North America Product Analytics Market

Market Introduction

The North America product analytics market is anticipated to witness significant growth during the next few years. The demand for tools from product managers to assess how customers engage with digital products and analyze critical information from the performance of the digital experiences is propelling the market growth. There is a rising trend to track, visualize, and analyze real-time engagement and behavioral data to optimize the customer journey. The growing need to make data-driven decisions and create captivating digital experiences has also surfaced as a market driver. The development of cloud-based analytics and their increased deployments in small and medium-sized enterprises to minimize maintenance costs is supporting this regional market.

Product managers in the retail and consumer goods sector are demanding efficient analytics tools to estimate consumer needs and attitudes. Leading players in the North American product analytics market are utilizing advances in technologies, such as machine learning, data mining, artificial intelligence, and modeling, to provide high-end solutions to their customers.      

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.        

North America Product Analytics Strategic Insights

Strategic insights for the North America Product Analytics provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.

North America Product Analytics Report Scope

North America Product Analytics Regional Insights

The geographic scope of the North America Product Analytics refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.

The product analytics market in North America is expected to grow from US$ 3,764.19 million in 2021 to US$ 11,191.25 million by 2028; it is estimated to grow at a CAGR of 16.8% from 2021 to 2028. Cloud computing environments, where data is kept remotely in distributed storage systems, allow IT infrastructure to be scaled up or down quickly. Pay-as-you-go arrangements are also facilitated in these contexts. This means that businesses that need to process massive amounts of data and have a lot of storage and processing capacity do not have to invest in an extensive IT infrastructure. Instead, companies can license the storage and processing capacity they require and pay only for their use. As a result, most large companies that deal with significant amounts of data are turning to cloud computing to supply their solutions to businesses. However, migrating data from an on-premises solution to the cloud is complicated and time-consuming. Before the data migration is complete, businesses must sync their data sources and platforms for several weeks to months. These factors are not preventing people from using cloud-based solutions. Instead, they are encouraging them to use hybrid and multi-cloud installations.   

Key Market Segments

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.

Major Sources and Companies Listed

A few major primary and secondary sources referred to for preparing this report on the product analytics market in North America are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Amplitude, Inc.; Gainsight; Heap Inc.; IBM Corporation; KISSMETRICS; LogRocket, Inc; Mixpanel; Pendo.io, Inc.; and USERIQ.         

Reasons to buy report

• To understand the North America product analytics market landscape and identify market segments that are most likely to guarantee a strong return.
• Stay ahead of the race by comprehending the ever-changing competitive landscape for North America product analytics market.
• Efficiently plan M&A and partnership deals in North America product analytics market by identifying market segments with the most promising probable sales.
• Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form North America product analytics market.
• Obtain market revenue forecast for market by various segments from 2021-2028 in North America region.

North America

North America Product Analytics Market -

By Component

• Solution
• Services

North America Product Analytics Market - By

Deployment

• On Premise
• Cloud-based

North America Product Analytics Market - By Mode

• Tracking Data
• Analyzing Data

North America Product Analytics Market - By Vertical

• Retail and Consumer Goods
• Food and Beverages
• Healthcare and Pharmaceuticals
• Energy and Utilities
• Automotive
• Manufacturing
• Others

North America Product Analytics Market - By Country

• US
• Canada
• Mexico

North America Product Analytics Market - Company Profiles

• Amplitude, Inc.
• Gainsight
• Heap Inc.
• IBM Corporation
• KISSMETRICS
• LogRocket, Inc
• Mixpanel
• Pendo.io, Inc.
• USERIQ