According to the market research report published by P&S Intelligence, the global product analytics market is expected to reach $38,049.5 million by 2024, registering a CAGR of 18.8% during the forecast period. Major factors stimulating the market growth include advancements in cognitive technologies, the massive adoption of smartphones, and shift from web-based internet surfing to a mobile-first approach, and increasing focus of product teams to offer personalized products and services to their customers.
Based on the deployment type, the product analytics market is categorized into on-premises and cloud-based. Of these, the cloud-based category held a larger revenue share in 2018 and is further expected to continue demonstrating faster growth during the forecast period. This can be attributed to the fact that cloud-based deployment enables flexible storage and fast data access to product teams that improve customers’ behavior tracking to gain a competitive edge. Deep learning technologies, such as convolutional neural networks, currently used for image, voice, and unstructured text processing, will be applied in several application areas. The cognitive technologies, which are based on human brain’s ability to learn through decomposition and inference, would become a standard approach for processing the complex data streams generated by active insurance products associated with an individual’s behavior and activities.