One of the biggest factors propelling the demand for product analytics is the rapidly expanding digital engagement across the globe and the resultant surge in the usage of e-commerce, e-gaming, banking, retail, and numerous other digital services. Since the last few years, there has been a massive growth in the customer demand for fast and reliable digital services and interactions, which has caused a rapid upswing in the demand for product analytics solutions for tracking customer behavior and, consequently, providing appropriate feedback.
Over the next few years, the world is expected to witness a massive rise in digital disruption, mobile application users, social media utilization, and adoption of artificial intelligence (AI) and predictive analytics. These factors are predicted to contribute toward the booming global product analytics market, which is expected to generate revenue of $16,804.8 million by 2024, a huge increase from its recorded value of $7,309.3 million in 2018. The market would progress at a CAGR of 15.3% during 2019–2024 (forecast period).
The rising internet penetration in developed countries, such as the U.S., Singapore, and Australia, and in developing nations, such as India and China, has contributed massively toward the ballooning demand for product analytics solutions. For instance, according to the Office for National Statistics, in Great Britain, 90% of all households could access the internet easily in 2018. The country observed a huge increase in the percentage of adults using the internet from 2006 to 2018 (35% to 86%).
This market research report provides a comprehensive overview of the product analytics market
- Historical and the present size of the product analytics market
- Future potential of the market through its forecast for the period 2020– 2030
- Major factors driving the market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the market segments and understand their comparative future potential