Growing focus on digital adoption remote monitoring in the pandemic era is anticipated to be an opportunity to the global predictive analytics market
The predictive analytics analyses current and historical data and predicts future events and behaviour of variables using various modelling techniques. Predictive analytics is proving extremely beneficial in predicting anomalies, disorders or indicators leading to capture appropriate insights for better decision making. These are some key factors driving growth of global predictive analytics market. As a result, the global predictive analytics market is projected to grow at value of $ 36.01 Bn by 2028 with an annual growth rate of 24.9%.
Predictive analytics provides enterprises a competitive advantage, organizations learn risk management, and gain business value. For example, predictive analytics in BFSI helps forecast return on investments and improves decision making process in investments. Technology providing analytics tools to forecast, predict, and plan business decisions can also be classed under predictive analytics. Predictive analytics finds application in data utilization, based on advanced algorithms of artificial intelligence and machine learning, to assess historical data and derive futuristic inferences.
Looking at the current trends in predictive analytics, the evolution of big data states that the future of global predictive analytics market is progressive. With the promising future of growth expected in the industry businesses are with high capital are investing in the field. Many global funds have invested in the field looking at the potential of predictive analytics to generate high returns in the future for the solution and service providers as well as the clients.
Also, predictive analytics when coupled with AI, ML, and big data is providing valuable insights to the customers and thrice return on investment to the market players. However, although the current and future of predictive analytics is promising there are several pitfalls such as budgetary constraints, lack of skills, inaccuracy, hampering the market growth. Furthermore, technical assistance provided to better deploy predictive analytics, training programs, and government initiatives is anticipated to provide growth opportunities to the global predictive analytics market.
The Adroit Market Research report is provides the analysis of global predictive analytics market with breakdown of trends and highlights of other crucial market aspects. The report includes a ranking of the top companies, their portfolios, product information, major events, and financial information of the predictive analytics market. The report explore the evolving predictive analytics space globally and highlight the importance PA, identify determinants, and to present the potential benefit of investing in the predictive analytics market. The report exhibits thorough analytical response based on Porter’s Five Forces Model and SWOT analysis. The report takes into account 2018-2020 as historic years, base year 2020, and forecast years 2021-2028.
The market players in the market are taking strategic partnerships with many companies to strengthen competitive space and boost analytics capabilities. Also, the market players are acquiring SaaS capabilities over cloud analytics offering. The market players are taking the partnership route to provide tailored solutions are adopting big data along with few acquisitions and investments.
Depending on different segments the market is classified into deployment segments namely on-premise and on-cloud. The On-premise segment grew at a highest share in 2020 and is projected to retain good growth in future because it provides better security, valuable insights, etc.
Depending on different segments the market is classified into component segments namely on-solutions and services. The solutions segment is projected to grow at a highest CAGR in the forecasted years because it allows detecting fraudulent activities, lower future risks, optimize market strategies, and others.
Depending on different segments the market is classified into application segments namely healthcare, manufacturing, BFSI, e-commerce, others. The BFSI accounted for maximum share in global predictive analytics market because it helps forecast return on investments and improves decision making process in investments, identify fraudulent transactions and accounts.
North America is anticipated to gather largest market share in global predictive market. Also, APAC is emerging as dominant region in the market due to growing awareness of business benefits of incorporating PA in businesses, presence of large technology firms, and multinational tech giants investing and expanding in various countries like India, Sri Lanka, and other in these regions.
Predictive analytics companies which have made mark in the industry are Oracle, IBM, SAS Institute, NTT Data, Microsoft, SAP SE, Fair Isaac, Angoss Software, Rapidminer, Tableau, and Tibco among all other new and established companies in the market.
Key Segments of the Global Predictive Analytics Market
Deployment Overview, 2018-2028 (USD Billion)
Component Overview, 2018-2028 (USD Billion)
Component Overview, 2018-2028 (USD Billion)
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia-Pacific
- Rest of South America
Middle East and Africa