The global product analytics software market generated US$ 11.2 billion in 2021 and is anticipated to grow 15.2% year over year to reach US$ 12.9 billion in 2022. The industry is expected to increase to US$ 45.2 billion by 2032 as a result of the increasing assistance from various governmental bodies. The trade is anticipated to grow at a CAGR of 13.3% over the forecast period.
Product analytics software is in higher demand across a variety of industries, including manufacturing, automotive, healthcare, energy & utility, government, and retail, as it provides essential information to optimise performance, diagnose issues, and correlate customer activity with long-term value. For instance, the Departments of Energy (DOE), Health and Human Services (HHS), and Veterans Affairs (VA) launched a new big data analytics programme to coordinate and share COVID-19 information in 2020.
Product analytics software suppliers have been forced to take their services to a completely new level as a result of the growing adoption of big data technologies, cloud computing, and other cutting-edge technology. For the global market for product analytics software, the cloud-based segment is probably going to present lucrative opportunities.
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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
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
In its latest release, Future Market Insights provides a fair study of the global market for product analytics software, with historical data from 2015 to 2021 and projections for the years 2022 to 2032.
On the basis of Offering (Software, Service), by Solution (Web-Based, Mobile-Based), and by Deployment Type, the study uncovers crucial insights (On-Premises, Cloud-based) according to enterprise size (large businesses vs. small and medium-sized businesses), industry (banking, financial services, and insurance (bfsi), media & entertainment, manufacturing, automotive, healthcare, energy & utility, government, retail, etc.), end user (designers, manufacturers, sales professionals, marketing professionals, finance & risk professionals, etc.), and region (North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America)
Product Analytics Software Market by Offering:
- Product Analytics Software
- Product Analytics Services
- Professional Product Analytics Services
- Managed Product Analytics Services
Product Analytics Software Market by Solution:
- Web-based Product Analytics Software
- Mobile-based Product Analytics Software
Product Analytics Software Market by Deployment Type:
- On-Premises Product Analytics Software
- Cloud-Based Product Analytics Software
Product Analytics Software Market by Enterprise Size:
- Product Analytics Software for Large Enterprises
- Product Analytics Software for Small & Medium Enterprises
Product Analytics Software Market by Industry:
- Product Analytics Software in Banking, Financial Services, and Insurance (BFSI),
- Product Analytics Software in Media & Entertainment,
- Product Analytics Software in Manufacturing,
- Product Analytics Software in Automotive
- Product Analytics Software in Healthcare, Energy & Utility
- Product Analytics Software in Government
- Product Analytics Software in Retail
- Product Analytics Software in Other Industries
Product Analytics Software Market by End User:
- Product Analytics Software for Designers
- Product Analytics Software for Manufacturers
- Product Analytics Software for Sales Professionals
- Product Analytics Software for Marketing Professional
- Product Analytics Software for Finance & Risk Professional
- Product Analytics Software for Other End Users
Product Analytics Software Market by Region:
- North America Product Analytics Software Market
- Europe Product Analytics Software Market
- Asia-Pacific Product Analytics Software Market
- Middle East & Africa Product Analytics Software Market
- Latin America Product Analytics Software Market
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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