The
global predictive analytics market size is expected to be
valued at USD 23.9 billion by 2025, registering a CAGR of 23.2% over the
forecast period, according to a study conducted by Grand View Research, Inc.
Massive data dependence and adoption of advanced technologies such as AI,
machine learning, and big data is expected to drive the demand for predictive
analytics solutions over the forecast period. These solutions transform
collected data into insights; for instance, they detect patterns to determine a
suitable course of action. They have also been instrumental in the development
of search advertising and recommendation engines. Growing awareness about the
importance of available data and its analysis for predicting the future
scenario is offering a competitive edge to end users, thereby driving the
demand for these solutions.
Key
factors driving the demand for predictive analytics solutions are enhanced product
usability, adoption of new technologies, massive data deluge, and newer levers
of differentiators. In addition, growing need for database management, data
warehouses, forecasting, data mining, smart logistics, CRM, and data
visualization in dashboards is supporting the growth of the market. These
solutions help map the various stages of the buyer journey, which would help
organizations adopt suitable marketing campaigns, subsequently leading to
higher sales and customer retention. Increasing demand for these solutions from
organizations to equip their business functions with analytical capabilities
are also expected to drive the growth of the market over the forecast period.
Techniques
for implementing predictive analytics include machine learning, deep learning,
regression, regression modeling, mathematical, text mining, neural nets,
genetic algorithms, clustering, decision trees, and data exploration techniques
to gain insights from historical and present data. These techniques are
increasingly being adopted by organizations for various applications such as
CRM, direct marketing, risk management, portfolio management, fraud detection,
underwriting, and credit scoring. These solutions therefore help organizations
decide future strategies based on predicted outcomes for enhancing the overall
performance in the coming years.
These
solutions find applications in various end-use industries such as BFSI,
healthcare, retail, manufacturing, government, sports, transportation and
travel, IT, energy and utilities, and entertainment. These solutions help
manage diversified applications across the aforementioned verticals. For
instance, in the manufacturing industry, these solutions can be used for
equipment maintenance management, workforce management, and cross-selling and
up-selling. Moreover, the IT and telecom industry can adopt these solutions in
sales, marketing, and CRM by implementing churn and pricing optimization.
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Predictive
Analytics Market Report Highlights
- The customer analytics
segment is anticipated to gain significant traction over the forecast
period, supported by digitalization and positive outlook of the e-commerce
sector
- Training and consulting
services are expected form the fastest-growing segment over the forecast
period owing to rising need for experienced employees for decision making
based on predictive outcomes
- Demand for cloud deployment
is likely to increase owing to cost-effectiveness, faster data-processing,
and ease in data handling offered by cloud platforms
- The small and medium
enterprises segment is expected to register a significant CAGR over the
forecast period owing to growing need for enhancing operational
performance by reducing overall operational costs with the help of these
solutions
- The retail and e-commerce
segment is predicted to witness a remarkable growth over the forecast
period owing to increasing internet and smartphone penetration, along with
digitalization across the globe
- North America dominates the
global market owing to technological advancements and presence of players
in U.S. Financial funding to new players from venture capitalists is
projected to intensify the competition in the market
- Prominent players operating
in the market include Microsoft Corporation; SAS Institute, Inc.; IBM
Corporation; SAP ERP; Siemens AG; NTT Data Corporation; and Tableau
Software, Inc.
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Predictive
Analytics Market Segmentation
Grand View Research has segmented
the global predictive analytics market on the basis of solution, service,
deployment, enterprise size, end use, and region:
Predictive
Analytics Solution Outlook (Revenue, USD Million, 2014 - 2025)
- Customer Analytics
- Financial Analytics
- Marketing & Sales
Analytics
- Network Analytics
- Risk Analytics
- Supply Chain Analytics
- Web & Social Media
Analytics
- Others
Predictive
Analytics Service Outlook (Revenue, USD Million, 2014 - 2025)
- Deployment/ Installation
- Support & Maintenance
- Training & Consulting
Predictive
Analytics Deployment Outlook (Revenue, USD Million, 2014 - 2025)
- Cloud
- On-premise
Predictive
Analytics Enterprise Size Outlook (Revenue, USD Million, 2014 - 2025)
- Small & Medium
Enterprises
- Large Enterprises
Predictive
Analytics End-use Outlook (Revenue, USD Million, 2014 - 2025)
- Aerospace & Defense
- Automotive &
Transportation
- BFSI
- Healthcare
- IT & Telecommunication
- Media & Entertainment
- Retail & Ecommerce
- Others
Predictive
Analytics Regional Outlook (Revenue, USD Million, 2014 - 2025)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Middle East & Africa
About Grand View Research
Grand View Research, Inc. is a U.S. based
market research and consulting company, registered in the State of California
and headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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