The increased internet penetration in developing countries, including China and India, and developed countries, including Singapore, the U.S., and Australia, is also contributing to the growth of the product analytics market. According to the Office for National Statistics, 90% of all houses in Great Britain has access to internet in 2018. At the present time, due to digital transformation, organization are switching to digital means for engaging with clients, improving their services and products, and learning the needs of their clients, which is driving the growth of the market.

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As per a study conducted by P&S Intelligence, the global product analytics market is predicted to attain a value of $16,804.8 million by 2024, increasing from $7,309.3 million in 2018, progressing at a 15.3% CAGR during the forecast period (2019–2024). Various are resulting in the growth of the market, namely the increasing number of mobile application users, surging social media usage, development of artificial intelligence (AI) and predictive analytics, and growing digital disruption.

The innovations in cognitive technologies is opening up wide opportunities for the players operating in the product analytics market during the forecast period. Deep learning technologies, including unstructured text processing and convolutional neural networks, are predicted to be applied in a number of application areas. Cognitive technologies would become a standardized approach for processing complex data streams that are generated by active insurance products which are associated with a person’s activities and behavior.

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The increasing use of such technologies is expected to lead to the growth of the market during the forecast period. When enterprise size is taken into consideration, the product analytics market is divided into small & medium enterprises (SME) and large enterprises. Between these, the large enterprise division dominated the market in 2018, attributed to the rising demand for innovative analytics tools from big companies for staying competitive and for expanding their market presence.