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Product Analytics Market 2020: Research In-Depth Analysis, Market Applications, Key End-Users Forecasts To 2028

The 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.


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Shahbaz Syed

2 years ago | 2 min read

Product
Analytics and Intelligence Tools to Play Key Role in Post-Pandemic Era to
Provide Growth Opportunities for Product Analytics Market during 2021–2028

According to our latest market study
on “
Product Analytics Market Forecast to 2028 – COVID-19 Impact and Global Analysis –
by Component, Deployment, Mode, and Vertical,” the market is expected to grow
from US$ 9,165.5 million in 2021 to US$ 28,090.5 million by 2028; and is
estimated to grow at a CAGR of 17.4% from 2021 to 2028.

Data management and analytics
technologies are becoming essential in coping with the current disruption and
ushering in the new normal. The data on the COVID-19 status of each country and
region is publicly available. Product analytics may link this data with supply
chain information to identify risk areas and estimate a region's duration to
resume normal operations. By monitoring the liquidity status of client
companies through a real-time cash liquidity view, all of this data can assist
financial institutions in minimizing risks. Companies in the energy business
can use IoT to monitor equipment remotely and give data for preventative and predictive
maintenance, eliminating the need for staff to travel to remote areas. More
enterprises are going to the cloud in the post-COVID-19 era to maximize
insights from data and big data analytics, which has become a requirement for
businesses. In the coming years, product analytics is expected to play a
significant role in business development as it allows companies to correlate
data, such as government health data, to predict the demand.

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Based on component, the product
analytics market is bifurcated into solutions and services. The market for the
solutions segment was valued at US$ 5,976.3 million in 2020. Based on
deployment, the product analytics market is bifurcated into on premise and
cloud-based. By mode, the market is bifurcated into tracking data and analyzing
data. Based on vertical, the product analytics market is segmented into retail and
consumer goods, food and beverages, healthcare and pharmaceuticals, energy and
utilities, automotive, manufacturing, and others.

Impact of
COVID-19 Pandemic on Product Analytics Market

The
COVID-19 outbreak pandemic is forcing governments and enterprises worldwide to
begin identifying, acquiring, and evaluating trustworthy solutions driven by
Artificial Intelligence and advanced analytics to manage instability in
real-time. The demand for advanced product analytics has increased during the
pandemic to assist enterprises in engaging customers through digital channels
and managing complex and fragile supply chains. The discrepancy in analytics
strategies based on historical data is propelling the demand for real-time
product analytics tools. The current pandemic has also accelerated the trend of
digital transformation and automation to keep businesses operational. Rising
opportunities from artificial intelligence, machine learning, and the Internet
of Things are also bolstering the product analytics market growth across the
world.

Amplitude; Gainsight; Heap Inc.; IBM
Corporation; Kissmetrics; Mixpanel; Pendo.Io; LogRocket, Inc; Smartlook; and
Useriq are a few major companies operating in the product analytics market.

About Us:

The Insight Partners is a one stop industry research
provider of actionable intelligence. We help our clients in getting solutions
to their research requirements through our syndicated and consulting research
services. We specialize in industries such as Semiconductor and Electronics,
Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare
IT, Manufacturing and Construction, Medical Device, Technology, Media and
Telecommunications, Chemicals and Materials.

Contact Us:

If you have any queries about this report or if you would
like further information, please contact us:

Contact Person: Sameer Joshi

E-mail: sales@theinsightpartners.com

Phone: +1-646-491-9876

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