The global product analytics market size is anticipated to reach USD 27.39 billion by 2028 with a CAGR of 17.1%. Factors driving the growth of product analytics in the healthcare industry include a substantial increase in demand for financial analytics in the healthcare sector, increased demand for exploring structured and unstructured data present in the healthcare sector, decreased costs and availability of Big Data tools and services, and increased adoption of emerging data analytics technologies in healthcare services. —
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The market for product analytics can benefit from the inclusion of artificial intelligence and deep learning technologies, such as the convolutionary neural networks. Currently, these technologies are used for unstructured text, image, and voice processing and may be used in several other domains. Cognitive technologies based on the human mind would be used to process complex data streams that would be created to effectively market insurance products taking into account past activities and behaviors of a potential customer.
End-user Segments Such as E-commerce to Demonstrate Heavy Adoption
Product analytics in its broadest terminology involves high dependence on business intelligence and analytics to evaluate feedback from product based service reports, product warranties updates and user feedback.
Additional data from sensors allow manufacturers understand existing product shortcomings that hinders adoption. Based on these information from disparate data sources, manufacturers gauge into the possibilities of product improvisation and refurbishments to improve user experience.
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A new market research report offering has been collated into the voluminous data archive of Adroit Market Research in a bid to understand market forces and their decisive role in growth enablement. Advances in building cutting edge product analytics software solutions and growing enterprise adoption are reflecting lucrative growth returns through the forecast years.
Product analytics is crucial in identifying user intent, choices and preferences that instigate further buying discretion.
Key questions that an apt product analytics solution addresses comprise first about identifying ideal marketing channels that churn in superlative customer attention while enabling favorable product performance. Companies and businesses are also able to identify the ratio of actual conversions, number of brand loyal buyers and scope for product and service enhancements.
E-commerce companies continue to be at the forefront of massive adoption of product analytics to expand customer interactions, besides tracking digital footprints of repeat buyers, potential customers alike. Need for appropriate revenue models to position right product portfolios accurately across the supply value chain is strictly mediated by product analytics favoring appropriate decision making.
Solution Refurbishments Tops the list of Most Effective Expansion Strategies
Leading market participant in product analytics space, LatentView Analytics which is a leading analytics solution provider for several brands across industries has launched a new service, Analytics on Demand platform to grant easy access to tailored analytics projects with high cost efficiency, simultaneously aligning with businesses' crucial business needs and goals.
Geographically the global product analytics market is divided into North America, Europe, APAC, South America, and the Middle East & Africa. North America has several leading players in the industry supplying low code production and services to all end consumers in the region. For any technology, North America has always been an innovative and competitive field. Technological developments such as analytics solutions, Business Intelligence (BI), Machine Learning (ML), Artificial Intelligence (AI), and cloud technology, and are observed because of the presence of tech giants such as Google, Oracle, IBM in this area.
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The global product analytics market consists of a large number of prominent players. The global product analytics market is dominated by market players such as IBM Corporation, salesforce.com, inc., Oracle; Adobe, Google, Mixpanel, Heap Inc., Plytix.com ApS, Latentview, Amplitude Analytics, Inc., Piwik.pro, and others. Players include product analytics tools that take consumer expectations and demands into consideration. Significant development processes that the players receive include partnerships, mergers and acquisitions and mergers, product releases and agreements, and software updates. But the market also shows the involvement of many small players competing with each other and big players as well.
Segment Overview of Global Product Analytics Market
Component Overview, 2018-2028 (USD Million)
Deployment Overview, 2018-2028 (USD Million)
End-User Overview, 2018-2028 (USD Million)
Sales & Marketing Professionals
Industry Vertical Overview, 2018-2028 (USD Million)
Retail & Consumer Goods
Healthcare & Pharmaceuticals
Machinery & Industrial Equipment Manufacturing
Energy & Utilities
Regional Overview, 2018-2028 (USD Million)
Rest of Europe
Rest of Asia-Pacific
Middle East and Africa
Rest of Middle East and Africa
Rest of South America
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