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According to The Business Research Company’s research on the product analytics market, the adoption of product analytics tools by eCommerce companies is expected to propel the growth of the product analytics market going forward. E-commerce companies refer to companies that use smart devices and the internet to buy and sell goods and services by creating an online store. Many e-commerce sites are using product analytics, also known as e-commerce analytics, to leverage their business operations due to several benefits, such as optimizing the pricing of products, better customer engagement, providing a personalized customer shopping experience, improving marketing strategies, and others. For instance, in March 2020, according to Whidegroup, a Ukraine-based software company that provides e-commerce solutions to small to medium-sized companies, approximately 80% of online marketers are using Google Analytics, a popular e-commerce analytics software (product analytics) across the world, which enables highly-detailed reports and meaningful insights about the website and its users to optimize business operations. Therefore, the adoption of product analytics tools by eCommerce companies is driving the growth of the product analytics market.
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The global product analytics market size is expected to grow from $7.51 billion in 2021 to $9.17 billion in 2022 at a compound annual growth rate (CAGR) of 22.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The product analytics market share is expected to grow to $20.14 billion in 2026 at a compound annual growth rate (CAGR) of 21.7%.
Product innovation is a key trend gaining popularity in the product analytics market. Major companies operating in the market are focused on research and development for product innovations that could provide better solutions and strengthen their position in the market. For instance, in February 2019, Gainsight, a US-based company operating in product analytics, introduced Gainsight PX, a product experience platform. In the subscription economy, where customers have more choices than ever before, digital products must consistently deliver value to retain customers. As a result, product teams would play an elevated role in delivering exceptional product experiences and, ultimately, business outcomes.
Major players in the product analytics market are Google LLC, International Business Machines Corporation, Oracle Corporation, Adobe Inc, Salesforce Inc, Amplitude Inc, Mixpanel, Medallia, Veritone Inc, LatentView Analytics, Pendo.io Inc, Kissmetrics, Heap, Gainsight, Piwik PRO, Plytix.Com ApS, Risk Edge Solutions, LogRocket, Countly, UserIQ, Smartlook, Woopra, SAP SE, Atlassian Corporation Plc, SAS Institute, Teradata Corporation, Sisense, Copper CRM Inc, Quantum Metric, CUX.io and Refiner.
North America was the largest region in the product analytics market in 2021. Asia-Pacific is expected to be the fastest-growing region in the product analytics market during the forecast period. The regions covered in the product analytics market research are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The global product analytics market analysis is segmented by components into solutions, services; by mode into tracking data, analyzing data; by organization size into large enterprises, small and medium sized enterprises; by deployment mode into cloud, on-premises; by end-use into automotive, retail and consumer goods, food and beverage manufacturing, machinery and industrial equipment manufacturing, healthcare and pharmaceuticals, energy and utilities.
Product Analytics Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide product analytics market forecast size and growth, product analytics market segments, product analytics market trends, product analytics market drivers and restraints, product analytics market leading competitors’ revenues, profiles and market shares in its competitive landscape section for over 3,000 industry reports, covering more than 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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