The global product analytics software market is estimated to garner US$ 45.2 Billion while exhibiting a 13.3% CAGR during the forecast period ranging from 2022 to 2032. The industry is expected to secure US$ 12.9 Billion in 2022.
As product analytics software provides critical information to optimize performance, diagnose problems, and correlate customer activity with long-term value, increases its demand in different industries such as Manufacturing, Automotive, Healthcare, Energy & Utility, Government, and Retail. For instance, in 2020 the department of Health and Human Services (HHS), the Department of Veterans Affairs and the Department of Energy (DOE) announced a new big data analytics initiative to coordinate and share COVID-19 information.
The rising penetration of big data technologies, cloud computing, and other advanced technologies has prompted product analytics software providers to transform services to a whole new level. The cloud-based segment is likely to offer remunerative opportunities for the global product analytics software market.
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Key Takeaways from the Market Study
- By offering, the software segment is expected to record a 13.2% CAGR by 2032
- By deployment type, the cloud-based segment to expand at a 12.7% growth rate during the forecast period
- The U.S market to garner US$ 15.7 Billion and record a 13.1% CAGR from 2022-2032
- Market in China to procure US$ 3.4 Billion, expanding at a 12.8% growth rate during the assessment period
“Increasing concerns with respect to improving customer behavior management to deliver personalized recommendations of products to ensure market competitiveness, which will benefit the market in the forecast period.”
Competitive Landscape
Eminent players of the global product analytics software market include International Business Machines (IBM) Corporation, Alphabet Inc., Salesforce, Oracle Corporation, and SAP SE among others. Recent key developments among players include:
- In May 2022, Salesforce introduced Tableau Cloud, which includes new innovations to boost productivity by delivering intelligent, powerful and easy-to-use analytical tools to help anyone uncover insights and confidently make data-driven decisions. An integral part of the Salesforce Customer 360, Tableau empowers customers to surface and gain actionable insights from all their trusted data, creating a single source of truth, accessible anytime, anywhere.
- In December 2021, Oracle announced an agreement to acquire Federos. The acquisition extends Oracle Communications’ application portfolio by adding AI-optimized assurance, analytics, and automation solutions to manage the availability and performance of critical networks and systems, expanding its ability to deliver end-to-end network and service assurance.
- In March 2022, IBM announced a first-of-its-kind partnership with Celonis, the global leader in execution management, to provide cloud-based solutions to support customers in the Asia Pacific. Celonis’ technology allows organizations to find and fix the hidden inefficiencies within their disparate system landscapes and determine, based on a real-time analysis of their data, precisely where change can be most effective.
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More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global product analytics software market presenting a historical analysis from 2015 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of Offering (Software, Service), by Solution(Web-Based, Mobile-Based) by Deployment Type(On-Premises, Cloud-based) by Enterprise size(Large enterprises, Small & Medium Enterprises(SMEs) by Industry (Banking, Financial Services, and Insurance (BFSI), Media & Entertainment, Manufacturing, Automotive, Healthcare, Energy & Utility, Government, Retail, Others) by End User (Designers, Manufactures, Sales Professionals, Marketing Professional, Finance & Risk Professional, Others), and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America)
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