Product Analytics Software Market: Surges to US$ 12.9 Billion in 2022, Propelling Towards a Projected US$ 45.2 Billion by 2032

The market for product analytics software is expected to grow at a compound annual growth rate (CAGR) of 13.3% and reach US$ 45.2 billion by 2022. By 2022, the industry is expected to bring in $12.9 billion in revenue.

Product analytics software is in high demand across many different industries, including manufacturing, automotive, healthcare, energy & utility, government, and retail. This is because the software provides vital data that can be used to identify issues, maximise efficiency, and link consumer behaviour to 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 initiative in 2020 to organise and distribute COVID-19 data.

The rising penetration of big data technologies, cloud computing, and other advanced technologies has prompted product analytics software providers to transform services to a whole new level. The cloud-based segment is likely to offer remunerative opportunities for the global product analytics software market.

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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
"Increasing concerns with respect to improving customer behavior management to deliver personalized recommendations of products to ensure market competitiveness, which will benefit the market in the forecast 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.

Key Segments Covered in the Product Analytics Software Industry Survey
By Offering:
• Product Analytics Software
• Product Analytics Services
o Professional Product Analytics Services
o Managed Product Analytics Services

By Solution:
• Web-based
• Mobile-based

By Deployment Type:
• On-Premises
• Cloud-Based

By Enterprise Size:
• Large Enterprises
• Small & Medium Enterprises

By Industry:
• Banking, Financial Services, and Insurance (BFSI),
• Media & Entertainment,
• Manufacturing,
• Automotive
• Healthcare, Energy & Utility
• Government
• Retail
• Other Industries

By End User:
• Designers
• Manufacturers
• Sales Professionals
• Marketing Professional
• Finance & Risk Professional
• Other End Users

By Region:
• North America
• Europe
• Asia-Pacific
• Middle East & Africa
• Latin America

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries. Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.

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This release was published on openPR.