[225+ Pages Report] According to the report published by Facts & Factors, the global predictive analytics market was valued at approximately USD 5.7 Billion in 2019, and is expected to generate revenue of around USD 22.1 Billion by end of 2026, growing at a CAGR of around 24.5% between 2020 and 2026.
Predictive analytics is a data analysis category designed to predict future scenarios based on historical data and analytical techniques such as statistical modeling and machine learning. The science of predictive analytics can provide a considerable level of precision for future insights. By means of advanced tools and models for predictive testing, any organization can now use past and current data to reliably predict trends and behavior milliseconds, days, or years ahead.
Growing Industrialization and technological Developments along with the advent of Big Data are mainly driving the market for predictive analytics. However, the lack of skilled IT personnel and the high cost of implementation is expected to limit the market growth. In contrast, the integration of IoT and AI into prediction analytics and an increase in demand for predictive analytics among SMEs are predicted to create profitable growth opportunities during the analysis period for the developments in the global predictive analytics market.
Based on the solution, the global market is segmented as risk analytics, financial analytics, sales analytics, marketing analytics, web, and social media analytics, customer analytics, network analytics, and supply chain analytics, among others. On the basis of the service segment, the market is divided into managed services and professional services. The market has been deployed into cloud and on-premise solutions. Based on organization size, the market is segregated into large enterprises and small and medium enterprises. In terms of methodology, the market is bifurcated into time series analysis, decision trees, regression, and machine learning. The global market is further analyzed into telecommunications & IT, manufacturing, banking, financial services, and insurance, healthcare & life sciences, retail & eCommerce, energy & utilities, government & defense, and transportation & logistics, among others. Geographically, the global predictive analytics market is segmented as North America, Europe, Middle East, Asia-Pacific, Latin America, and Middle East & Africa.
Geographically, North America is dominating the global market for predictive analytics due to the early adoption of advanced technologies, and the presence of major market participants such as Oracle, Microsoft, and IBM. Citing an instance, in February 2020, Oracle Corporation had announced its 'Oracle Cloud Data Science Platform'. This platform consists of seven new services that provide data scientists with end-to-end experience aimed at improving and ramp up machine learning and data science projects. The APAC is expected to grow during the forecast period at the highest CAGR. Massive investments by major market participants by a technological provider in countries like Japan and China and growing adoption of deep learning and AI algorithms are expected to fuel the market growth in this region
Some main participants of the predictive analytics market are Oracle Corporation, Microsoft Corporation, SAP SE, IBM, SAS Institute, Salesforce, Google, Teradata Corporation, AWS, Alteryx, Inc., FICO, Altair, TIBCO Software Inc, Cloudera, and Infor among others.
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