Predictive Analytics Industry Size, Share, Competitive Analysis, Upcoming Opportunities and Forecast | COVID-19 Effects

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Predictive Analytics Market Trends/Analysis

The predictive analytics market size will touch USD 13 billion at a whopping 21% CAGR between 2018- 2023, as per the current Market Research Future (MRFR) analysis. Predictive analytics, simply put, is the practice to use modeling techniques and statistics for extracting information from historical and current datasets for predicting potential future trends and outcomes.

Various factors are propelling the global Predictive Analytics Industry share. According to the recent MRFR report, such factors include growing focus on digital transformation, growing adoption of ML and AI technologies and big data, demand for remote monitoring to support the COVID-19 outbreak, need to forecast probable future financial scenarios, and increasing use of predictive modeling tools. Additional factors adding market growth include increasing investments in big data, rising adoption of big data, integration of AI and IoT in predictive analytics, and growing demand by SMEs.

On the contrary, high implementation cost and scarcity of skilled IT staff may impede the predictive analytics market growth over the forecast period.

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Market Segmentation

The MRFR report highlights an inclusive segmental analysis of the global predictive analytics industry based on vertical, applications, techniques, organization size, and deployment.

By deployment, the global predictive analytics market is segmented into on-cloud and on-premises. Of these, the on-premises segment will lead the market over the forecast period.

By organization size, the global predictive analytics market is segmented into SMEs and large enterprises. Of these, large enterprises are predicted to dominate the market over the forecast period.

By techniques, the global predictive analytics market is segmented into deep neural networks, Bayesian recommendation system, support vector machines, and others.

By applications, the global predictive analytics market is segmented into financial modeling, market analysis, sales forecasting, customer analysis, risk assessment, customer churn rate prevention, and others. Of these, the customer analysis segment will have a major share in the market over the forecast period.

By vertical, the global predictive analytics market is segmented into government and defense, transportation and logistics, healthcare, manufacturing, retail and e-commerce, IT and telecommunication, BFSI, and others. Of these, the BFSI segment will command the largest share in the market over the forecast period.

Covid 19 Analysis
The outbreak of COVID has deteriorated the market and has hampered the market growth and its business. It also hurts the economic condition of the analytics industry thus affecting the living of the masses. It has hindered the approaches so made by the enterprises for the development of their businesses. The efforts so taken by the large and small enterprises to sustain the present situation have passed a new normal life for them. A shift in their focus from the growing driving opportunities and majorly focussing on implementing certain measures for mitigating the spread of COVID. Owing to the present scenario, some of the analytics projects are on hold. The majority of companies are facing competition to gain a very simple project.

Certain practices so imposed by the government as work from home and social distancing are improving the requirement of remote health monitoring up of the infected people. Adopting smart payment technologies, and developing certain digital infrastructure for the deployment of technology. This pandemic in fact brought security concerns due to some connectivity issues.

Regional Analysis

Based on the region, the global predictive analytics market report covers the recent trends and growth opportunities across the Asia Pacific (APAC), North America, Europe, & the Rest of the World (RoW). Of these, North America will lead the market over the forecast period. The presence of well-established economies that are making good investments in R&D of advanced technologies like advanced analytics, artificial intelligence (AI), & machine learning, presence of several key players, early adoption of the latest technologies like the IoT (internet of things), increasing investments in big data analytics, and the need for analyzing customer behavior and purchasing patterns are adding to the global predictive analytics market growth in the region.

The global predictive analytics market in Europe is predicted to hold the second-largest share over the forecast period. The presence of an active data market, the constant growth of the data generated, and the adoption of techniques like big data and artificial intelligence is adding to the global predictive analytics market growth in the region.

The global predictive analytics market in the APAC region is predicted to grow at a fast pace over the forecast period. Initiatives undertaken by the government to support SMEs that need the platform of predictive analytics to improve their operational performance, commercialization of IoT technology, growing adoption of technological advancements in Japan and China, and improved internet penetration are adding to the global predictive analytics market growth in the region.

The global predictive analytics market in the RoW is predicted to have sound growth over the forecast period.

Report overview
From the predictive analytics market analysis, it has been found that the report signifies the segments and their sub-segments. The report aims at estimating the growing market size and signifies the influential performance of the market. It gives an in-depth study about the competitive analysis of the competitors emerging in the whole of the industry along with their profiles, the key observations concerning the product, and their offerings. It signifies the marketing strategies so being carried out and the recent development so being done for improving the economic conditions of the market. The report gives information about the new entrants in the market and the closest approximations about the revenue members. It kept the stakeholders under the competitive scenario thus helping them gain insights about attaining a better position in the market. It provides ideas about the drivers, restraints, some of the opportunities, and the challenges.

Key Players

Key contenders profiled in the global predictive analytics market report include BOARD International (Switzerland), Ignite Technologies, Inc. (US), Fair Isaac Corporation (US), Rapidminer Inc. (US), Angoss Software Corporation (Canada), Oracle Corporation (US), SAP SE (Germany), IBM Corporation (US), Dundas Data Visualization, Inc. (Canada), Radius Intelligence Inc. (US), NTT Data Corporation (Japan), Tableu Software (US), Tibco Software Inc. (US), Microsoft Corporation (US), and SAS Institute Inc. (US).

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Predictive Analytics Market Research Report: Information by Technology (Hall Effect, Magneto Resistive, Variable Reluctance), By Application (Automotive, Industrial, Aerospace & Defense, Consumer Electronics) and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America)—Forecast till 2030

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