Predictive Analytics Market: Market Segments: 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
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. In order to be able to construct predictive models, these activities are carried out. In order to assess (quantitatively) the probability or likelihood of an occurrence happening, these models can then be used.
Predictive Analytics Market is expected to project a notable CAGR of 24.9% in 2030.
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.
Predictive Analytics Market: Segments
Large enterprises segment to grow with the highest CAGR during 2020-30
Predictive Analytics Market is segmented by organization size as SMEs and large enterprises. The greater market share in 2019 was accounted by 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.
Predictive Analytics Market: Market Dynamics
Increasing Adoption of Business Analytics and Business Intelligence
In order 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.
Scarcity of skilled labor and cost complexity of software
The lack of trained professionals with adequate knowledge of the functioning of predictive analytics which however, restrict market development. For this market, there are several limiting variables that are described as complex analytical workflows and a variety of data models based on business needs. It has a heap of problems to address in order for predictive analysis to work effectively.
Predictive Analytics Market: Key Players
• Alteryx, Inc
• Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence and SWOT Analysis.
• Fair Isaac Corporation
• Information Builders
• International Business Machines Corporation
• Microsoft Corporation
• Oracle Corporation
• SAP SE
• SAS Institute Inc.
• TIBCO Software Inc
Predictive Analytics Market: Regions
Predictive Analytics Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC and MENA.
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. In addition, 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.
Predictive Analytics Market report also contains analysis on:
Predictive Analytics Market Segments:
o Financial analytics
o Risk analytics
o Marketing analytics
o Sales analytics
o Customer analytics
o Web and social media analytics
o Supply chain analytics
o Network analytics
o Managed Services
o Professional Services
Deployment and Integration
By Deployment mode:
By Organization Size:
• Large Enterprises
• Small and Medium-sized Enterprises (SMEs)
• Retail and eCommerce
• Government and Defense
• Healthcare and Life Sciences
• Energy and Utilities
• Transportation and Logistics
• Telecommunications and IT
• Predictive Analytics Market Dynamics
• Predictive Analytics Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints
FAQs on Predictive Analytics Market
· Which segment is anticipated to hold the largest market share?
· At what CAGR is the market anticipated to grow between 2020 and 2030?
· Who are the key players in the Predictive Analytics Market?
· What could be the challenging factors in the growth of Predictive Analytics Market?
· What are the growth drivers for the Predictive Analytics Market?