommendation engines to provide personalized service to customers.This helps companies increase the potential RoI by optimizing their customer service efforts.

Product analytics tools help retailers deliver the right products at the right time.Industry experts suggest that up to 31% of eCommerce site revenue is generated from personalized product recommendations.

Therefore, the demand for product recommendation tools that automatically pair customer behavior with suitable suggestions is significantly growing. Government investments and public-private partnerships in the region enable product analytics market players to bring the analytics revolution to product development teams. Hyper-focused strategies on delivering maximum value for customers are bolstering the product analytics market growth. The increasing focus on the design and development of solutions that help understand how users engage with websites and apps helps companies unlock valuable data insights and accelerate improvements in the customer experience. Asia Pacific product analytics market is observing a significant rise in the number of leading product analytics providers with best-in-class UI and a solid product-led growth strategy favorable for the market growth. These companies are also providing free products analytics certification courses to educate course attendees about their solutions and services. Other initiatives by the regional product analytics market players include, as in December 2020, Pendo, a platform that helps accelerate digital product adoption among customers, established its offices in Tokyo and Sydney, intending to expand in APAC. Robust technology ecosystems, digital transformation, and impressive talent pools in Japan and Australia encourage the company to expand into this region. Furthermore, Pendo’s product analytics, in-app guidance, and product planning and feedback tools will enable companies to enhance employee productivity and customer satisfaction

Amplitude; Gainsight; Heap Inc.; IBM Corporation; Kissmetrics; Mixpanel; Pendo.Io; LogRocket, Inc; Smartlook; Useriq are the key companies operating in the Product Analytics market. The report comprises secondary research work on other companies that hold a significant product analytics market share.

The overall Product Analytics market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the product analytics market.

The process also serves the purpose of obtaining an overview and forecast for the Product Analytics market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the topic.

The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Product Analytics market.
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