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Global Market Opportunities in Product Analytics for 2024
Product Analytics Market Size
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According to The Business Research Company's, The product analytics market size has grown rapidly in recent years. It will grow from $10.66 billion in 2023 to $12.72 billion in 2024 at a compound annual growth rate (CAGR) of 19.3%. The growth in the historic period can be attributed to growing emphasis on data-driven decision making, rise of e-commerce and digital products, increased competition in the market, advances in data collection technologies, demand for user behavior insights.
The product analytics market size is expected to see exponential growth in the next few years. It will grow to $27.43 billion in 2028 at a compound annual growth rate (CAGR) of 21.2%. The growth in the forecast period can be attributed to expansion of personalized and contextual analytics, growth in iot and connected devices analytics, focus on predictive product analytics, enhanced collaboration between product and data teams. Major trends in the forecast period include real-time product analytics, cross-platform analytics integration, adoption of a/b testing and experimentation, mobile app analytics for user engagement, shift towards privacy-focused analytics solutions.
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Market Drivers and Trends:
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, improving customer engagement, providing a personalized customer shopping experience, improving marketing strategies, and others. For instance, in 2022, a survey conducted by FlexJobs' Career Pulse, a US-based provider of platforms serving the freelance community, gathered responses from 4,000 participants between July and August 2022. The survey revealed that 65% of the respondents expressed a strong preference for full-time remote work, while 32% expressed a desire for a hybrid work arrangement. This high percentage of 97% indicates that the majority of workers wish to have the option of working remotely in some capacity.. Therefore, the adoption of product analytics tools by eCommerce companies is driving the product analytics market growth.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Google LLC, International Business Machines Corporation, Oracle Corporation, Adobe Inc, Salesforce Inc, Mixpanel Inc., Amplitude Inc., Heap Inc., Pendo Inc., Optimizely., Hotjar Ltd., Crazy Egg Inc., Freshworks Inc., FullStory Inc., Quantcast Corporation, Gainsight Inc., MoEngage Inc., Appsee Ltd., Smartlook, Inspectlet Inc., WalkMe Ltd., UserTesting Inc., Plytix Inc., RJMetrics, UserLeap Inc., Matterport Inc., GoSquared Ltd., Snowplow Analytics Ltd., SessionCam Ltd., Full Circle Insights Inc., ContentSquare, Appcues Inc.
Product Analytics Market 2024 Key Insights:
• The product analytics market size is expected to see exponential growth in the next few years. It will grow to $27.43 billion in 2028 at a compound annual growth rate (CAGR) of 21.2%.
• E-Commerce's Impact On The Growth Of The Product Analytics Market
• Product Innovation Drives Advancements In The Product Analytics Market
• North America was the largest region in the product analytics market in 2023
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