According to a new market research report “Predictive Analytics Market by Solution (Financial Analytics, Risk Analytics, Marketing Analytics, Web & Social Media Analytics, Network Analytics), Service, Deployment Mode, Organization Size, Vertical, and Region – Global Forecast to 2025 “, published by MarketsandMarkets, the market size to grow from USD 7.2 billion in 2020 to USD 21.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 24.5% during the forecast period. Various factors such as the growing focus on digital transformation, rise adoption of big data and AI and ML technologies, increasing focus on remote monitoring in support of the COVID-19 pandemic, and the need to forecast possible future financial scenarios to answer specific business questions are expected to drive the adoption of the predictive analytics market.
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The predictive analytics market is expected to witness a slowdown in its growth in 2020. The spread of COVID-19 has been disrupting the world, businesses, and economies, thereby impacting the way of living of masses and approaches adopted by enterprises for their business management. The ability of enterprises to sustain this pandemic has become new normal for them. They shift their focus from growth opportunities and concentrate on implementing measures to mitigate the impact of COVID-19.
The availability of essential items has been impacted owing to the lack of manpower to manufacture these items and transport them, even though essential items have been exempted from lockdowns. The condition is expected to come under control by early 2021, while the demand for predictive analytics solutions and services is expected to increase owing to the need to deliver data-driven insights and monitor changes and uncertainties during the COVID-19 situation. Healthcare segments worldwide are struggling to deal with the imbalance in supply and demand as global medical supply chains are in a weak state due to the shutdown of manufacturing plants. However, as the healthcare spending for COVID-19 is increasing exponentially, research companies producing test kits, developing vaccines, and manufacturing medical equipment would benefit the most.
Businesses in various verticals are already planning to deploy a diverse array of predictive analytics solutions to carry out the digital transformation of mission-critical processes. Businesses have already started their efforts to return to normal and are facing multiple challenges in terms of the impact of the pandemic on their customer base and operations. Meeting customer expectations in terms of optimization of processes and increased security concerns due to the presence of various connected networks, rise in connectivity issues, and decline in industrial and manufacturing operations are the critical challenges faced by businesses that are expected to drive the adoption of predictive analytics solutions worldwide to mitigate those challenges.
The solutions segment to hold a larger market size during the forecast period
The predictive analytics market, by component, has been segmented into solutions and services. The solutions segment is expected to grow rapidly in the coming years in the predictive analytics market. Post the pandemic; organizations would look out for predictive analytics solutions to analyze data in different business processes, regression analysis, historical trend analysis, and forecasting, clustering and segmentation, and standardized reporting driving the adoption of predictive analytics solutions and services.
The BFSI vertical to hold the largest market size during the forecast period
The predictive analytics market is segmented based on vertical. The verticals include BFSI, retail and eCommerce, manufacturing, government and defense, healthcare and life sciences, energy and utilities, transportation and logistics, telecommunications and IT, and others(media and entertainment, travel and hospitality, and education). The BFSI segment is expected to hold the largest market size during the forecast period in the predictive analytics market. Predictive analytics enables predicting the future requirements of potential customers by tracking the past usage patterns and coordinating in- and out-payments at various branches and ATMs, leading to its adoption in the BFSI vertical. Predictive analytics complements organizations current transaction monitoring systems by tracking frauds before they occur.
Among solutions, the customer analytics segment to grow at a higher CAGR during the forecast period
The solutions segment of the predictive analytics market includes financial analytics, risk analytics, marketing analytics, sales analytics, customer analytics, web and social media analytics, supply chain analytics, network analytics, and others (HR analytics and legal analytics). Changes such as the explosion of digital and acceleration of innovation have made a profound impact on customer expectations. Companies expect to know the individual needs of customers and personalize their experience. This leads to the adoption of customer analytics solutions to proactively address the current and future needs of customers.
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North America to hold the largest market size during the forecast period
North America is the largest revenue contributor to the global predictive analytics market. This is mainly because of the presence of various developed economies, such as Canada and the US, and due to the focus on innovations obtained from R&D and various technologies. The high penetration of predictive analytics in multiple verticals, such as manufacturing, healthcare, transportation, and logistics, is driving the growth of this market in this region. The North American region has been extremely open toward the adoption of any new and innovative technologies. The government sector has also joined the race to become a technologically advanced industry vertical, serving a large customer base. The US government has provided support by promoting an ideal environment for research and innovation, leading to advancements in various fields of science and technology.
APAC is projected to grow at the highest CAGR during the forecast period due to the commercialization of IoT technology and the increasing adoption of advanced technologies across countries, such as China, Japan, and ANZ. This is expected to drive the growth of predictive analytics solutions and services in the region.
Major vendors in the global predictive analytics market include Microsoft (US), IBM (US), SAS Institute (US), SAP (Germany), Oracle (US), Google (US), Salesforce (US), Amazon Web Services (US), Hewlett Packard Enterprise (US), Teradata (US), Alteryx (US), Altair (US), FICO (US), Domo (US), Cloudera (US), Board International (Switzerland), TIBCO Software (US), Hitachi Vantara (US), Happiest Minds (India), Dataiku (US), Qlik (US), RapidMiner (US), ibi (US), Infor (US), Biofourmis (US), In-Med Prognostics (US), Aito.ai (Finland), Symend (US), Onward Health (India), Unioncrate (US), CyberLabs (Brazil), Actify Data Labs (India), Amlgo Labs (India), Verimos (US).
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