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The global predictive analytics market is expected to exhibit strong growth during 2021-2026. Predictive analytics stands for a branch of advanced analytics that predicts the likelihood of future events by analyzing historical and current data. It utilizes various statistical techniques to analyze data, such as data mining, machine learning, big data, and artificial intelligence. Predictive analytics helps in reducing financial risks, detecting frauds, improving marketing campaigns, enhancing business efficiency, and providing a better customer experience. As a result, it is widely adopted across diverse sectors, including telecom, IT, retail, healthcare, manufacturing, government, energy, transportation, media and entertainment, etc.
The rising trend of automation across several industries has propelled the adoption of predictive analytics to evaluate large data volumes and predict future scenarios with high revenue-generating potential. Furthermore, intensive business competition is also augmenting the demand for predictive insights to deploy robust business strategies and enhance decision-making in real-time. Additionally, the expanding e-commerce sector coupled with the rising inclination of online retailers towards customer analytics solutions, is further catalyzing the market growth. Predictive analytics in the e-commerce sector enables retailers to perform real-time analysis of consumer shopping behavior and provides numerous personalized experiences to improve customer retention. The increasing penetration of e-commerce platforms has also propelled the demand for enhanced logistics and warehousing services that deploy supply chain analytics on a real-time basis. Additionally, the rising digitalization levels in the BFSI sector to enhance numerous regulatory compliance processes, such as credit risk management, capital planning, and insurance risk management, are further augmenting the demand for predictive analytics. Apart from this, the increasing penetration of advanced technologies, such as AI, data mining, augmented and virtual reality, big data, machine learning, etc., is also bolstering the adoption of predictive analytics. In the coming years, the growing deployment of cloud-based predictive solutions providing faster data processing and enhanced flexibility in business operations is expected to drive the global market for predictive analytics.
The outbreak of the COVID-19 pandemic in early 2020, has positively influenced the market for predictive analytics. Several businesses are getting inclined towards predictive analytics to study the pandemic effect on consumer behavior, products and pricing, and supply chains, thereby creating workforce, production, and service-based business strategies, accordingly. Additionally, the healthcare sector is leveraging predictive analytics to evaluate pandemic risks, estimated number of infected cases, and potential impact on the resources. Looking forward, the global predictive analytics market is expected to grow at a CAGR of 24.5% during the forecast period (2021-2026).
IMARC Group provides an analysis of the key trends in each sub-segment of the global predictive analytics market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, business function, solution, service, deployment, organization size and end use industry.
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The competitive landscape of the industry has also been examined with some of the key players being 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.
We expect the global predictive analytics market to exhibit a CAGR of 24.5% during 2021-2026.
The rising adoption of predictive analytics across several industrial verticals to evaluate large data volumes and predict future scenarios with high revenue-generating potential represents one of the key factors driving the global predictive analytics market.
Sudden outbreak of the COVID-19 pandemic has led to an increase in the usage of predictive analytics to study the pandemic effect on consumer behavior, products and pricing, supply chains, etc., across diverse industry verticals. Additionally, it is being deployed in the healthcare sector to evaluate pandemic risks, estimated number of infected cases, and potential impact on the resources.
Based on the solution, the global predictive analytics market can be segmented 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. Among these, risk analytics account for the majority of the total market share.
Based on the deployment, the global predictive analytics market has been bifurcated into cloud-based and on-premises. Currently, on-premises exhibit a clear dominance in the market.
Based on the organization size, the global predictive analytics market can be divided into small and medium enterprises, and large enterprises. Among these, large enterprises represent the largest segment.
On a regional level, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where North America currently dominates the global market.
Some of the major players in the global predictive analytics market 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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