Product Analytics Industry Statistics

In this post, we will explore the significant impact and growth predictions surrounding product analytics in various industries. From the expected market size to sector-specific benefits and revenue increases, the statistics paint a compelling picture of how organizations are leveraging data insights for strategic decision-making and business growth. Let’s dive into the numbers that showcase the rising importance and adoption of product analytics in today’s market landscape.

Statistic 1

"68% of organizations consider product analytics a more crucial area of focus than customer journey analytics."

Statistic 2

"Businesses investing in product analytics experience 4% to 22% increase in total revenue."

Statistic 3

"The product analytics market is expected to reach USD 13.9 billion by 2024."

Statistic 4

"The CAGR for product analytics market from 2019-2024 is estimated to be 15.1%."

Statistic 5

"Demand for cloud-based product analytics solutions is expected to grow at a higher pace than on-premises solutions."

Statistic 6

"The product analytics space will see the most significant growth in the Asia-Pacific region."

Statistic 7

"Approximately 90% of businesses will use product analytics data for decision-making by 2022."

Statistic 8

"The retail sector holds the largest share in product analytics market in 2020."

Statistic 9

"The banking, financial services, and insurance (BFSI) sector is expected to grow at the highest CAGR in the product analytics market during the forecast period 2019-2024."

Statistic 10

"Fashion and apparel brands see a 52% increase in sales through product analytics."

Statistic 11

"Biopharmaceutical companies using product analytics have seen a 33% increase in their by-appointment sales."

Statistic 12

"Over 62% of businesses have already invested in product analytics tools."

Statistic 13

"E-commerce companies utilizing product analytics have seen 15-20% improvement in customer retention rates."

Statistic 14

"Over 75% of all Fortune 500 companies are deploying product analytics."

Statistic 15

"Retention rates for digital products can be improved by as much as 20% by using product analytics."

Statistic 16

"In 2020, 67% of businesses increased their spending on product analytics tools."

Statistic 17

"The healthcare industry is projected to adopt product analytics at a faster pace than all other sectors by 2024."

The statistics presented highlight the growing importance and widespread adoption of product analytics across various industries. Organizations are prioritizing product analytics over customer journey analytics, leading to significant revenue growth potential. The market size for product analytics is projected to expand rapidly, with a notable emphasis on cloud-based solutions and growth in the Asia-Pacific region. Businesses across sectors such as retail, BFSI, e-commerce, and biopharmaceuticals are experiencing tangible benefits, including increased sales and improved customer retention rates. The increasing utilization of product analytics tools by Fortune 500 companies underscores its value in driving business success. With a clear trend towards increased investment and adoption, it is evident that product analytics will continue to play a pivotal role in decision-making processes and driving growth in the coming years, particularly in sectors like healthcare.