Product Analytics Market Statistics: 2027

Product analytics is an application of analytical software and Business Intelligence (BI). Many industries thrive to gain quantitative understanding of what users are doing with products, which is expected to drive the adoption of product analytics. Product analytics is used to analyze service reports, customer feedback, product returns, warranties, and information from connected sensors to enable manufacturers to evaluate defects in products. Product analytics is also used to find out future possibilities for product developments, identify designs in utilization of products, and connect every opportunity to customers.  Product analytics can consolidate feeds from social media platforms to follow feedbacks about products and help companies to improve their products and services.

Market scope and structure analysis:

COVID-19 Scenario Analysis:

• All manufacturing companies are having trouble obtaining materials needed for manufacture of products, and they are struggling to ship their products to stores and wholesalers. Unlike other disruptions, COVID-19 is impacting every single aspect of supply chains.
• Owing to COVID-19 scenario, all the companies are focused on reshoring that is moving production back into its origin country of manufacturing which reduces the loss of revenue.
• To meet the supply of essential goods, supply chain companies and production companies are following all measures required for safety of their employees including running production lines at slower speeds, assigning workers to designated work areas, and sanitizing equipment between shifts.

Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis

Rise in utilization of advanced technologies such as Big Data, Machine Learning (ML), artificial intelligence (AI), and other analytical technologies by product-specific industries such as manufacturing is the major factor that drives growth of the product analytics market. Moreover, product analytics solutions help vendors to get an increasingly detailed understanding of consumer attitudes and needs, that aides in deciding faster choices in everyday business and deliver improved execution. This, in turn, boosts growth of the market. However, rise in concerns associated with confidential data is a factor expected to hinder the market growth. Furthermore, rise in demand for cloud-based analytical solutions and managed platform are  opportunistic factors for product analytics market.

Growth in utilization of advanced technologies

Owing to rapid technological advancements and diversified customer demands, firms can no longer dominate the product analytics market with only one product for a long time. To meet changing customer needs, many manufacturing and retail industries are compelled to adopt various business strategies such as convergence of technology to thrive in the fast evolving market.

Artificial intelligence increases functionality of business intelligence applications as it helps to breakdown large volumes of data into granular insights, allowing organizations to better understand the value of smaller components in a larger picture. For example, Amazon Go is changing conventional shopping background by utilizing analytics to drive deals and purchaser commitment. Product analytics makes that information valuable by combining all information sources into a single sorted out view, which can demonstrate accommodating for getting simple bits of knowledge.

Data theft

Vendors with an online and offline existence process all types of user data. User data can include personal data of customers, transactional data on online purchases, and financial data such as credit card. With this kind of data in vendor control, they need to make sure that it is stored and processed in a way that prevents any potential data breaches. Obligations and requirements  differ depending on region, for instance, data security demands tend to be more stringent in Europe than in the U.S.

Cloud data storage adds some risk, particularly when it comes to handling transactional and financial data of clients. This information should be stored on a secure infrastructure and protected with encryption, two-factor authentication, firewalls, or other means. Since modules are hosted on external servers, there is no control over them, and only limited possibilities are there to detect potential breaches caused by malicious code modifications.

Key segments covered:

Key benefits of the report:

• This study presents the analytical depiction of the global product analytics industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global product analytics market share.
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the product analytics market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the product analytics market.
• The report provides a detailed product analytics market analysis based on the present and future competitive intensity of the market.