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IN THE NEWSJanuary 06, 2022: Alteryx, Inc., the analytics automation company, announced the acquisition of Trifacta, a global cloud company, in order to fuel scalable data management and machine learning and make data analytics faster.
November 02, 2021: Infosys Finacle, and IBM collaborate to help BFSI sector to accelerate cloud transformation, providing greater visibility, control, and data isolation.
Global Predictive Analytics Market Highlights over 2022 – 2031
The global predictive analytics market is estimated to grow at a CAGR of ~20% over the forecast period, i.e., 2022 – 2031. Predictive analytics is the practice of using statistics from existing data sets to predict potential future outcomes and trends. The growth of the market can be attributed to the growing amount of large data, along with demand for quality analysis amongst organizations for better performance. Moreover, the rapid emergence of new business, especially within the past decade, is estimated to play a crucial role in the market growth. Along with this, the adoption of advanced technologies, such as, machine learning, AI, IoT, and analytics-as-a-service, has made data analysis easier, and more accurate, along with reducing the overall operational cost for any organization, which is further estimated to boost the market growth. Further, the growing investment in the technical research activities, is anticipated to fuel the market growth. As per the report by the World Bank, 2.203% of the global GDP was spend for R&D activities in 2018.
The market is divided by end-user into BFSI, retail, IT & telecom, healthcare, government, manufacturing, and others, out of which, the BFSI segment is anticipated to hold a substantial share in the global predictive analytics market over the forecast period on account of presence of large amounts of big data in the sector. Moreover, predictive analytics can facilitate capital planning, financial analytics, credit risk management, insurance risk management, and others, which is estimated to boost the market growth. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
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.
Global Predictive Analytics Market Regional Synopsis
On the basis of geographical analysis, the global 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 growing adoption of data analytics services, and a large number of small startups in countries, such as, South Korea, Japan, and India. It was observed that close to 65 million MSMEs were running in India, as of 2021.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the growing adoption of advanced technologies by the business organizations, along with rising startups and new businesses in the U.S. and Canada. For instance, over 15% of the population in the United States was involved in self-businesses and startups, by the end of 2021.
The global predictive analytics market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Market Segmentation
Our in-depth analysis of the global predictive analytics market includes the following segments:
By Solution
By End-User
Growth Drivers
Challenges
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The increasing demand for analytics services amongst business organizations is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~20% over the forecast period, i.e., 2022 – 2031.
The major players in the market are Biofourmis Inc., Oracle Corporation, SAP SE, SAS Institute, Microsoft Corporation, ALTERYX, Inc., CyberLabs, and Verimos, Inc., amongst 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 solution, end-user, and by region.
The BFSI segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
Limited to availability of skilled labor is estimated to hamper the market growth.
The North America region is anticipated to provide more business opportunities over the forecast period owing to the growing adoption of advanced technologies in the region.
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