Product Analytics Global Market Report 2022: Ukraine-Russia War Impact

NEW YORK, Dec. 9, 2022 /PRNewswire/ -- 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.

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The global product analytics market 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 is expected to grow to $20.14 billion in 2026 at a compound annual growth rate (CAGR) of 21.7%.

The product analytics market consists of sales of product analytics solutions by an entity (organizations, sole traders, and partnerships) that are used to track and analyze consumer or client behavioral engagement data by an organization to improve their product or services. Product analytics refers to a set of activities such as tracking, analyzing, and visualizing the user’s experience to assess the client’s interaction with products and services that allow product managers and product teams to optimize product features based on user data and feedback to provide correlated customer activity with long-term value.

The main components of product analytics are solutions and services.Services are the non-physical, intangible parts of our economy, as opposed to goods, which we can touch or handle.

The mode is tracking data and analyzing data.The deployment modes are cloud and on-premises.

The organization size is large enterprises and small and medium-sized enterprises. The various end-users involved automotive, retail and consumer goods, food and beverage manufacturing, machinery and industrial equipment manufacturing, healthcare and pharmaceuticals, and energy and utilities.

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 forecast period.

The regions covered in the product analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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.

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.

In March 2020, Amplitude, Inc., a US-based company operating product analytics, acquired ClearBrain, Inc. for an undisclosed amount. Amplitude Inc. aims to strengthen its product portfolio in predictive analytics by leveraging ClearBrain’s product and engineering team to its machine learning division in analytics products that will gain an advantage in the analytics market. ClearBrain Inc. is a US-based company operating in product analytics.

The countries covered in the product analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.

The product analytics market research report is one of a series of new reports that provides product analytics market statistics, including product analytics industry global market size, regional shares, competitors with a product analytics market share, detailed product analytics market segments, market trends and opportunities, and any further data you may need to thrive in the product analytics industry. This product analytics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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