According to a new market research report “Predictive Analytics Market with Covid-19 Impact Analysis by Solution (Financial Analytics, Risk Analytics, Marketing Analytics, Web & Social Media Analytics), Service, Deployment Mode, Organization Size, Vertical, and Region – Global Forecast to 2026″, published by MarketsandMarkets, the market size to grow from USD 10.5 billion in 2021 to USD 28.1 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 21.7% during the forecast period. Various factors such as increasing use of AI and ML and acquisitions and product launches in this market are expected to drive the adoption of Predictive Analytics software and services.
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The spread of COVID-19 has been disrupting the world, businesses, and economies and has impacted the way of living of the masses and approaches adopted by enterprises for their business management. The ability of enterprises to sustain this pandemic has become new normal for them as they shift their focus from growth opportunities and concentrate on implementing measures to mitigate the impact of COVID-19. The upcoming analytics projects are kept on hold owing to the pandemic. Several companies are competing with each other to gain a single project. 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 key challenges faced by businesses. New practices such as work from home and social distancing are creating the requirement of the remote health monitoring of infected patients, smart payment technologies, and the development of digital infrastructures for large-scale technology deployments. With an increased focus on health, there has been a rise in the demand for health-related wearable devices. For instance, in August 2020, Fitbit announced ~34% growth in its smartwatch sales in the second quarter of 2020.
The services segment to hold higher CAGR during the forecast period
The services segment is further divided into professional services and managed services. These services are an integral step in deploying Predictive Analytics solutions and are taken care of by solution and service providers. The demand for professional services is expected to rise due to a rise in tailored demands from customers. Customers are coming up with customization requirements in already installed predictive analytics solutions for enhancing overall performance. The customization requirements include enhanced real-time insights for precise alert systems, enhanced security measures, improved digital Customer Experience (CX), and the capability to extract the maximum potential from the rising enterprise data. The growing adoption of Predictive Analytics solutions is expected to boost the adoption of professional and managed services.
Cloud segment to account for higher CAGR during the forecast period
The Predictive Analytics market is bifurcated on the basis of cloud and on-premises. The market size of the cloud deployment mode is estimated to be larger and projected to have a higher CAGR during the forecast period. The cloud-based deployment helps businesses more efficiently process and report data findings, enhance collaboration, and enable decision-makers to get faster access to business intelligence leading to its higher adoption in the Predictive Analytics market.
SMEs segment to hold a larger market size during the forecast period
The SMEs segment is a faster-growing segment in the Predictive Analytics market during the forecast period as cloud-based solutions and services help them improve business performance and enhance productivity. The adoption of Predictive Analytics software and services among large enterprises is high due to the ever-increasing adoption of the cloud, and the trend is expected to continue during the forecast period.
Healthcare and Life sciences segment to have a higher growth rate during the forecast period
Predictive analytics helps in decision-making by providing real-time information that can support decisions and deliver actionable insights for the vertical. It offers insights that can aid in enhancing the efforts put into patient care, enhance services, and improve existing procedures.
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APAC to hold higher CAGR during the forecast period
APAC is showing a substantial rise in the adoption of Predictive Analytics solutions and services during the forecast period. The increasing volumes of data, advancements in AI and big data technologies, growing concerns about data integrity, and rising demand for useful insights are major factors driving the predictive analytics market across APAC. Countries such as China, ANZ, and Japan are focusing on enhancing the management of data to enable data-based business decisions and enhance business processes.
Major vendors in the global Predictive Analytics market IBM (US), Microsoft (US), Oracle (US), SAP (Germany), SAS Institute (US), Google (US), Salesforce (US), AWS (US), HPE (US), Teradata (US), Alteryx (US), FICO (US), Altair (US), Domo (US), Cloudera (US), Board International (Switzerland), TIBCO Software (US), Hitachi Vantara (US), Qlik (US), Happiest Minds (India), Dataiku (US), RapidMiner (US), Biofourmis (US), In-med Prognostics (India), Aito.Ai (Finland), Symend (US), Onward Health (India), Unioncrate (US), CyberLabs (Brazil), Actify Data Labs (India), Amlgo Labs (India), and Verimos (US).
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