Cloud-Based Segment to Dominate Europe Product Analytics Market during 2020–2028      

According to a new market research study on “Europe Product Analytics Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Component, Deployment, Mode, and Vertical” is expected to reach US$ 8,410.29 million by 2028 from 2,658.62 US$ million in 2021. The market is estimated to grow at a CAGR of 17.9% from 2021 to 2028. The report provides trends prevailing in the Europe product analytics market along with the drivers and restraints pertaining to the market growth. Significant surge in usage of advanced technologies is the major factor driving the growth of the Europe product analytics market. However, issues associated with rising concerns over data privacy and security hinders the growth of Europe product analytics market.

 Europe product analytics market is segmented into component, deployment, mode, vertical and country. Based on component, the Europe product analytics market can be bifurcated into solutions and services. The solutions segment held the largest market share in 2020. Based on deployment type, the Europe product analytics is categorized into on premise, and cloud-based. The cloud-based segment led the Europe product analytics with a larger market share. Based on mode, the product analytics can be categorized into tracking data, and analyzing data. Analyzing data segment held the largest market share in 2020. Based on vertical, the product analytics market is segmented into retail and consumer goods, food and beverages, healthcare and pharmaceuticals, energy, and utilities, automotive, manufacturing, and others. The retail and consumer goods segment led the Europe product analytics with a market with larger market share. Based on country, the Europe product analytics market is segmented into France, Germany, Italy, UK, Russia, and rest of Europe. Germany held the largest market share in 2020.

Ecommerce sales in Europe are significantly growing with most of the online turnover being generated in Western Europe, which accounts for approximately 70% of total European online retail turnover. Southern Europe, Northern Europe, Central Europe, and Eastern Europe are anticipated to occupy a smaller share in the European eCommerce industry. As the countries start to reopen, companies are shifting toward smart technologies to boost customer experience. Companies are focusing on connecting their employees and workers virtually and ensure end to end security in the connection. The pandemic has accelerated the consumers' rate of digital adoption and expectations for a seamless, convenient, and personalized experience. As a result, businesses are shifting from traditional ways of designing and measuring to digital experiences. The product analytics market is anticipated to witness strong growth in Europe as industry leaders demand customer and data-driven insights across all stages of the product life cycle, to stay in front of the competition in the post-pandemic era. The European big data networks remained mostly unaffected during the COVID-19 pandemic, however, the investment in big data projects has gone down as new projects were put on hold. As businesses are realizing that the customer data insight can make them more flexible and resilient in difficult times, it is expected that the COVID-19 pandemic will only increase the demand for product analytics solutions in Europe. Germany is the largest economy in Europe. According to Industry experts, Germany will be the first major European economy to recover from the current crisis based on the country’s healthy finances and its large industrial sector. Also, Germany is one of the biggest spenders on the Internet of Things, which is a positive indication for the generation of a lot of potentially useful data, thereby propelling the growth of the product analytics market.  

Amplitude, Inc.; Gainsight; Heap Inc.; IBM Corporation; LogRocket, Inc; Mixpanel; Pendo.io, Inc.; and Smartlook are among the leading companies in the Europe product analytics market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, Heap will use the funds to expand its global operations and speed up research and development of the industry’s most comprehensive digital analytics platform for product builders, growth marketers, and fast-moving analytics teams. Heap’s quick product creation will be aided by the latest funding, which will see the firm release Illuminate, a data-science-powered solution that solves the difficulties of legacy solutions that are ill-equipped to respond to the increasing complexity of the modern customer journey, in 2021.

Europe Product Analytics Market, By Country, 2020 and 2028 (%)

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