Product Analytics Market is expected to reach US$ 28,090.5 million by 2028
According to our latest market study on "Product Analytics Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Component, Deployment, Mode, and Vertical," the market is expected to grow from US$ 9,165.5 million in 2021 to US$ 28,090.5 million by 2028; it is estimated to grow at a CAGR of 17.4% from 2021 to 2028.
Market Overview
In order to drive the growth of the product analytics market during the forecast period, there is an increasing need for improved services that manage customer behavior. For companies to be successful, customer service is vital, with 70% of purchasing decisions based on the effectiveness of such service. Organizations have to predict customer needs to provide efficient solutions and ensure customer satisfaction, and this is where successful businesses rely on product suggestion engines to deliver personalized services to every consumer. The global growth of the product analytics market is being propelled by the ability of the correct product recommendation tool to help organizations boost the potential returns of their marketing efforts by analyzing consumer behavior and maximizing customer care efforts. Product personalization can increase sales by 10% or more and yield five to eight times the return on marketing spends, according to a Harvard Business Review analysis. By using predictive suggestions to send the right offer to the appropriate shopper at the right moment, retailers can boost the conversion rate and increase revenue per transaction. Intelligent product recommendations, which provide natural upsell and cross-sell opportunities, generate up to 31% of eCommerce site revenue, as shown by a study. Product analytics is crucial in understanding customer behavior because it matches customer actions and history with suitable recommendations that can turn small transactions into larger ones, even for clients who initially had no intention of buying.
Market Segmentation
The global for product analytics market is divided into five regions: North America, Europe, Asia Pacific, Middle East and Africa, and South America. The market is categorized into solutions and services based on components, with the solutions segment holding the larger market share in 2020. The market is divided into on-premise and cloud-based deployment, with the cloud-based segment holding the larger market share in 2020. The market is divided into tracking data and analyzing data based on mode, with the analyzing data segment holding the larger market share in 2020. The market is segmented into retail and consumer goods, food and beverages, healthcare and pharmaceuticals, energy and utilities, automotive, manufacturing, and others based on vertical, with the retail and consumer goods segment accounting for the largest market share in 2020.
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