Product Analytics and Intelligence Tools to Play Key Role in Post-Pandemic Era to Provide Growth Opportunities for Product Analytics Market during 2021–2028
According to our latest market study on “Product Analytics Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Deployment, Mode, and Vertical,” the market is expected to grow from US$ 9,165.5 million in 2021 to US$ 28,090.5 million by 2028; and is estimated to grow at a CAGR of 17.4% from 2021 to 2028.
Data management and analytics technologies are becoming essential in coping with the current disruption and ushering in the new normal. The data on the COVID-19 status of each country and region is publicly available. Product analytics may link this data with supply chain information to identify risk areas and estimate a region's duration to resume normal operations. By monitoring the liquidity status of client companies through a real-time cash liquidity view, all of this data can assist financial institutions in minimizing risks. Companies in the energy business can use IoT to monitor equipment remotely and give data for preventative and predictive maintenance, eliminating the need for staff to travel to remote areas. More enterprises are going to the cloud in the post-COVID-19 era to maximize insights from data and big data analytics, which has become a requirement for businesses. In the coming years, product analytics is expected to play a significant role in business development as it allows companies to correlate data, such as government health data, to predict the demand.
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Based on component, the product analytics market is bifurcated into solutions and services. The market for the solutions segment was valued at US$ 5,976.3 million in 2020. Based on deployment, the product analytics market is bifurcated into on premise and cloud-based. By mode, the market is bifurcated into tracking data and analyzing data. Based on vertical, the product analytics market is segmented into retail and consumer goods, food and beverages, healthcare and pharmaceuticals, energy and utilities, automotive, manufacturing, and others.
Impact of COVID-19 Pandemic on Product Analytics Market
The COVID-19 outbreak pandemic is forcing governments and enterprises worldwide to begin identifying, acquiring, and evaluating trustworthy solutions driven by Artificial Intelligence and advanced analytics to manage instability in real-time. The demand for advanced product analytics has increased during the pandemic to assist enterprises in engaging customers through digital channels and managing complex and fragile supply chains. The discrepancy in analytics strategies based on historical data is propelling the demand for real-time product analytics tools. The current pandemic has also accelerated the trend of digital transformation and automation to keep businesses operational. Rising opportunities from artificial intelligence, machine learning, and the Internet of Things are also bolstering the product analytics market growth across the world.
Amplitude; Gainsight; Heap Inc.; IBM Corporation; Kissmetrics; Mixpanel; Pendo.Io; LogRocket, Inc; Smartlook; and Useriq are a few major companies operating in the product analytics market.
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