Predictive Analytics Market Size, Share | Industry Report – 2029

 

Predictive Analytics Market

Predictive Analytics Market reached USD 10.1 billion in 2021 and is estimated to touch USD 43.7 billion in 2029, the market is expected to grow at a higher CAGR of 20.1% from 2022-2029

The factors driving growth of the Predictive Analytics Market includes increasing internet penetration rates around the world, growing volumes of data generated by companies, proliferation of connected devices, rising use of predictive analytics solutions across end-use industries such as BFSI, energy and manufacturing and improvements in the living standards. For instance, the number of internet users across Indonesia were estimated around 201 million in 2021 and is expected to reach 239 million by the end of 2026, which will accelerate the Predictive Analytics Market size in the approaching years. Moreover, growing adoption of advanced technologies such as Artificial Intelligence (AI), Internet of Things (IoT) and Big Data analytics, increasing application of predictive analytics solutions to detect fraud, optimize market campaigns and reduce risk, and rapid urbanization, are some of the additional factors supplementing the Predictive Analytics Market share. In addition, the increasing investments by leading players on research and development, strategic partnerships between corporations, rise in the launch of innovative products and growing population growth rates, are further propelling the Predictive Analytics Market Growth.

However, growth of the Predictive Analytics Market is hindered due to insufficient availability of skilled workforce.

The prominent players operating in the market are Oracle, Hewlett Packard Enterprise Development LP, Amazon Web Services, Inc., IBM, Microsoft, SAS Institute Inc., Salesforce.com, Inc., SAP, Google, and Teradata, among others.

Based on Deployment Mode, the On-Premises segment is predicted to capture the largest market share during the forecast period

On-premises based deployment is increasingly adopted in semiconductor industry owing to its remarkable features such as enhanced data security, storage, and privacy, is propelling growth of the segment.

Based on Organization Size, the Large Enterprises segment is projected to expand at a significant CAGR over the forecast period

Predictive analytics solutions are increasingly used by large enterprises to enhance the delivery time of the services & products and analyzing huge volumes of data, are pushing growth of the segment.

Based on Region, the Asia-Pacific region is anticipated to grow at a remarkable CAGR during the forecast period

As per the Predictive Analytics Market Research, increasing number of internet users across India, China and Australia, growing adoption of advanced technologies by manufactures, rapid industrialization, rising per capita incomes and high population growth rates, are some of the important factors augmenting the market growth in the Asia-Pacific region.

Key Developments

  • In 2021, Teradata partnered with Tesco PLC is to integrate Vantage into its data platform. Tesco might use Vantage to eradicate 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 2020, Hewlett Packard Enterprise Development LP developed HPE Ezmeral, a new software portfolio, and brand. This portfolio will speed up the data-driven transformation among the organizations.

Market Segmentation

Segmentation by Component

  • Solutions
    • Risk Analytics
    • Financial Analytics
    • Sales Analytics
    • Marketing Analytics
    • Web & Social Media Analytics
    • Customer Analytics
    • Network Analytics
    • Supply Chain Analytics
    • Others
  • Services
    • Professional Services
    • Managed Services

Segmentation by Deployment Mode

  • On-Premises
  • Cloud

Segmentation by Organization Size

  • Small & Medium-Sized Enterprises
  • Large Enterprises

Segmentation by Vertical

  • IT & Telecommunications
  • BFSI
  • Healthcare & Life Sciences
  • Retail & Ecommerce
  • Government & Defense
  • Manufacturing
  • Transportation & Logistics
  • Energy & Utilities
  • Others

Segmentation by Region

  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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