The global product analytics market is a growing at a good pace. It is mainly because of the digital disruption, growing number of mobile app users, AI evolution, and growing social media use globally. Another major driving factor is the shift in the focus of product teams to the analysis of customers in order to customize the product/service as per the demand of the individual.
The product analytics industry can mainly be divided into software and service, based on offering. Of these two, the software category had the larger revenue share in the past, as market players are offering customized software to end users. But as a by-product, a huge opportunity was created for training programs and professionals, as the technology is ever-evolving and requires high skill.
Product analytics solutions are either web-based or mobile-based. Web-based solutions were more popular in the past due to huge count of people browsing the web. As smartphone users increase, so will the count of online shopping, gaming, banking, and social media app users. This transformation in mobile internet has created opportunities for mobile-based analytics solution providers.
The product analytics market is categorized into large and small medium enterprises. In the past, large enterprises held more than double the share of SMEs. Further, with every passing year, SMEs are realizing the benefits of product analytics that can help them stay afloat and compete with the well-funded multinationals. In this regard, a key driver for the market is the increasing number of SMEs in India, which, together with micro enterprises, already account for 45% of the country’s industrial output and 40% of the total exports.
Digital engagement is evolving internationally. With the growing internet penetration, the consumer base for e-retail, e-gaming, banking, and numerous other digitally available service providers is rising rapidly.
Consumer expectation is also high, and now they want fast, on-demand, and reliable services during digital interactions. This has increased the demand for product analytics solutions to trace customers’ behavior. With the growth in the level of digitalization, the cost is cultivating digital intelligence to adapt to the changing consumer behavior and offer customized services with personal interaction.
Internet penetration in the U.S., Australia, Singapore, India, and China has an important role in the growth of the industry. According to the Office for National Statistics, in the U.K., over 90% of the households have access to the internet. Companies have adopted a holistic approach to understand and synchronize engagement optimization of customers. The product teams are targeting customer engagement digitally.
The growing internet penetration all over the globe has a major role in the growth of the product analytics industry in the near future.
