Report : North America Product Analytics Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Component (Solutions and Services), Deployment (On Premise and Cloud-Based), Mode (Tracking Data and Analyzing Data), and Vertical (Retail and Consumer Goods, Food and Beverages, Healthcare and Pharmaceuticals, Energy and Utilities, Automotive, Manufacturing, and Others)
Solutions Segment to Dominate North America Product Analytics Market during 2020–2028
According to a new market research study on “North America Product Analytics Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Component, Deployment, Mode, and Vertical” is expected to reach US$ 11,191.25 million by 2028 from 3,764.19 US$ million in 2021. The market is estimated to grow at a CAGR of 16.8% from 2021 to 2028. The report provides trends prevailing in the North America product analytics market along with the drivers and restraints pertaining to the market growth. Rising requirement for enhanced customer behavior management services is the major factor driving the growth of the North America product analytics market. However, issues associated with rising concerns over data privacy and security hinders the growth of North America product analytics market.
North America product analytics market is segmented into component, deployment, mode, vertical and country. Based on component, the North America 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 North America product analytics is categorized into on premise, and cloud-based. The cloud-based segment led the North America 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 North America product analytics with a market with larger market share. Based on country, the North America product analytics market is segmented into US, Canada, and Mexico. US held the largest market share in 2020.
Consumer optimism and spending have remained strong in North America during the pandemic. Progress in vaccination programs and the reopening of businesses is anticipated to fuel the demand for product analytics in the coming years. While the first half of 2020 led to reduced sales revenue due to the lockdown and halted operations of several industries, the second half of 2020 witnessed a massive surge in online sales. In the latter half of 2021, this growth was further driven by the strong consumer intent to splurge. Social media is continuing to influence consumer purchases, particularly for younger generations, in discretionary, travel, and entertainment categories. As a result, market players are investing in customer data collection and management technologies to boost sales and generate revenues. There is an increasing trend of using artificial intelligence, cloud technology, edge computing, and machine learning, along with IoT technology in North America. Further, the advent of 5G technology, combined with IoT is expected to create opportunities in maximizing efficiency and minimizing wastage of resources across various industry verticals.
Amplitude, Inc.; Gainsight; Heap Inc.; IBM Corporation; KISSMETRICS; LogRocket, Inc; Mixpanel; Pendo.io, Inc.; and USERIQ are among the leading companies in the North America 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.
North America Product Analytics Market, By Country, 2020 and 2028 (%)
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