Dublin, Sept. 02, 2021 (GLOBE NEWSWIRE) -- The "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" report has been added to ResearchAndMarkets.com's offering.
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. 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 is expected to create a lucrative growth opportunity for the product analytics market.
COVID-19 Impact Analysis
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 is expected to 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 is expected to 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 is expected to further fuel the growth of the regional market.
Cardinal Matrix - Product Analytics Market Competition Analysis
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.
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Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
2.1.2 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Competition Analysis - Global
3.1 Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Product Launches and Product Expansions
3.2.3 Acquisition and Mergers
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2017-2021)
3.3.2 Key Strategic Move: (Product Launches and Product Expansions : 2017, Sep - 2021, Jun) Leading Players
Chapter 4. Global Product Analytics Market by Component
4.1 Global Product Analytics Solution Market by Region
4.2 Global Product Analytics Services Market by Region
Chapter 5. Global Product Analytics Market by Vertical
5.1 Global Retail & Consumer Goods Product Analytics Market by Region
5.2 Global IT & Telecom Product Analytics Market by Region
5.3 Global Healthcare & Pharmaceuticals Product Analytics Market by Region
5.4 Global Automotive Product Analytics Market by Region
5.5 Global Media & Entertainment Product Analytics Market by Region
5.6 Global BFSI Product Analytics Market by Region
5.7 Global Manufacturing Product Analytics Market by Region
5.8 Global Other Vertical Product Analytics Market by Region
Chapter 6. Global Product Analytics Market by Enterprise Size
6.1 Global Product Analytics Large Enterprises Market by Region
6.2 Global Product Analytics Small & Medium Enterprise Market by Region
Chapter 7. Global Product Analytics Market by Deployment Type
7.1 Global Cloud Product Analytics Market by Region
7.2 Global On-premise Product Analytics Market by Region
Chapter 8. Global Product Analytics Market by End User
8.1 Global Manufacturers Product Analytics Market by Region
8.2 Global Sales & Marketing Professionals Product Analytics Market by Region
8.3 Global Consumer Engagement Product Analytics Market by Region
8.4 Global Designers Product Analytics Market by Region
Chapter 9. Global Product Analytics Market by Region
Chapter 10. Company Profiles
10.1 IBM Corporation
10.1.5 Recent strategies and developments:
10.1.5.1 Partnerships, Collaborations, and Agreements:
10.1.5.2 Product Launches and Product Expansions:
10.2 Oracle Corporation
10.2.1 Company Overview
10.2.2 Financial Analysis
10.2.3 Segmental and Regional Analysis
10.2.4 Research & Development Expense
10.2.5 Recent strategies and developments:
10.2.5.1 Partnerships, Collaborations, and Agreements:
10.2.5.2 Product Launches and Product Expansions:
10.2.5.3 Acquisition and Mergers:
10.2.6 SWOT Analysis
10.3 Google, Inc.
10.3.1 Company Overview
10.3.2 Financial Analysis
10.3.3 Segmental and Regional Analysis
10.3.4 Research & Development Expense
10.3.5 Recent strategies and developments:
10.3.5.1 Partnerships, Collaborations, and Agreements:
10.3.5.2 Product Launches and Product Expansions:
10.3.6 SWOT Analysis
10.4 Salesforce.com, Inc.
10.4.1 Company Overview
10.4.2 Financial Analysis
10.4.3 Regional Analysis
10.4.4 Research & Development Expense
10.4.5 Recent strategies and developments:
10.4.5.1 Product Launches and Product Expansions:
10.4.5.2 Acquisition and Mergers:
10.4.6 SWOT Analysis
10.5 Adobe, Inc.
10.5.1 Company Overview
10.5.2 Financial Analysis
10.5.3 Segmental and Regional Analysis
10.5.4 Research & Development Expense
10.5.5 Recent strategies and developments:
10.5.5.1 Partnerships, Collaborations, and Agreements:
10.5.5.2 Product Launches and Product Expansions:
10.5.6 SWOT Analysis
10.6 Medallia, Inc.
10.6.1 Company Overview
10.6.2 Financial Analysis
10.6.3 Regional Analysis
10.6.4 Research & Development Expense
10.6.5 Recent strategies and developments:
10.6.5.1 Partnerships, Collaborations, and Agreements:
10.6.5.2 Acquisition and Mergers:
10.7 Gainsight, Inc.
10.7.1 Company Overview
10.7.2 Recent strategies and developments:
10.7.2.1 Product Launches and Product Expansions:
10.7.2.2 Acquisition and Mergers:
10.8 Veritone, Inc.
10.8.1 Company Overview
10.8.2 Financial Analysis
10.8.3 Regional Analysis
10.8.4 Research & Development Expense
10.8.5 Recent strategies and developments:
10.8.5.1 Partnerships, Collaborations, and Agreements:
10.8.5.2 Product Launches and Product Expansions:
10.8.5.3 Acquisition and Mergers:
10.9 Amplitude, Inc.
10.9.1 Company Overview
10.9.2 Recent strategies and developments:
10.9.2.1 Product Launches and Product Expansions:
10.9.2.2 Acquisition and Mergers:
10.10. Pendo.io, Inc.
10.10.1 Company Overview
10.10.2 Recent strategies and developments:
10.10.2.1 Product Launches and Product Expansions:
10.10.2.2 Acquisition and Mergers:
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