Global Predictive Analytics Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027

Global Predictive Analytics Market Introduction

This report is based on the synthesis, analysis, and interpretation of various sources of information gathered regarding the target market. Our analysts have analyzed the information and data and gained insights using a mix of primary and secondary research efforts to provide a holistic view of the predictive analytics market.

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In addition, an in-house study has been made of the global economic conditions and other economic indicators and factors to assess their respective impact on the market historically, as well as the current impact on making informed forecasts about the scenarios in the future.

Predictive analytics encompasses of statistical techniques and tools with machine-learning algorithms to identify historical occurrences with real-time facts and predict future consequences. Predictive analytics helps detect frauds, optimize marketing campaigns, improve real-time processes, and reduce future risk.  Moreover, prediction involves extracting information from raw data to provide fact-based decision-making and assessment patterns which help predict uncertainties or behavior patterns for any business.

Dynamics:

Increasing data availability from various data silos is supporting the growth of the predictive analytics market. Also, increasing myriad data dependence to forecast analytical solutions is expected to be the key factor in driving the growth of the target market shortly. Massive data deluge collected by various enterprises to gain granular analysis of data, to enhance customer relationship management (CRM), to develop marketing solutions for business risk analysis, and to improve customer base, are some of factors expected to propel growth of the target market.

Data exploration and extraction in the form of data mining process from data warehouses are coupled closely to gain high chances of utilization in predictive analytics, is another factor in data analytics to witness market growth for the global market.

Rising prominence of big data technologies to handle, and implement predictive analytics that enhances product usability, decision-making process, and analyze historical data to be meaningful for future customization are expected to be the key factors for the exponential growth of the global market.

Increasing smart system integration with big data techniques and technologies, where data representation is simplified for better understanding of user have given rise to data visualization tools in dashboards presentation. Increasing demand for visualization and analytical tools with responsive systems is expected to propel predictive analytics market growth.

As well as, increasing demand of business process to adapt analytical capabilities are expected to support growth of the target market. Additionally, rising focus on competitive intelligence systems such as artificial intelligence, which is used to predict future outcomes, customer requirement analysis, and fact-based decision making for predicting uncertainties, and business growth opportunities is expected to be key contributors in the growth of target market.

Adoption of emerging technologies in small and medium-scale enterprises (SME’s) such as cloud technology, may offer significant growth opportunity for market players in the predictive analytics market.

However, in case of issues with data privacy and ownership of data and changing regulations which leads to the restructuring of analytics model is expected to restraint growth of the global market. In addition, lack of awareness coupled with lack of skilled professionals is another factor expected to restrain growth to a certain extent.

Analysis by region:

The North America market is expected to dominate the global market in terms of revenue, due to its advancements in technologies. High growth of market in the US owing to myriad of established players in analytics sector. Market in Asia Pacific is expected to witness fastest growth in terms of revenue in the near future, owing to rise in innovations in smart technologies in this region. The Latin America and Middle East and Africa are expected to witness significant growth over the coming years owing to increasing preferences of enterprises for cloud and rising need for IT services by the government sector. In addition, shift towards predictive analytics among organizations to enhance their business growth is another factor anticipated to propel growth of the predictive analytics market in Asia Pacific region.

Global Predictive Analytics Market Segmentation:

Global Predictive Analytics Market Segmentation by component:

• Solutions
• Services

Global Predictive Analytics Market Segmentation by deployment:

• Cloud-based
• Web-based

Global Predictive Analytics Market Segmentation by end use:

• Banking & Financial Services and Insurance (BFSI)
• Communication Media and Services
• Sales & Marketing Management
• Transportation and Logistics
• Government and Utilities
• Others (Food and Beverages, Oil & Gas, Real Estate)

Global Predictive Analytics Market Segmentation by business functions:

• Marketing
• Sales
• Finance
• Human resource
• Operations

Global Predictive Analytics Market Segmentation by organization type:

• SMEs
• Large Enterprises

Global Predictive Analytics Market Segmentation by Regional Analysis:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa