Predictive Analytics Market Value Garner US$ 25.2 Bn by 2026
LOS ANGELES, Jan. 22, 2020 /PRNewswire/ -- The global predictive analytics market is expected to reach the market value of around US$ 25.2 billion by 2026.
Worldwide predictive analytics market is growing at a CAGR of around 20.8% over the forecast period 2019 to 2026.
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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.
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.
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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 ofthese 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.
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.
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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 AGm, 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.
Some of the key observations regarding the predictive analytics industry include:
- In August 2019, Nike acquired Celect, a predictive analytics company to predict customer behavior.
- In June 2019, Predata, a predictive analytics company, launched a new suite of geopolitical risk signals for the U.S. equities. The signals measure and quantify online attention and concern to each of the eleven S&P equity sectors.
- In January 2019, Clarivate Analytics launched an advanced predictive analytics solution to accelerate the drug development process. This advanced tool applies machine learning to accelerate drug development process by 25% as compared to the traditional model.
- In November 2017, IBM launched an integrated analytics system with machine learning. This Integrated Analytics System has hybrid transactional and analytical processing (HTAP) which supports predictive analytics.
- In August 2016, Cappius Technologies, a digital business transformation company, announced its global partnership with RapidMiner for delivering predictive analytics solutions.
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