With the increasing penetration of the internet in both developing countries such as China and India and developed countries such as Singapore and the U.S., the worldwide demand for product analytics is rising rapidly. For example, according to the Office for National Statistics, in 2018, 90% of all households in Great Britain had access to the internet.

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Additionally, the total percentage of adults who used the internet daily grew from 35% to 86% from 2006 to 2018 in the country. The rapid digital transformation in various countries is pushing up the requirement for product analytics solutions. Moreover, businesses all over the world are increasingly adopting advanced technologies such as product analytics for building a holistic understanding and delivering greater customer engagement.

Apart from this, rapid advancements and innovations being made in various cognitive technologies are also creating lucrative growth opportunities for the players operating in the market of product analytics. Deep learning technologies such as convolutional neural networks, presently used for unstructured text, image, and voice processing are increasingly being adopted in various application areas.

These cognitive technologies are based on the ability of the human brain to learn through inference and decomposition. They are increasingly being adopted by businesses for processing the complex data and information streams produced by active insurance products associated with the behavior and activities of an individual.