20.4% CAGR for Predictive Analytics Market Size Worth $38 Billion, Globally, by 2028 with Solutions Segment Driving Growth During 2022-2028 | Report by The Insight Partners
The global predictive analytics market is set to record incremental growth of $25,545.9 million with a CAGR of 20.4% during 2022-2028, driven by rise in adoption of big data technologies and increase in uptake of predictive analytics tools.
Pune, India, July 13, 2023 (GLOBE NEWSWIRE) — The Insight Partners published the latest research study on “Predictive Analytics Market Size Report, Growth, Trends, and Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Deployment Mode, Organization Size, Industry Vertical, and Geography,” the predictive analytics market size is projected to grow from $12.49 billion in 2022 to $38.03 billion by 2028; it is expected to grow at a CAGR of 20.4% from 2022 to 2028, driven by advancements in machine learning and AI and need for sophisticated analytics for operational efficiency.
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Global Predictive Analytics Market Report Scope, Segmentations, Regional & Country Scope:
|Market Size Value in||USD 12.49 Billion in 2022|
|Market Size Value by||USD 38.03 Billion by 2028|
|Growth rate||CAGR of 20.4% from 2022 to 2028|
|No. of Pages||229|
|No. of Tables||142|
|No. of Charts & Figures||100|
|Historical data available||Yes|
|Segments covered||Component, Deployment Mode, Organization Size, and Industry Vertical|
Global Predictive Analytics Market Analysis: Competitive Landscape and Key Developments
IBM Corporation; Microsoft Corporation; Oracle Corporation; SAP SE; Google LLC; SAS Institute Inc.; Salesforce.com, inc.; Amazon Web Services; Hewlett Packard Enterprise Development LP (HPE); and NTT DATA Corporation are a few of the key companies operating in the predictive analytics market. The market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.
In July 2022 – SAP SE announced the acquisition of Askdata, a startup focused on search-driven analytics. With the purchase of Ask data, SAP strengthens its ability to help organizations make better-informed decisions by leveraging AI-driven natural language searches. Users are empowered to search, interact and collaborate on live data to maximize business insights
In September 2021, Teradata had announced in that Tesco PLC is enhancing its partnership with Teradata by integrating Vantage into its data platform. Vantage can help Tesco break down data silos and query all of their data in real time, whether it is on-premises, in the cloud, on several clouds, or any combination of those, to get a complete picture of their business.
In August 2021, Altair revealed that it had acquired S-FRAME Software, a platform for structural analysis that is used by engineers all around the world to assess a structure’s capacity to withstand outside loads (including wind, water, and snow) and adhere to design code requirements.
Browse key market insights spread across 229 pages with 142 list of tables & 100 lists of figures from the report, “Predictive Analytics Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Component [Solution (Risk Analytics, Marketing Analytics, Sales Analytics, Customer Analytics, and Others) and Service], Deployment Mode (On-Premise and Cloud-Based), Organization Size [Small and Medium Enterprises (SMEs) and Large Enterprises], and Industry Vertical (IT & Telecom, BFSI, Energy & Utilities, Government and Defence, Retail and e-Commerce, Manufacturing, and Others)” in detail along with the table of contents: https://www.theinsightpartners.com/reports/predictive-analytics-market
Improved Customer Experiences Provides Lucrative Opportunities for Predictive Analytics Market
Predictive analytics presents a significant opportunity for the market to improve customer experiences. Businesses can acquire useful insights into customer behavior, preferences, and needs by leveraging historical and real-time customer data. This enables them to deliver personalized experiences that resonate with individual customers. Through data analysis, organizations can understand patterns, trends, and correlations, allowing for predicting customer behavior and developing targeted marketing strategies. Predictive analytics is an ad hoc analysis. It assists organizations in applying the most effective solutions for their business growth and predicts possible future scenarios. Anticipating customer needs, businesses can provide proactive solutions, personalized recommendations, and tailored promotions. The e-commerce sector has improved the traditional shopping experience of customers. Dedicated online/social media advertising, email campaigns, and customer perception analysis are key to improving companies’ sales. Furthermore, predictive analytics helps optimize the customer journey by recognizing pain points and areas for improvement, ensuring a seamless and consistent experience across channels. By leveraging predictive analytics for customer retention and churn prediction, businesses can proactively address customer dissatisfaction and implement strategies to minimize churn. Ultimately, improved customer experiences driven by predictive analytics lead to increased satisfaction, engagement, and loyalty, providing businesses with a competitive edge in the market.
The US has dominated the predictive analytics market due to its focus on innovation, established players in the market, and advancements in technology. The country has a large number of research institutions and universities, which have helped to drive technological advancements in the field of predictive analytics. Additionally, the US has a highly developed IT infrastructure, which has helped to support the growth of the predictive analytics market. The development of the predictive analytics market in the US can also be attributed to the increasing adoption of big data analytics. The need for predictive analytics has grown as more businesses collect and analyze large amounts of data. Predictive analytics helps businesses identify patterns in data, predict future trends, and make data-driven decisions. Another factor contributing to the growth of the predictive analytics market in the US is the increasing need for artificial intelligence (AI) and machine learning (ML) technologies. These technologies are used in predictive analytics to interpret large amounts of data and predict future trends. The US has been a leader in developing AI and ML technologies, which has helped drive the growth of the predictive analytics market. Finally, the US has been a leader in developing cybersecurity services. With the rise of cyber threats, businesses increasingly turn to predictive analytics to help them identify potential threats and prevent cyber-attacks. Predictive analytics can identify data patterns that may indicate a cyber-attack, allowing businesses to take proactive measures to prevent an attack. Overall, the US’s dominance in the predictive analytics market can be attributed to a combination of factors, including its investment in research and development, technological advancements, and many established players in the market. The market is expected to grow in the forthcoming years, driven by factors such as the increasing adoption of big data analytics and the growing demand for AI and ML technologies.
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Predictive Analytics Market: Segmental Overview
The predictive analytics market analysis, by component, is segmented into solutions and services. The solutions segment held the largest share of the market in 2020 and is anticipated to register the highest CAGR in the market during the forecast period. The predictive analytics market analysis, by deployment mode, is bifurcated into cloud and on-premises. The on-premises segment held the largest share of the predictive analytics market in 2020, whereas the cloud segment is anticipated to register the highest CAGR in the market during the forecast period. The predictive analytics market, by organization size, is segmented into large enterprises, and small and medium-sized enterprises (SMEs). The large enterprises segment held the largest share of the market in 2020, whereas the small and medium-sized enterprises (SMEs) segment is estimated to register the highest CAGR in the market during the forecast period. The predictive analytics market, by vertical, is segmented into BFSI, manufacturing, retail and e-Commerce, IT and telecom, energy and utilities, government and defense, and others. The BFSI segment held the largest share of the market in 2020, whereas the IT and telecom segment is estimated to register the highest CAGR in the market during the forecast period.
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