New York, US, May 11, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Global Predictive Analytics Market By Vertical, By Organization, By Deployment, and Region—Forecast till 2030
Key Players:
Eminent industry players profiled in the global predictive analytics market report include:
- SAS Institute Inc. (United States),
- Oracle Corporation (United States),
- Microsoft Corporation (United States),
- SAP SE (Germany).
Drivers
Growing Adoption of Cloud to Boost Market Growth
In the field of predictive analytics, cloud is an important trend that is growing in popularity. If businesses want to save money, reduce risk, and gain database scalability, they should use the cloud. The cloud is widely used in business and is a crucial channel for digital empowerment, encouraging innovation and growth for an organization. Cloud techniques offer a framework for serving as a storage centre and supplying computing. This will boost market growth over the forecast period.
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Report Scope:
| Report Metric | Details |
| Revenue Forecast in 2030 | USD 44.84 Billion |
| Growth Rate | CAGR of 27.70% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | Opportunity in the development of predictive analytics solutions |
| Key Market Drivers | Increased R&D initiatives and strategic collaborations among industry participants |
Opportunities
Increasing Use in Healthcare Sector to offer Robust Opportunities
Predictive analytics are being used in the healthcare business for managing chronic diseases, billing and payments, and governance, risk, and compliance. Healthcare predictive analytics is used to enhance disease management, get insight into the progression and spread of diseases, and ensure that patients receive the best possible care. Predictive analytics solutions are used by healthcare professionals to comprehend illness management, disease prevalence risk management, and trajectories, and to offer the patient with the best possible medical care. The healthcare professionals use it to anticipate future outcomes and gauge the degree to which a person's health is at risk. The use of this technology at various levels to reduce wasteful spending has expanded adoption, and the trend may continue in the projected period.
Restraints and Challenges
Dearth of Professional IT Staff to act as Market Restraint
The dearth of professional IT staff, high implementation cost, concern for security and data privacy, & time-consuming redesigning of prediction models may act as market restraints over the forecast period.
Market Segmentation
The global predictive analytics market is bifurcated based on deployment, organization size, and vertical.
By vertical, BFSI will lead the market over the forecast period.
By organization size, large enterprises will domineer the market over the forecast period.
By deployment, cloud will spearhead the market over the forecast period.
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COVID-19 Analysis
One of the most noteworthy impacts of the pandemic on the predictive analytics market is the increased demand for solutions that can help organizations predict and mitigate the impact of the pandemic on their operations. For example, predictive analytics solutions have been used to forecast the spread of the virus, model the impact of quarantine measures, and predict supply chain disruptions. Moreover, the pandemic has also accelerated the adoption of digital technologies, leading to a surge in demand for analytics solutions. Many organizations have shifted to remote work, and as a result, have had to rely on data-driven decision-making tools like predictive analytics to support their operations.
Regional Analysis
North America to Lead Predictive Analytics Market
Due to significant expenditure on Big Data analytics and early acceptance of contemporary technologies like IoT and AI in this area, North America had the lion's share of the worldwide predictive analytics market. The North American predictive analytics market is primarily driven by the need to forecast budget requirements, examine historical trends to create efficient marketing campaigns, and assess consumer behavior and purchase patterns. North America dominates the market.
This is related to technological advancements and market participants' prominence, particularly in the US. Also, it is anticipated that the market will become less competitive as a result of venture capitalists' investments in new rivals. Increasing improvements in the methods and procedures used to develop the predictive analytics solution is anticipated to offer important commercial opportunities to existing enterprises. Furthermore, these solutions are in great demand since more people are becoming aware of predictive analytics approaches and their importance. With regards to value and volume, North America is predicted to lead the market for predictive analytics. Due to the huge number of established market participants and the vast volume of data, there will be favorable conditions for market expansion in the North American region. These conditions will be created by increasing spending on technological advancements to bring about company optimization.
Due to greater awareness of various predictive analytics techniques in the region, the market share in North America will experience significant growth. The significant presence of many solution providers, especially in Canada & the US, has paved the ground for the rapid advancement of technical advances. Another significant trend driving the expansion of the sector is the increase in R&D activities for supporting the creation of novel techniques and methodologies.
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APAC to Have Admirable Growth in Predictive Analytics Market
The region with the highest CAGR is expected to be Asia Pacific during the projection period. The regional market has grown quickly as a result of the quick adoption and deployment of the advanced predictive analytics technologies. The increased potential of the Asia Pacific market also motivates solution & service providers in order to expand their presence there. Additionally, it is projected that growing interest in and investments in cutting-edge technologies namely artificial intelligence, the Internet of Things, and machine learning will propel the market in this region. Businesses in the APAC region will use predictive analytics more frequently to acquire a competitive edge as a result of the region's heightened competition. Businesses have the chance to increase their bottom line and stay competitive by utilizing data to make informed decisions and streamline processes.
Industry Updates
April 2023- Sumo Logic, an analytics-based platform developer for application performance management & observability has recently added predictive analytics in its platform, Predict for Metrics. Sumo becomes the first full-stack observability platform that offers predictive analytics for events, metrics, logs, and traces, which are the essential data components of observability, with the launch of Predict for Metrics.
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