The global predictive analytics market size is expected to hit around US$ 25.2 Bn by 2026 growing at a CAGR of around 20.8% over the forecast period 2019 to 2026.
Predictive analytics consists of techniques from data mining, machine learning, and predictive modeling to estimate and predict the current market trends, future opportunities, and market risks. Hence, the adoption of predictive analytics provides a competitive edge to the companies. The huge amount of data generated and collected from the consumer interactions by various means that needs to be analyzed and satisfactorily correlated for estimating market and analyzing consumer behavior. The technique used by multiple industries such as BFSI, healthcare, IT & telecommunication, media & entertainment, automotive & transportation, and aerospace & defense.
Growing awareness among companies about data and how that can be used for forecasting future risks and opportunities by using predictive analytics solutions is propelling the growth of the market across the world. Globalization, along with economic growth in various emerging countries, also plays a vital role in higher data generation. With the rise in data, companies are hiring teams of data analysts for the processing and analysis of collected data. Hence, the deployment of predictive analytics solutions for appropriate usage of extracted data is increasing rapidly.
Increasing usage of internet due to the availability of numerous means of accessing the internet has led to an immense increase in the volumes of data being generated. Furthermore, the growing penetration of integrated technologies has provided a platform to vendors of predictive analytics solutions for leveraging this unprecedented evolution of the internet. The high revenue-generating potential of these solutions is accelerating the adoption of these solutions. However, the lack of skilled professionals with sufficient knowledge of the functioning of predictive analytics may limit the growth of the market.
Based on the solution, the market is divided into financial analytics, customer analytics, network analytics, marketing and sales analytics, supply chain analytics, risk analytics, web and social media analytics, and others. In 2018, risk analytics accounted for the largest share of the market. This can be attributed to the presence of solutions for a wide range of industries and greater adoption by these industries to identify upcoming risks and risk mitigation measures. However, the customer analytics segment is expected to observe the fastest growth in the coming years. Customer analytics are the solutions that are used by companies to understand customer behavior. This helps organizations to retain existing customers and attract new customers by focusing on their needs.
Enterprise Size Analysis
Based on enterprise size, the market is mainly divided into large enterprises and small & medium enterprises. In 2018, large enterprises accounted for the largest share of the market due to greater adoption of these enterprises. High purchasing ability and ability of predictive analytics to provide a competitive advantage to organizations and help them to enhance their overall performance are the key factors for the greater adoption by large enterprises. However, in the coming years small and medium size enterprises segment is projected to witness the fastest growth. These enterprises need predictive analytics solutions to enhance their operational performance and to reduce overall cost. Hence, the growing adoption of these solutions is anticipated to observe the fastest growth.
Deployment Mode Study
Based on the deployment mode, the global predictive analytics market is segmented into on-premise and cloud. In 2018, the on-premise segment dominated the global market. This can be attributed to higher penetration. However, the cloud segment observes the fastest growth during the forecast period. This can be attributed to the storage, security, and privacy concerns associated with cloud data. Based on the end-use, the global predictive analytics market is further divided into BFSI, healthcare, IT & telecommunication, media & entertainment, automotive & transportation, aerospace & defense, and others. The BFSI segment accounted for the largest share in 2018 and the retail & e-commerce segment is estimated to observe the fastest growth during the forecast period.
Geographically, the global market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America dominated the global predictive analytics market in 2018 and is expected to maintain its dominance during the forecast period. The U.S. held maximum share in the North America region. Dominance of this region is mainly attributed to the high adoption of advanced technology and greater penetration of predictive analytics in multiple industries such as government, BFSI, and e-commerce. Furthermore, the availability of funding for new entrants to develop predictive analytics solutions, increase the competition in the region. Asia Pacific is anticipated to observe the fastest growth during the forecast period. Increasing awareness about predictive solutions and their advantages lead to growth in the deployment of predictive analytics solutions and thereby the market size of the Asia Pacific region in the coming years. Furthermore, investment by service providers and the growing adoption of emerging technologies such as machine learning and artificial intelligence are also contributing to the growth of this region in the predictive analytics field
The market research study on “Predictive Analytics Market – Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026”, offers a detailed insight on the global predictive analytics market entailing insights on its different market segments. Market dynamics with drivers, restraints, and opportunities with their impact are provided in the report. The report provides insights into the global predictive analytics market, its solution, its enterprise size, deployment mode, end-use, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global predictive analytics market size and segment markets by solution, enterprise size, deployment mode, end-use, and geography along with the information on companies operating in the market. The predictive analytics market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market sizes for different segments have been covered under the scope of the report.
Key players operating in the predictive analytics market are General Electric Company, IBM Corporation, Microsoft Corporation, NTT Data Corporation, Oracle Corporation, SAP ERP, SAS Institute, Inc., Schneider Electric SE, Siemens AG, and Tableau Software, Inc. These players are adopting various organic and inorganic growth strategies such as acquisition, partnerships, and product launches to enhance their market presence.
By Enterprise Size
By Deployment Mode
Middle East & Africa
Predictive analytics is used to estimate and predict the current market trends, future opportunities, and market risks.
Factors such as growing awareness among companies about data and how that can be used for forecasting future risks restrain the predictive analytics market growth.
Acumen Research and Consulting says, the predictive analytics market size is anticipated to be worth around US$ 25.2 billion in 2026.
The predictive analytics market is anticipated to grow over 20.8% CAGR during the forecast period 2019 to 2026.
North America held maximum share in 2018 for predictive analytics market.
General Electric Company, IBM Corporation, Microsoft Corporation, NTT Data Corporation, Oracle Corporation, SAP ERP, and SAS Institute, Inc. are the top players operating in the predictive analytics market.
In 2018, risk analytics accounted for the largest share of the predictive analytics market.