Chicago, May 30, 2024 (GLOBE NEWSWIRE) -- The global Predictive Analytics Market size to grow from USD 10.5 billion in 2021 to USD 28.1 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 21.7% during the forecast period, according to a new report by MarketsandMarkets™. Various factors such as increasing use of AI and ML and acquisitions and product launches in this market are expected to drive the adoption of Predictive Analytics software and services.
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292 - Tables
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315 - Pages
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Predictive Analytics Market Dynamics:
Drivers:
- Rising adoption of big data and other related technologies
- Advent of machine learning and artificial intelligence
- Cost benefits of cloud-based predictive analytics solutions
Restraints:
- Changing regional data regulations leading to a time-consuming restructuring of predictive models
- Data security concerns
Opportunities:
- Rising internet proliferation and growing usage of connected and integrated technologies
- Increasing demand for real-time analytical solutions to track and monitor COVID-19 spread
- Growing role of predictive analytics in achieving manufacturing excellence
List of Top Companies in Predictive Analytics Market:
- IBM (US)
- Microsoft (US)
- Oracle (US)
- SAP (Germany)
- SAS Institute (US)
- Google (US)
- Salesforce (US)
- AWS (US)
- HPE (US)
- Teradata (US)
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Predictive analytics is a statistical and data mining solution that consists of numerous algorithms and methodologies. These algorithms and methodologies are used for both structured as well as unstructured data to extract business insights. Predictive analytics offers flexible, scalable, and advanced solutions to help users make better-informed business decisions. It helps industries understand customer perception by providing a competitive market edge and the ability to rapidly orchestrate business decisions.
Based on components, the predictive analytics market is segmented into solutions and services. The solutions considered for the predictive analytics market include financial analytics, risk analytics, marketing analytics, sales analytics, customer analytics, web and social media analytics, supply chain analytics, network analytics, and others (HR analytics and legal analytics). The services segment includes managed services and professional services. Professional services are further classified into consulting, and deployment and integration. The risk analytics segment is expected to account for the largest market share.
Among deployment modes, the cloud segment is expected to grow at a higher CAGR due to improved scalability and operational efficiency. By organization size, the SMEs segment is expected to witness a higher CAGR due to the increased adoption of cloud-based predictive analytics solutions and services.
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In organization sizes, the large enterprises segment is expected to hold a larger market share, whereas the SMEs segment is expected to grow at a faster rate during the forecast period. SMEs are adopting cloud-based solutions to leverage various benefits offered by the cloud deployment option.
On the basis of verticals, the market is segmented into BFSI, manufacturing, retail and eCommerce, government and defense, healthcare and life sciences, energy and utilities, telecommunications and IT, transportation and logistics, media and entertainment, travel and hospitality, and others (research and education and real estate). The BFSI vertical is expected to dominate the market because of the prominent use of financial analytics, risk analytics, and customer analytics solutions across BFSI operations.
On the basis of regions, the market is divided into North America, Europe, APAC, Latin America, and MEA. North America is expected to dominate the market due to early technology adoption and the presence of a large number of solution providers. The growing technology investments and improving penetration of the retail and manufacturing vertical are expected to drive the market growth of APAC during the forecast period.
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