Predictive Analytics Market Forecasts to 2028 – Global Analysis By Type (System, Services), Deployment Model (Cloud, On-Premises), Organization Size (Large Enterprises, Small and Medium-Sized Enterprises), and By Geography

Predictive Analytics Market Forecasts to 2028 – Global Analysis By Type (System, Services), Deployment Model (Cloud, On-Premises), Organization Size (Large Enterprises, Small and Medium-Sized Enterprises), and By Geography

According to Stratistics MRC, the Global Predictive Analytics Market is accounted for $10.67 billion in 2021 and is expected to reach $47.29 billion by 2028 growing at a CAGR of 23.7% during the forecast period. Predictive analytics is the branch of the highly developed analytics which is used to make predictions about unknown future events. Predictive analytics uses many techniques from data mining, statistics, modelling, machine learning, and artificial intelligence to analyze current data to make predictions about future. The objective is to go beyond and know what has happened to provide a best estimation of what will happen in the future. This use of analytics will be helpful to avoid predicted problems, such as equipment failure or depleted stock, or to capitalize on opportunities to market products to customers, like targeting people in happy or dejecting moods after a sporting event.

Market Dynamics:

Driver:

Rise in acceptance of predictive modeling tools

Predictive analytics has long been used for operations, logistics, and supply chain management. These tools help in accelerating the methods of developing and analyzing predictive models that are used by organizations for conducting operations such as customer analytics, risk reporting, threat management, and product innovation. Also, several enterprises are streamlining their sales pipelines from lead generation to customer base by using predictive analytics on large volumes of customer data. Moreover, the use of predictive modeling tools for social media advertising, e-mail campaigns, and cognitive analysis of customers has led to growth in sales and an increase in customer retention. Thus, several industries such as BFSI, retail & e-commerce, and manufacturing are adopting predictive modeling tools, which are expected to contribute to the market growth.

Restraint:

Lack of skilled labor and cost complexity of software

The absence of trained professionals with sufficient knowledge of the functioning restricts market development. For this market, numerous restrictive variables are described as complex analytical workflows and a variety of data models based on business needs. It has a heap of problems to address for predictive analysis to work effectively. The trend found from which observations are made cannot always be consistent. Various market models follow distinct trends. Understanding each trend and predicting the outcome accordingly is one of the restraints.

Opportunity:

Rise of modern technologies such as IoT and AI

IoT environment is increasing the implementation of it, as it facilitates predictive maintenance leading to enhanced energy efficiency and higher levels of production uptime. In addition, numerous industries are demanding a solution that can predict when their machines are going to get damaged. They are implementing sensors that can analyze the patterns and predict the outcome of any anomaly in the operation of machines. This as a result enables industries to reduce the downtime of the machine and increase productivity. This benefit is expected to create opportunity. Predictive analytics-driven by AI can take the existing data and unlock immense value from it. AI-powered analytics can help in predicting which leads to score as potential customers, present insights on the competitors, and predict what target audiences want to buy and consume.

Threat:

Incorporation of data from data silos

Removing value from data has become a key requirement for companies to successfully mitigate risks, target valuable customers, and evaluate business performance. Additionally, monetizing these data assets require the availability of a sufficient amount of data. Moreoevr, data merging from distinct data sources into meaningful information can incite various new challenges for organizations, especially centralized business enterprises. Data exchange and data ecosystem deliver tools to analyze the collected data at a centralized location and help extract and cross-check business-critical components. The development of data exchanges and data ecosystems varies based on the assumptions made in the value of the data for each customer segment.

Cloud segment is expected to be the largest during the forecast period

Cloud segment is expected to be the largest during the forecast period, owing to its cost-effectiveness and easy worldwide accessibility cloud-based deployment model registered significant growth. Besides, owing to modernizations in cloud technologies and a rise in data generation from numerous constituents and customers, the cloud-based deployment model is gaining traction.

The Services segment is expected to have the highest CAGR during the forecast period

The Services segment is expected to have the highest CAGR during the forecast period. The growth of the service segment is mainly accredited to increasing deployment of predictive analytics solutions in numerous industry verticals, which is likely to lead to increased demand for pre- and post-deployment services.

Region with highest share:

The North America is projected to hold the highest market share, due to the existence of numerous developed economies, such as Canada and the US, and focus on innovating the existing solutions. Moreover, early acceptance of technologies and high penetration in several industry verticals, such as manufacturing, healthcare, transportation, and logistics, are driving the growth of the market in this province. Also, technological advancements and a strong presence of market players, particularly in the U.S. Additionally, funding provided to new entrants by venture capitalists is anticipated to alleviate the competition in the market.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR, owing to growing deployment and acceptance of advanced predictive analytics solutions. Moreover, higher potential of the Asia Pacific market leads to solution and service providers increasing their existence in the province. Moreover, increasing focus and investments made on emerging technologies such as artificial intelligence, IoT, and machine learning is expected to drive the market in the province.

Key players in the market:

Some of the key players profiled in the Predictive Analytics Market include Alteryx, Inc., Cloudera Inc, Fair Isaac Corporation, Information Builders, International Business Machines Corporation, KNIME, Microsoft Corporation, Oracle Corporation, QlikTech international AB, Salesforce.com Inc., SAP SE, SAS Institute Inc., Teradata Corp, TIBCO Software Inc., Vista Equity Partners Management LLC.

Key developments:

In August 2020: SAP partnered with HPE to deliver SAP HANA Enterprise Cloud with HPE GreenLake Cloud Services. This partnership will enable customers to keep their SAP software landscape and data on-premises.

In September 2021: Teradata announced that Tesco PLC is expanding its cooperation with Teradata by incorporating Vantage into its data platform. Tesco may use Vantage to eliminate silos and query all their data in real time, regardless of whether it is in the cloud, multiple clouds, on-premises, or any mix thereof, to gain a comprehensive view of their business.

In January 2021: TIBCO Software announced the successful completion of its acquisition of Information Builders, Inc. (ibi). ibi’s data management and analytics capabilities will be added to the superior TIBCO Connected Intelligence platform as a result of the acquisition. Through this acquisition, TIBCO software concentrates on business alignment and resource mapping to ensure the continued health and support of its increased client base and global partner network.

Types Covered:
• Services
• Solutions

Deployment Models Covered:
• Cloud
• On-Premises

Organization Sizes Covered:
• Large Enterprises
• Small and Medium-Sized Enterprises

Applications Covered:
• Customer & Channel
• Finance and Risk
• Sales & Marketing

End Users Covered:
• Banking, Financial Services, and Insurance
• Energy and Utilities
• Engineering & Construction
• Government and Defense
• Healthcare and Life Sciences
• Manufacturing
• Media and Entertainment
• Retail and Ecommerce
• Telecommunications and IT
• Transportation and Logistics

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances