With an increasing number of people getting connected to the internet, the digitization breeze is sweeping across the world. People use the internet for many purposes, such as learning about stuff, availing services, and shopping. Thus, with the increasing traffic on websites, companies are understanding the importance of having engaging online content for visitors.
Thus, digital marketing teams are analyzing the behavior and activities of online visitors to see which pages they are spending time on and which ones they aren’t even clicking. Due to such marketing efforts, P&S Intelligence expects the product analytics market revenue to grow to $16,804.8 million by 2024 from $7,309.3 million in 2018, at a 15.3% CAGR between 2019 and 2024 (forecast period).
By helping companies track the consumer behavior on websites, product analytics solutions allow them to post relevant content, which ultimately increases the chances of customer conversion. With the increasing competition across industries, it is becoming important to conduct such analysis. In this regard, one of the key drivers of the demand for product analytics solutions is the growing e-commerce industry.
The rising internet penetration and access to smartphones has massively expanded the consumer base for online shopping websites. Moreover, they provide a range of benefits to shoppers, such as no need to step out of their house, freedom to compare products of different brands, electronic payments, home deliveries, and offers and discounts.
Hence, companies are using product analytics to present their products and services in a more-attractive way and make better recommendations to buyers.
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