DUBLIN–(BUSINESS WIRE)–The “Product Analytics Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Component, Deployment, Mode, and Vertical” report has been added to ResearchAndMarkets.com’s offering.
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. 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.
Key Topics Covered:
1.1 Scope of the Study
1.2 Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.2 Secondary Research
3.3 Primary Research
4. Product Analytics Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. Product Analytics Market- Key Market Dynamics
5.1 Market Drivers
5.1.1 Increasing Need for Enhanced Customer Behavior Management Services
5.1.2 Rise in Usage of Advanced Technologies
5.2 Market Restraint
5.2.1 Growing Concerns Over Data Privacy and Security
5.3 Market Opportunity
5.3.1 Product Analytics and Intelligence Tools to Play Key Role in Post-pandemic Era
5.4 Future Trend
5.4.1 Surge in Demand for Cloud-based Analytical Solutions
5.5 Impact Analysis of Drivers and Restraints
6. Product Analytics Market – Global Market Analysis
6.1 Global Product Analytics Market Overview
6.2 Global Product Analytics Market Forecast and Analysis
6.3 Market Positioning- Top Five Players
7. Product Analytics Market Analysis – By Component
7.2 Product Analytics, by Component (2020 and 2028)
8. Product Analytics Market – By Deployment
8.2 Product Analytics, by Deployment (2020 and 2028)
9. Product Analytics Market – By Mode
9.2 Product Analytics, by mode (2020 and 2028)
9.3 Tracking Data
9.4 Analyzing Data
10. Product Analytics Market – By Vertical
10.2 Product Analytics, by Vertical (2020 and 2028)
10.3 Retail and Consumer Goods
10.4 Food and Beverages
10.5 Healthcare and Pharmaceuticals
10.6 Energy and Utilities
11. Product Analytics Market – Geographic Analysis
12. Impact of COVID-19 Pandemic on Product Analytics Market
13. Industry Landscape
13.2 Market Initiative
13.3 New Development
14. Company Profiles
- Amplitude, Inc.
- Heap Inc.
- IBM Corporation
- Pendo.io, Inc.
- LogRocket, Inc
For more information about this report visit https://www.researchandmarkets.com/r/umg1yx