The global data science and predictive analytics market is estimated to grow at a significant CAGR over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing amount of big data, backed by increasing need for real-time data analysis. The increasing presence of large quantity of data in the banking, financial services, and insurance, along with pharmaceutical sector, is estimated to fuel the demand for data science and predictive analytics market. For instance, the total volume of data that is to be created worldwide by the end of 2026 is expected to reach close to 190 zettabytes. Predictive analytics is used to predict the market trends, such as, marketing, sales, social media, supply chain, and others, which is supportive in the growth of an organization. Large organizations are deploying predictive analytics to enhance their working and improve data management, which is estimated to boost the market growth.
The market is segmented by component into solution, service, and others, out of which, the service segment is anticipated to hold the notable share in the market over the forecast period on account of increasing need for technical skills and social media handling skills amongst various enterprises, which are provided by these services. On the basis of application, the market is segmented into financial risk analysis, marketing & sales analysis, customer analysis, supply chain analytics, and others, out of which, marketing & sales analysis is estimated to gain significant share over the forecast period, owing to the growing requirement of overlooking the sales of the enterprise. Marketing & sale requires expertise which is estimated to boost the segment growth. CLICK TO DOWNLOAD SAMPLE REPORT
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
On the basis of geographical analysis, the global data science and predictive analytics market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of increasing adoption of predictive analysis in the growing technological sector in developing countries, such as, China, India, Japan, and others. The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the technical advancement in the region. Increasing application of large data amongst various end-user industries, including pharmaceutical, BFSI, IT & telecom, and others.
The global data science and predictive analytics market is further classified on the basis of region as follows:
Our in-depth analysis of the global data science and predictive analytics market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increasing use of big data and growing requirement of market analysis amongst enterprises is estimated to boost the market growth.
The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2022 – 2030.
Slow adoption of predictive analytics is estimated to hamper the market growth.
The market in the North America is estimated to gain significant growth opportunities over the forecast period, owing to the technical advancements in the region.
The major players in the market are Salesforce, Inc., Teradata Corporation, SAS Institute Inc., SAP India Private Limited, Oracle, BioSymetrics Inc, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by component, application, and by region.
The marketing & sales analysis segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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