According to the latest report by IMARC Group, titled "Predictive Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global predictive analytics market is expected to exhibit a CAGR of 22.1% during 2022-2027. Predictive analytics includes various statistical techniques that are utilized to predict the future. It involves the use of current and historical data in order to forecast future trends and outcomes. It is widely used by multiple businesses to analyze the data pattern and identify the associated risks and opportunities. Some of the commonly utilized techniques include big data, artificial intelligence (AI), data mining and machine learning (ML). They are extensively used for weather forecasting, customer service, investment portfolio development and marketing to minimize financial risks while improving overall business efficiency.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Predictive Analytics Market Trends:
The global market is primarily driven by significant growth in the information technology (IT) sector. Along with this, continual technological advancements are creating a positive outlook for the market. For instance, the introduction of advanced technologies, including AI, the Internet of Things and big data, is positively influencing the market growth. Moreover, continual improvements in the e-commerce sector have led to a significant increase in data generation, which, in turn, is providing an impetus to the market growth. Also, multiple e-commerce businesses are heavily investing in the deployment of predictive analytics techniques in order to analyze the buying patterns of their customers, which is propelling the market growth across the globe. The market is further driven by the widespread adoption of predictive analytics across the banking, finance, service and insurance (BFSI) sector to prevent illegal transaction activities. Some of the other factors contributing to the market growth include rapid digitization, intensive business competition and extensive research and development (R&D) activities conducted by key players.
- On the basis of the business function, the market has been segregated into marketing, sales, finance, human resource, operations and others.
- Based on the solution, the market has been categorized into customer analytics, financial analytics, marketing and sales analytics, network analytics, risk analytics, supply chain analytics, web and social media analytics, operations management, workforce management and others.
- On the basis of the service, the market has been classified into deployment/installation, training and consulting and support and maintenance.
- Based on the deployment, the market has been bifurcated into cloud-based and on-premises.
- On the basis of the organization size, the market has been segmented into small and medium enterprises and large enterprises.
- Based on the end use industry, the market has been segregated into banking, financial services and insurance, telecommunication and IT, retail and e-commerce, healthcare and life science, manufacturing, government and defense, energy and utility, transport and logistics, media and entertainment and others.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include International Business Machines Corporation, Oracle Corporation, SAP SE, Microsoft Corporation, SAS Institute Inc., Fair Isaac Corporation (FICO), NTT Data Corporation (Nippon Telegraph and Telephone CORPORATION), Tableau Software LLC (Salesforce.com.Inc), Tibco Software Inc., RapidMiner Inc. and Altair Engineering Inc.
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