The Global Product Analytics Market Growth is anticipated to grow from 6.89 billion in 2022 to 20.78 billion by 2030. Product analytics is the process of analyzing how users engage with a product or service by allowing businesses to track, visualize, and analyze user behavior data. Companies across the globe utilize this data to improve and optimize their product portfolio. Product analytics helps companies to get a quantitative understanding of what users are doing with their product, and to get an aggregated view of how many users use or reuse a feature.
In-product analytics enables company officials to pay off empathy debt with qualitative feedback gathered through concept testing or with quantitative data collected in-product with product analytics. Growing popularity of dashboard testing, is helping businesses make informed product decisions. Product analytics deepens that understanding to understand what users really want.
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Drivers:
Features of product analytics are bolstering the growth of the market. Features such as acquisition to gather information about the background of customers and their preferences regarding a product, customer experience and customer retention ate some of the major factors driving the growth of the product analytics market.
Features of product analytics are bolstering the growth of the market. Features such as acquisition to gather information about the background of customers and their preferences regarding a product, customer experience and customer retention ate some of the major factors driving the growth of the product analytics market.
A product analytics software offers further benefits such as tracking can be automatically applied to user actions, Profiles let establish user categories around criteria, and dashboards allow users to visualize data in useful and revealing ways. This helps team leaders, developers, UX designers, or growth managers to keep their teams informed about the customer behavior patterns and make informed decisions. Such advantages of deploying a product analytics tool to enhance business growth is propelling the growth of the market.
Segmentation:
On the basis of type, the global Product Analytics market is segmented into cloud-based and web-based. On the basis of application, the global Product Analytics market is segmented into SMEs and large enterprises.
On the basis of type, the global Product Analytics market is segmented into cloud-based and web-based. On the basis of application, the global Product Analytics market is segmented into SMEs and large enterprises.
Geography:
On the basis of region, the global Product Analytics market is segmented into North America, Middle East & Africa, Europe, Asia Pacific, and South America. North America is projected to capture a substantial revenue share in the global Product Analytics market over 2022-2030. The growth is attributable to the existence of multiple tech giants and the early adoption of the new technology in regions of US, Canada, and Mexico.
Impact of COVID-19 on the global Product Analytics Market:
The Covid-19 pandemic significantly increased the adoption of Technologies across the globe. The crisis negatively impacted various businesses and disrupted the global supply chain. However, as the economies started to recover from the adverse impacts, product analytics deployments witnessed a rapid acceleration. In the post COVID-19 scenario automation and efficiency of industry verticals are rapidly improving for business that are actively embracing digitalization. The pandemic has encouraged global businesses to rely on industry 4.0 technologies, most importantly IoT to increase productivity. Data management, and continuity are some of the major factors that is bolstering the growth of the Product Analytics market in the post pandemic era.
The Covid-19 pandemic significantly increased the adoption of Technologies across the globe. The crisis negatively impacted various businesses and disrupted the global supply chain. However, as the economies started to recover from the adverse impacts, product analytics deployments witnessed a rapid acceleration. In the post COVID-19 scenario automation and efficiency of industry verticals are rapidly improving for business that are actively embracing digitalization. The pandemic has encouraged global businesses to rely on industry 4.0 technologies, most importantly IoT to increase productivity. Data management, and continuity are some of the major factors that is bolstering the growth of the Product Analytics market in the post pandemic era.
Impact of the Russia-Ukraine War on the global Product Analytics Market:
The global supply chains are disrupted by the Russia-Ukraine conflict in the same way as the it did when the COVID-19 pandemic first surfaced. There has been a significant rise in the transportation costs, gas prices, and electricity rates as a result of the Russia Ukraine war. Due to the increased energy costs, companies are forced to raise prices. The supply of commodities is substantially disrupted in regions such as US, Europe, and China. The conflict has accelerated the chip shortage and raw materials such as neon and palladium used in semiconductor manufacturing. Russia and Ukraine are the two major producers of neon and palladium. The countries produce more than 50% of the aforementioned raw materials. Due to the war the industries that are completely dependent on Russia and Ukraine for raw material are incurring huge losses and are unable to find an alternative supplier soon. The continuation of the conflict is likely to further delay IIoT hardware production and sales which is anticipated to slow down the accelerated deployment of the Product Analytics. This is estimated to negatively impact the global market growth.
Company Profiles:
The key market players in the global Product Analytics market are Sisense, Amplitude, Looker, Heap Analytics, Atlassian, and Woopra.
The key market players in the global Product Analytics market are Sisense, Amplitude, Looker, Heap Analytics, Atlassian, and Woopra.
