Predictive Analytics Market Analysis
The Predictive Analytics Market size will touch USD 13 billion at a whopping 21% CAGR between 2018- 2023, as per the current Market Research Future (MRFR) analysis. Predictive analytics, simply put, is the practice to use modeling techniques and statistics for extracting information from historical and current datasets for predicting potential future trends and outcomes.
Various factors are propelling the global predictive analytics market share. According to the recent MRFR report, such factors include growing focus on digital transformation, growing adoption of ML and AI technologies and big data, demand for remote monitoring to support the COVID-19 outbreak, need to forecast probable future financial scenarios, and increasing use of predictive modeling tools. Additional factors adding market growth include increasing investments in big data, rising adoption of big data, integration of AI and IoT in predictive analytics, and growing demand by SMEs.
On the contrary, high implementation cost and scarcity of skilled IT staff may impede the predictive analytics market growth over the forecast period.
The MRFR report highlights an inclusive segmental analysis of the global predictive analytics industry based on vertical, applications, techniques, organization size, and deployment.
By deployment, the global predictive analytics market is segmented into on-cloud and on-premise. Of these, the on-premise segment will lead the market over the forecast period.
By organization size, the global predictive analytics market is segmented into SMEs and large enterprises. Of these, large enterprises are predicted to dominate the market over the forecast period.
By techniques, the global predictive analytics market is segmented into deep neural networks, Bayesian recommendation system, support vector machines, and others.
By applications, the global predictive analytics market is segmented into financial modeling, market analysis, sales forecasting, customer analysis, risk assessment, customer churn rate prevention, and others. Of these, the customer analysis segment will have a major share in the market over the forecast period.
By vertical, the global predictive analytics market is segmented into government and defense, transportation and logistics, healthcare, manufacturing, retail and e-commerce, IT and telecommunication, BFSI, and others. Of these, the BFSI segment will command the largest share in the market over the forecast period.
Based on the region, the global predictive analytics market report covers the recent trends and growth opportunities across the Asia Pacific (APAC), North America, Europe, & the Rest of the World (RoW).
Of these, North America will lead the market over the forecast period. The presence of well-established economies that are making good investments in R&D of advanced technologies like advanced analytics, artificial intelligence (AI), & machine learning, presence of several key players, early adoption of the latest technologies like the IoT (internet of things), increasing investments in Big data analytics, and the need for analyzing customer behavior and purchasing patterns are adding to the global predictive analytics market growth in the region.
The global predictive analytics market in Europe is predicted to hold the second-largest share over the forecast period. The presence of an active data market, the constant growth of the data generated, and the adoption of techniques like big data and artificial intelligence is adding to the global predictive analytics market growth in the region.
The global predictive analytics market in the APAC region is predicted to grow at a fast pace over the forecast period. Initiatives undertaken by the government to support SMEs that need the platform of predictive analytics to improve their operational performance, commercialization of IoT technology, growing adoption of technological advancements in Japan and China, and improved internet penetration are adding to the global predictive analytics market growth in the region.
The global predictive analytics market in the RoW is predicted to have sound growth over the forecast period.
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Key contenders profiled in the global predictive analytics market report include BOARD International (Switzerland), Ignite Technologies, Inc. (US), Fair Isaac Corporation (US), Rapidminer Inc. (US), Angoss Software Corporation (Canada), Oracle Corporation (US), SAP SE (Germany), IBM Corporation (US), Dundas Data Visualization, Inc. (Canada), Radius Intelligence Inc. (US), NTT Data Corporation (Japan), Tableu Software (US), Tibco Software Inc. (US), Microsoft Corporation (US), and SAS Institute Inc. (US).
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