The global Product Analytics Market size is projected to grow from USD 6.9 billion in 2019 to USD 13.9 billion by 2024, at a CAGR of 15.1% during the forecast period. Major factors driving the market include the growing adoption of big data and other related technologies
Retail & consumer goods vertical to hold a larger market size during the forecast period
Product analytics in this vertical assist vendor to get a more detailed understanding of consumer needs & attitudes, which helps make faster decisions in day-to-day business, and deliver improved performance. In the vertical, the focus of product analytics is sales in which analytics has a significant impact followed by marketing, finance, and supply chain. Several companies in the vertical are making vast improvements to their internal data and BI system, along with substantial investments in a mix of on-premises and cloud-based analytics that provides flexibility to scale while leveraging the existing IT investment.
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Manufacturers end-user to lead the market in 2019
Product analytics plays an integral part in manufacturing, planning, warranty analysis, supply chain intelligence, and so on. Customers are demanding quality products at lower prices with faster delivery. Hence, it has become vital for manufacturers to deliver a differentiated experience throughout the entire customer lifecycle.
The vendors covered in the market report include Google (US), IBM (US), Oracle (US), Adobe (US), Salesforce (US), Mixpanel (US), Piwik PRO (Poland), Amplitude (US), Heap (Denmark) Plytix (US), Pendo (US), Risk Edge Solutions (India), LatentView (US), and Kissmetrics (US). The key players have adopted various growth strategies, such as partnerships, agreements & collaborations, new product launches & product enhancements, and acquisitions to expand their presence in the global CDN market. Partnerships, agreements & collaborations, and new product launches have been the most adopted strategies by the major players from 2016 to 2019 to innovate their offerings and broaden their customer base.
Adobe (US) is uniquely positioned to be a leader in both digital media and digital experience markets, where the mission of the company is to change the world through digital experiences by integrating products from both digital media and digital experience markets. Customers of the company can utilize a comprehensive suite of solutions and services that no other company currently offers. The company has a global professional services team dedicated to designing and implementing solutions for customers. The professional services team of the company has a comprehensive, customer-focused approach that helps capture and analyze the best practices from numerous customer engagement models across a diverse mix of solutions, industries, and customer segments. Adobe announced innovations powered by Adobe Sensei, the company’s AI and machine learning technology, in Adobe Target and Adobe Experience Manager in Adobe Marketing Cloud to enhance the customer experience.
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Oracle (US) has been catering to a diverse clientele present across different industry verticals for over three decades. The company offers Software-as-a-Service (SaaS) platform, with capabilities designed to deliver a secure data isolation architecture and flexible upgrades; self-service access controls for users; a Service-Oriented Architecture (SOA); built-in social, mobile, and business insight capabilities; and a high performance, high availability infrastructure based on Oracle’s infrastructure technologies, including Oracle Engineered Systems.
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