It is the use of business intelligence and analytical software which analyzes product services reports, returns, warranties, customer feedback and information from connected sensors to allow makers to evaluate defects in the products, possibilities of product upgrades and connect these components to clients.
The product analytics market is expected to witness growth in the coming years. Owing to the rising demand for expert insights and training into the usage and deployment of cutting-edge analytics solutions, along with its urging requirement for consultancy is expected to support market growth. The product analytics gives more detail about the customer choices are reasons for buying or not buying a particular product and so on. In addition to the use of analytics for studying buying pattern, it will also support vendors in extract more detailed understanding of customer needs & attitudes, eventually helping in faster day-to-day decision and enhancing performance. Moreover, rising adoption of data driven decision making coupled with emerging internet of things enabled technologies is anticipated to bolster market growth. This will help emerging players of launch an existing product or experience player to launch a new product. Furthermore, product analytics helps companies and organizations in targeting right audience for your products / services. In addition, the business analytics on social media analysis coupled with customer data gives accurate information and understanding about the customers.
The product analytics market is segmented to the basis of vertical, into retail & consumer goods, automotive, machinery & equipment manufacturing, F&B manufacturing, healthcare & pharmaceuticals, energy & utilities and others. Retail & consumer goods will hold a substantial share in the market owing to its uses.
The emphasis of product analytics in sales has a significant impact followed by finance, marketing and SCM. Numerous companies are making massive improvements in their internal data and BI system to effectively gauge the data and act accordingly.
On the basis of region the product analytics market is segmented into North America, Asia Pacific, Europe, Latin America and Middle East and Africa. North America is anticipated to hold a substantial share during the forecast period, owing to the presence of major players such as Oracle, Google, Adobe and Sales force in North America coupled with adoption of artificial intelligence, machine learning, business intelligence and developing analytical solutions. Several industries such as automotive, travel & hospitality, education and pharmaceuticals use product analytics to study the user to enhance their experience by offering improved services.
Renowned product analytics market players are IBM, Google, Adobe, Oracle, Salesforce, Piwik PRO, Mixpanel, Amplitude, Plytix and Heap among others. The market players are opting organic and in organic strategies such as new service launches, acquisitions, collaborations and joint venture to expand their reach and drive revenue.
The report segments product analytics market as follows:
Global Product Analytics Market: Vertical Segment Analysis
Global Product Analytics Market: Mode Segment Analysis
Global Product Analytics Market: Deployment Segment Analysis
Global Product Analytics Market: End-Users Segment Analysis
Global Product Analytics Market: Regional Segment Analysis