According to our latest market study on "Predictive Analytics Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Component, Deployment Mode, Organization Size, and Industry Vertical," the predictive analytics market size is projected to grow from US$ 12,492.94 million in 2022 to US$ 38,038.83 million by 2028; the predictive analytics market share is estimated to grow at a CAGR of 20.4% from 2022 to 2028.
The market for predictive analytics is experiencing growth due to the increased adoption of big data technologies. Careful consideration is necessary for the successful implementation of big data-enabled technologies, which requires a change in perspective on how the technology can be used effectively. Big data can help identify issues that need attention, but it also requires proper integration into strategic planning to avoid heavy penalties. To manage compliance tasks and upgrade legacy systems, data flow, governance, and data must be integrated into big data platforms. Companies such as Hexanika have developed innovative solutions to address regulatory compliance reporting and data sourcing in the financial industry. The continuous development of big data technologies is driving the growth of the predictive analytics market.
South America, led by Brazil, reported the highest number of COVID-19 cases in the continent, followed by other countries such as Ecuador, Chile, Peru, and Argentina. To curb the spread of the virus, several governments in the region imposed lockdowns and suspended economic activities. However, with the presence of developing countries with growing populations and disposable incomes, increasing demand for advanced technologies, and a rising focus on digital transformation, South America remains a promising region for the future growth of the predictive analytics market. The COVID-19 pandemic has further emphasized the importance of big data analytics in identifying potential threats that can disrupt business infrastructure and systems. Predictive analytics tools can help businesses prepare for or minimize the impact of such threats.
Key Findings of Study:
By offering detailed market insights, the report on the predictive analytics market assists key players in developing growth strategies for the future, while also predicting upcoming trends and advancements in the market.
The predictive analytics market is categorized into different segments based on component, deployment mode, organization size, industry vertical, and geography. In terms of component, the market is divided into solutions and services. The solutions segment further includes risk analytics, marketing analytics, sales analytics, customer analytics, and others. On the basis of deployment mode, the market is classified into cloud and on-premises. The organization size segment comprises large enterprises and small and medium-sized enterprises (SMEs). The market is further segmented by vertical, including BFSI, manufacturing, retail and e-Commerce, IT and telecom, energy and utilities, government and defense, and others.
Based on geography, the predictive analytics market is divided into North America, Europe, Asia Pacific, the Middle East & Africa, and South America. The APAC region is expected to have the highest CAGR in the market during the forecast period. China, India, Japan, Australia, South Korea, and the Rest of APAC are sub-segments of the predictive analytics market in APAC. The market's growth in this region is fuelled by the widespread use of Big Data analytics tools that enable the management and analysis of enormous data volumes to derive insights and make necessary predictions or analyses. Additionally, the launch of new analytical tools and techniques by major vendors and a surge in technological advancements is expected to create profitable opportunities for the predictive analytics market in APAC during the forecast period. However, a lack of skilled professionals to analyze data and derive predictions may impede market growth. Additionally, limited awareness and adoption in several countries in the region are hindering the development of the predictive analytics market in APAC. SMEs are significant consumers of predictive analytics solutions and services in this region, with industries such as manufacturing, automotive, and pharmaceuticals investing heavily in implementing artificial intelligence (AI) to optimize their processes. The application of predictive analytics in process optimization allows for production process improvements, supply chain efficiency increases, and identification of variables that impact product quality.
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