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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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