Global Product Analytics Market to Grow at a CAGR of 15.1% During 2024-2032, Aided by the Increasing Need Across Organisations Worldwide to Monitor Competitive Dynamics Within Their Respective Industries

All industries with a digital presence have the opportunity to gain valuable customer insights through product analytics. Sectors such as business-to-business, consumer technology, e-commerce, financial technology, and media, among others, are increasingly adopting product analytics tools and services. These solutions allow companies across industries to better understand how users interact with their digital offerings.

With data-driven insights into the customer experience, firms can make informed decisions to improve products, maximise conversions, and tailor services to end-user needs. As more businesses leverage analytics to optimise operations and grow revenues, the product analytics market growth is anticipated to surge in the forecast period.

The surging demand for product analytics services presents opportunities for startup businesses due to the advantages these solutions provide. Analytics can help reduce costs and increase flexibility, empowering companies to quickly adapt. As customers increasingly expect personalised, data-driven experiences, the need for product analytics solutions and services is growing. Startups offering these services can meet this demand and help other businesses understand user behaviour and make informed decisions to improve products, enhance customer experiences, and boost outcomes.

In April 2023, Siemens Digital Industries Software and International Business Machines Corporation (NYSE: IBM) announced the expansion of their long-standing partnership through a collaboration to develop an integrated software solution combining their respective product portfolios. The solution aims to integrate systems engineering, service lifecycle management, and asset management offerings. The new combined suite, based on SysML v1 standards, is designed as an integrated engineering software package. It is anticipated to facilitate traceability and sustainable product development through a digital thread. This digital thread seeks to link mechanical, electrical, electronics, and software design and implementation processes.

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Market Breakup by Mode, Component, Deployment Mode, Organisation Size, Application, End-Use, and Region:

• On the basis of the mode, the market is bifurcated into tracking data and analysing data.

• The market is segmented based on component into solutions and services.

• On the basis of the deployment mode, the market is bifurcated into cloud and on-premises.

• On the basis of the organisation size, the market is bifurcated into small and medium-sized enterprises and large enterprises.

• The market is segmented based on the application into designers, manufacturers, sales and marketing professionals, and consumer engagement.

• On the basis of the end use, the market is divided into automotive, retail and consumer goods, F&B manufacturing, machinery and industrial equipment manufacturing, healthcare and pharmaceuticals, and energy and utilities.

• By region, the market can be classified into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The global product analytics market expansion is being aided by organisations’ increasing need to monitor competitive dynamics worldwide. One of the major factors aiding the market is the high adoption of big data and advanced technologies across sectors, which is empowering data-driven decision-making. Additionally, swelling demand for cloud-based analytical solutions is fueling market expansion.

• Small and medium-sized enterprises, in particular, are anticipated to see the most gains over the coming years. Their adoption of these solutions is expected to accelerate in order to leverage insights that support agility in dynamic market conditions.

• Companies are increasingly expanding their global footprint through strategic mergers and partnerships. Business integration and collaboration are achievable through implementing product analytics solutions, allowing for centralised business operations. Synchronisation and sharing of business documents across locations can be facilitated by utilising cloud-based marketing technology. Geographic expansion of organisations is expected to drive the growth of the market during the forecast period.

Key Offerings of the Report:

• The EMR report gives an overview of the global product analytics market for the periods (2018-2023) and (2024-2032). 

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the modes, components, deployment modes, organisation sizes, applications, end uses, and major regions of product analytics.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the product analytics market are Google LLC, International Business Machines Corporation, Amplitude, Salesforce.com, Inc., Mixpanel Inc., Piwik PRO GmbH, Heap, Inc., Pendo.io, Inc., Adobe Inc., Oracle Corporation, and Plytix.com ApS, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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