Predictive Analytics Market Segmentation: By Component (Solution and Services); By Organization Size (Large Enterprises, and Small and Medium-sized Enterprises (SMEs)); By Deployment Model (On-premises and Cloud); By Vertical (BFSI, Retail and eCommerce, Government and defense, Telecommunications and IT, Healthcare, Energy and Utilities and Others); and Region - Global Analysis by Market Size, Share & Trends for 2014 - 2020 and Forecasts to 2030
[ 170 + Pages Research Report ] Predictive Analytics Market to surpass USD 23.4 billion by 2030 from USD 6.9 billion in 2019 at a CAGR of 24.9% throughout the forecast period, i.e., 2020-30.
Predictive analytics is a methodology that analyses both historical and predicted activity as well as patterns. This research is carried out by applying various approaches, such as automatic algorithms for machine learning and statistical analysis. To be able to construct predictive models, these activities are carried out. To assess (quantitatively) the probability or likelihood of an occurrence happening, these models can then be used. Predictive analytics software uses available variables to analyze and calculate the probability of customer activity, equipment, etc. The prediction would allow companies to be prepared in advance for the customers' requirements. Predicting consumer requirements and designing products accordingly brings a competitive advantage to every organization.
Predictive Analytics Market to surpass USD 23.4 billion by 2030 from USD 6.9 billion in 2019 at a CAGR of 24.9% throughout the forecast period, i.e., 2020-30. The increase in performance, the reduced risks expected to be taken due to the ability to make more well-informed decisions with the aid of predictive analytics, and the improvement in customer enhancement are factors that have a positive effect on the market. The rapid developments in technology, the boom in artificial intelligence, and the high level of competition have led to this market's growth. The other drivers for the rapid growth of markets for predictive analysis include increased organizational use of Big Data and the cloud and an increasing need for product differentiation that drives the launch and adoption of new technologies.
Predictive Analytics Market is segmented by organization size as SMEs and large enterprises. The greater market share in 2019 was accounted for by the Large enterprises' segment since predictive analytics tools are increasingly being implemented to forecast future patterns by using available historical data. Based on predictive performance, major companies are now planning their potential market plans. Besides, predictive analysis of large historical data gives companies a strategic advantage and allows them to improve their overall performance accordingly. Due to the higher adoption of cloud technologies and predictive analytics by small and medium-sized companies, the small and medium-sized business segment is expected to register the highest CAGR, contributing significantly to the growth of the segment. Such businesses need predictive analytics tools to boost their organizational efficiency by reducing total operating costs.
The predictive Analytics Market is segmented by vertical into BFSI, Retail and eCommerce, Telecommunications and IT, Energy, and Utilities, healthcare, Government and defense, Manufacturing, and others. During the projected period the BFSI segment is projected to hold the largest market share. This can be attributed to the rising adoption by leading organizations operating in the BFSI vertical of advanced financial analytics solutions due to improved regulatory enforcement processes. The regulatory environment has become increasingly complex across the globe, which is why the market for vertical BFSI predictive analytics solutions is expected to rise over the forecast period. Besides, the implementation of technologies for predictive analytics enables BFSI businesses to experience digital transformation. It is expected that the retail and e-commerce segment will record the highest growth in the global market. Customer propensity towards a customized and personalized shopping experience plays a major role in driving demand in the retail and e-commerce market for predictive analytics solutions.
Increasing Adoption of Business Analytics and Business Intelligence
To create smarter, real-time, and fact-based decisions, businesses are interested in deriving insights from collected data. The introduction of big data and related technology has accelerated this need for in-depth expertise. The rapid growth in data volume is due to the worldwide expansion of corporations, driving the increase in data volumes and sources. Instead of blended solutions, businesses tend to have standalone solutions. This inevitably raises the number of start-ups in big data analytics, driving notable developments. Predictive analytics helps companies, by turning information into intelligence, to meet stakeholder expectations, manage data volumes, manage risks, enhance process controls, and boost administrative efficiency. To allow an efficient Intelligent Enterprise (IE) approach, advanced predictive analytics technologies play a critical role, helping to establish a single view across the entire company through the combination of traditional reporting.
The rise in adoption of Big Data technologies
Owing to the increase in the trend of the Internet of Things (IoT), social networking, and multimedia, which has generated a prodigious flow of data, the amount of data collected by the company is constantly growing. Both machine-based and human-generated data have a growth rate that is 10 times higher than traditional business data. Increasing the need for large volumes of structured and unstructured datasets to be collected, processed, and analyzed has led many companies and individuals to implement advanced & big data analytics, which is expected to drive market development. Besides, investment in big data will increase due to the vast amount of data generated in different verticals of the industry, which will, in turn, boost the growth of the predictive analytics market.
Scarcity of skilled labor and cost complexity of software
The lack of trained professionals with adequate knowledge of the functioning of predictive analytics, however, restricts market development. For this market, several limiting variables are described as complex analytical workflows and a variety of data models based on business needs. It has a heap of problems to address for predictive analysis to work effectively. First of all, the trend found from which observations are made cannot always be consistent. Various market models follow distinct trends. Understanding each trend and predicting the outcome accordingly is one of the challenges. The goal is to turn the inconsistency into a coherent outcome. Besides, data privacy presents a greater challenge in applying this technology in multiple end-user verticals.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, and SWOT Analysis.
The predictive Analytics Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC, and MENA.
The predictive Analytics Market in North America held the largest market share of XX.X% in the year 2019 and it is expected to continue its market dominance in the future owing to technological innovations and a strong presence, particularly in the United States, of market players. Besides, funding given to potential entrants by venture capitalists is expected to alleviate market competition. For existing players, increasing advances in techniques and methods involved in the production of predictive analytics solutions are expected to be key opportunities. Due to the commercialization of IoT technology and the growing adoption of advanced technologies across countries such as China, Japan, and ANZ, the Asia Pacific (APAC) is expected to rise at the highest CAGR during the forecast era. The increased internet penetration in the area offers companies tremendous opportunities to gain insights into consumer tastes, contributing to the adoption of APAC predictive analytics systems.
The predictive analytics market, which is highly competitive, consists of several major players such as Microsoft (US), IBM (US), SAS Institute (US), SAP SE (Germany), Oracle (US), Google (US), Salesforce (US), Amazon Web Services (US) hold a substantial market share in the Predictive Analytics market. Other players analyzed in this report are Hewlett Packard Enterprise (US), Teradata (US), Alteryx (US), Altair (US), FICO (US), Domo (US), Cloudera (US), Board International (Switzerland), TIBCO Software (US), Hitachi Vantara (US), Happiest Minds (India), Dataiku (US), Qlik (US), RapidMiner (US), ibi (US), Infor (US), Biofourmis (US), In-Med Prognostics (US), Aito.ai (Finland), Symend (US), Onward Health (India), Unioncrate (US), CyberLabs (Brazil), Actify Data Labs (India), Amigo Labs (India), Verimos (US) among others.
The market competition has been stepped up by the availability of many players offering Predictive Analytics. For Instance, In September 2020, Board International signed a strategic partnership with a Singapore-based global IT consultancy firm, Delaware. The strategic partnership would enhance both parties’ capabilities to drive digital transformation in customers’ business-wide decision-making processes.
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – the United States and Canada
Predictive Analytics Market Segments:
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