It is projected that the product analytics software market would expand at a 13.3% CAGR to reach US$ 45.2 billion by 2022. It is projected that the industry would generate $12.9 billion in revenue by 2022.
A wide range of industries, including manufacturing, automotive, healthcare, energy & utility, government, and retail, are seeing an increase in demand for product analytics software because it offers critical data for maximising efficiency, identifying problems, and connecting consumer behaviour with long-term value. To organise and exchange COVID-19 data, for example, the Departments of Energy (DOE), Health and Human Services (HHS), and Veterans Affairs (VA) introduced a new big data analytics project in 2020.
The rising penetration of big data technologies, cloud computing, and other advanced technologies has prompted product analytics software providers to transform services to a whole new level. The cloud-based segment is likely to offer remunerative opportunities for the global product analytics software market.
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Key Takeaways from the Market Study
- By offering, the software segment is expected to record a 13.2% CAGR by 2032
- By deployment type, the cloud-based segment to expand at a 12.7% growth rate during the forecast period
- The U.S market to garner US$ 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)
Key Segments Covered in the Product Analytics Software Industry Survey
By Offering:
- Product Analytics Software
- Product Analytics Services
- Professional Product Analytics Services
- Managed Product Analytics Services
By Solution:
- Web-based
- Mobile-based
By Deployment Type:
- On-Premises
- Cloud-Based
By Enterprise Size:
- Large Enterprises
- Small & Medium Enterprises
By Industry:
- Banking, Financial Services, and Insurance (BFSI),
- Media & Entertainment,
- Manufacturing,
- Automotive
- Healthcare, Energy & Utility
- Government
- Retail
- Other Industries
By End User:
- Designers
- Manufacturers
- Sales Professionals
- Marketing Professional
- Finance & Risk Professional
- Other End Users
By Region:
- North America
- Europe
- Asia-Pacific
- Middle East & Africa
- Latin America
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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