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.
Market Overview and Dynamics
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.
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North America Product Analytics Market Segmentation
North America Product Analytics Market - By Component
North America Product Analytics Market - By Deployment
North America Product Analytics Market - By Mode
North America Product Analytics Market - By Vertical
North America Product Analytics Market - By Country
North America Product Analytics Market - Company Profiles