The North America Product Analytics Market would witness market growth of 18.3% CAGR during the forecast period (2021-2027).
Product analytics is an application of analytical software and business intelligence, which uses product returns, warranties, service reports, information from integrated sensors, and customer feedback to help companies to detect possibilities for a product change, calculate product defects, identify trends in product ability or use, and link all these variables to clients. It also provides the facility of integrating feeds from social media platforms to examine the product complaints. In addition, product analytics software alerts suppliers to identify service and substitute requirements in reactive and preventive maintenance circumstances. Moreover, this software also assists in routing service requests to the responsible person or function service remotely through machine-to-machine (M2M) techniques, by analyzing product data feeds in real-time.
This region comprises various leading players in the product analytics market. There is a significant rise in technological advancements in this region. The factors leading the analytics market are machine learning, data mining, artificial intelligence, statistics, and modeling. The organizations in North America are highly adopting the product analytics solutions, as they want to acquire customers as well as want to get a deep understanding of their customer’s needs.
The regional key players are increasing in the market, hence leading to an upsurge in the concerns related to data theft and data breaching. Moreover, fraud and security analytics are aiming to protect confidential data from getting misused by internal and external threats. This software is very helpful for the product managers as it provides an understanding about their customer, make data-driven decisions, and also increase retention, conversion, and create captivating digital experiences. All these factors are comprehensively boosting the growth of the product analytics market.
The US market dominated the North America Product Analytics Services Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $1,963.4 million by 2027. The Canada market is experiencing a CAGR of 24% during (2021 - 2027). Additionally, The Mexico market would witness a CAGR of 23% during (2021 - 2027).
Based on Component, the market is segmented into Solution and Services. Based on Vertical, the market is segmented into Retail & Consumer Goods, IT & Telecom, Healthcare & Pharmaceuticals, Automotive, Media & Entertainment, BFSI, Manufacturing and Others. Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Enterprise. Based on Deployment Type, the market is segmented into Cloud and On-premise. Based on End User, the market is segmented into Manufacturers, Sales & Marketing Professionals, Consumer Engagement and Designers. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Product Analytics Market is Estimated to Reach USD 29.7 Billion by 2027 at a CAGR of 20%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Oracle Corporation, Google, Inc., Salesforce.com, Inc., Adobe, Inc., Medallia, Inc., Gainsight, Inc., Veritone, Inc., Amplitude, Inc., and Pendo.Io, Inc.
By Component
By Vertical
By Enterprise Size
By Deployment Type
By End User
By Country
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