Product Analytics Global Market Report 2024

Product analytics involves a set of activities, including tracking, analyzing, and visualizing user experiences to evaluate client interactions with products and services. This allows product managers and teams to optimize product features based on user data and feedback, aligning customer activity with long-term value. Product analytics are instrumental in tracking and analyzing consumer or client behavioral engagement data, enabling organizations to enhance their products or services.

The main components of product analytics include both solutions and services. Services, in this context, refer to non-physical, intangible aspects of the economy compared to goods, which are tangible and can be touched or handled. The primary mode in product analytics is data tracking and analysis, with deployment options available in the cloud or on-premises. Organizations utilizing product analytics are categorized into two types such as large enterprises and small and medium-sized enterprises. Various end-users involved in product analytics span industries such as automotive, retail and consumer goods, food and beverage manufacturing, machinery and industrial equipment manufacturing, healthcare and pharmaceuticals, as well as energy and utilities.

The product analytics market research report is one of a series of new reports that provides product analytics market statistics, including product analytics industry global market size, regional shares, competitors with a product analytics market share, detailed product analytics market segments, market trends and opportunities, and any further data you may need to thrive in the product analytics industry. This product analytics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The product analytics market size has grown rapidly in recent years. It will grow from $10.66 billion in 2023 to $12.72 billion in 2024 at a compound annual growth rate (CAGR) of 19.3%. The growth observed in the historical period can be attributed to the increasing emphasis on data-driven decision-making, the surge of e-commerce and digital products, heightened competition in the market, advancements in data collection technologies, and the growing demand for insights into user behavior.

The product analytics market size is expected to see exponential growth in the next few years. It will grow to $27.43 billion in 2028 at a compound annual growth rate (CAGR) of 21.2%. The anticipated growth in the forecast period can be attributed to the expansion of personalized and contextual analytics, the increasing prominence of IoT and connected devices analytics, a focus on predictive product analytics, and enhanced collaboration between product and data teams. Major trends expected in the forecast period include real-time product analytics, cross-platform analytics integration, the adoption of A/B testing and experimentation, mobile app analytics for user engagement, and a shift towards privacy-focused analytics solutions.

The anticipated growth in the product analytics market is closely linked to the increasing adoption of product analytics tools by eCommerce companies. E-commerce companies, involved in online buying and selling through smart devices and the internet, utilize product analytics, also known as e-commerce analytics, to enhance their business operations. These tools offer various benefits, including optimizing product pricing, improving customer engagement, providing personalized shopping experiences, refining marketing strategies, and more. For example, in 2022, a survey conducted by FlexJobs' Career Pulse, a US-based provider of platforms for the freelance community, indicated that 97% of 4,000 respondents expressed a preference for full-time remote work or a hybrid work arrangement. This widespread adoption of product analytics tools by eCommerce companies is a significant driver of the product analytics market's growth.

The rise of artificial intelligence (AI) is expected to play a crucial role in propelling the growth of the product analytics market. AI, simulating human intelligence in machines, empowers products and services by analyzing user data and feedback to enhance performance and user satisfaction. According to the International Trade Administration in 2022, the AI market in the UK exceeds $21 billion, with projections indicating substantial growth, contributing around $1 trillion to the UK economy by 2035. The pervasive influence of artificial intelligence is a driving force behind the expansion of the product analytics market.

Product innovation emerges as a prominent trend in the product analytics market, with major companies focusing on research and development to introduce innovative solutions and strengthen their market positions. In May 2022, Amplitude Inc., a US-based provider of behavior-tracking software, introduced Amplitude CDP, the industry's first insights-driven customer data platform. This platform integrates product analytics to accelerate time-to-insights without the need for third-party analytics services, contributing to better audience discovery.

Major companies in the product analytics market are developing advanced analytics suites to provide marketers with powerful and user-friendly tools. Act-On Advanced Analytics, launched by Act-On Software in October 2023, is a suite powered by AI, offering customizable reporting, natural language querying, and AI-driven insights. This suite allows marketers to perform deep-dive analytics and custom reporting without reliance on IT or data analysts, fostering closer alignment between marketing and sales through shared reports and alerts, ultimately enhancing revenue analysis and insights.

In June 2023, ThoughtSpot, a US-based data analytics and business intelligence company specializing in search-driven analytics, acquired Mode Analytics for an undisclosed amount. This acquisition aims to enhance ThoughtSpot's generative AI applications, expand its customer base, and increase annual recurring revenue. Mode Analytics, a US-based data analytics and business intelligence company, provides a collaborative platform for data analysis and reporting.

Major companies operating in the in the product analytics market report are Google LLC, International Business Machines Corporation, Oracle Corporation, Adobe Inc, Salesforce Inc, Mixpanel Inc., Amplitude Inc., Heap Inc., Pendo Inc., Optimizely., Hotjar Ltd., Crazy Egg Inc., Freshworks Inc., FullStory Inc., Quantcast Corporation, Gainsight Inc., MoEngage Inc., Appsee Ltd., Smartlook, Inspectlet Inc., WalkMe Ltd., UserTesting Inc., Plytix Inc., RJMetrics, UserLeap Inc., Matterport Inc., GoSquared Ltd., Snowplow Analytics Ltd., SessionCam Ltd., Full Circle Insights Inc., ContentSquare, Appcues Inc.

North America was the largest region in the product analytics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the product analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the product analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The product analytics market consists of revenues earned by entities by providing trend analysis, attribution analysis, and cohort analysis. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.