Predictive Analytics Market Overview:

The global predictive analytics market accounted for USD 10,699.21 million in 2021. It is expected to grow at a rate of 23.4% during the forecast period.

The market is growing due to increased awareness of generated data, which can be used to predict future outcomes using predictive analytics solutions. The increasing use of the internet and the availability of many ways to access it has resulted in a significant increase in data generation.

This has resulted in the development and expansion of high-speed internet services around the world. Vendors of predictive analytics solutions have the opportunity to leverage this unprecedented evolution of the internet through the increasing penetration of connected and integrated technologies.

Global Predictive Analytics Market Scope:

Solution Analysis

Market segments are based on the solution. These include customer analytics (financial analytics), marketing and sales analysis, supply chain analytics, social media analytics, and network analytics (risk analytics), web analytics.

Market growth depends on the ability to predict risk. This segment dominated the 2021 global market. The segment’s success can be attributed largely to the increased use of risk analytics solutions to identify future risks and take precautions. Additionally, segment growth can be attributed to the increasing volume of data, data integration requirements, and increased emphasis on developing complex risk strategies.

Customer analytics is expected to experience the greatest CAGR during the forecast period. Companies increasingly use customer intelligence to understand customer behavior. It is a sophisticated and systematic analytical process. These data are used by companies for strategic business decisions as well as to increase revenue generation.

Service Analysis

CAGR is expected to be high in the service segment during the forecast period. This growth is mainly due to the increasing deployment of predictive analytics solutions within various industry verticals. This is likely to increase demand for pre-and post-deployment services. Based on service, the market has been segmented into support and maintenance, training and consulting, and deployment/installation services.

Market growth is expected to be remarkable in the training and consulting market during the forecast period. The role of training and consulting services is crucial in providing the knowledge necessary to help employees understand the operation of the solution. It assists organizations in overcoming the challenges of lack of skilled labor. These services are designed to help organizations increase their overall performance and generate more revenue. This will result in segment growth over the forecast period.

End-Use Analysis

BFSI represents a significant segment of the global predictive analytics market. This can be attributed in part to increased regulatory compliance and the growing adoption of advanced financial analytical solutions by companies operating within the BFSI vertical. The regulatory framework has become more complicated around the globe.

As a result, demand for predictive analytics solutions from the BFSI Vertical is expected to rise over the forecast period. Because of the regulatory requirements, credit risk management and capital planning are becoming increasingly important. BFSI firms can transform digitally by using predictive analytics solutions. It helps to improve customer experience as well as manage changing customer behavior.

The global market’s fastest growing segment will be e-commerce and the retail sector. Customers are increasingly looking for personalized and customized shopping experiences. This is driving demand for predictive analytics solutions in retail and eCommerce.

Key Market Segments

By Solution

• Customer Analytics
• Marketing & Sales Analytics
• Financial Analytics
• Web & Social Media Analytics
• Risk Analytics
• Others

By Service

• Support & Maintenance
• Deployment/ Installation
• Training & Consulting

By End-Use

• BFSI
• Healthcare
• Aerospace & Defense
• IT & Telecommunication
• Media & Entertainment
• Others

Market Dynamics:

The globalization of economies and the growth of various countries play crucial roles in data generation. With an exponential increase in organizational data, companies are more likely to hire data scientists and analysts for processing and analysis. For the prediction of future trends, predictive analytics is being used more frequently by companies.

These solutions have high revenue potential and are being rapidly adopted. Ecommerce has made traditional shopping easier. Ecommerce has the potential to increase sales through dedicated social media/online advertising, email campaigns, or customer perception analysis.

Retailers have become more aware of the importance of real-time analytics to analyze consumers’ shopping behaviors. To increase customer retention, the real-time results of analytics can be further used to design tailor-made offerings.

Predictive analytics refers to ad hoc analyses. It assists companies in identifying the most effective ways to grow their businesses and predicting future situations. Many organizations are now using advanced technology to assist them in developing effective business strategies. This allows them to improve their day-to-day decision-making and helps them create powerful business strategies.

These solutions are also used by organizations to develop business intelligence (BI) or analytical tools to extract accurate insights and make predictions from data. This is a great way for companies to improve their financial performance, credibility, and overall effectiveness.

However, it is difficult to find skilled professionals knowledgeable enough about predictive analytics solutions in the market. This is a concern for many businesses in the global marketplace, as skilled people are required to ensure that predictive analytics solutions work effectively.

Individuals must be competent enough to analyze predicted data and make subsequent decisions based on those results. To overcome this challenge, consulting and training services have gained considerable momentum on the market.

Regional Analysis

North America dominates the market overall with a market share of 43.9%. This can be explained by technological advancements and the strong presence of market players in the U.S. Venture capitalists provide funding to help new entrants. This is expected to decrease the market’s competitiveness.

Established players are expected to benefit from the increasing innovation in methods and techniques involved in developing predictive analytics solutions. There is a growing demand for predictive analytics solutions due to the increasing awareness of its importance and measures.

Asia Pacific is expected to see the greatest CAGR over the forecast time. The region’s rapid growth can be attributed to the increasing adoption and deployment of advanced predictive analytics tools.

In the Asia Pacific, the market is growing in potential and leading to more service providers and solution providers expanding their reach. Market growth is expected to be driven by increased investment in emerging technologies such as IoT, artificial intelligence, and machine learning.

Key Regions and Countries covered іn thе rероrt:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• MEA
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Market Share & Key Players Analysis:

Major players have used a range of organic and inorganic strategies to increase their market shares, such as product launches and mergers, acquisitions, collaborations, partnerships, and acquisitions. IBM Corporation has been a pioneer in the development of predictive analytics solutions across a variety of industry verticals.

SPSS solutions can be used to predict future outcomes, which will help improve the performance of organizations. Manufacturers in the market are now offering cloud-based solutions to customers. Oracle Corporation added four cloud-based options to its IoT portfolio, launching them in February 2017. Businesses will be able to take advantage of digital supply chains with the new solutions.

Маrkеt Кеу Рlауеrѕ:

• IBM Corporation
• SAP ERP
• Microsoft Corporation
• Siemens AG
• General Electric Company
• Schneider Electric SE
• NTT Data Corporation
• Oracle Corporation
• Other Key Players

For the Predictive Analytics Market research study, the following years have been considered to estimate the market size: