Global Predictive Analytics Market (2020 to 2025) - Advent of Machine Learning and Artificial Intelligence is Driving Growth
DUBLIN, Nov. 3, 2020 /PRNewswire/ -- The "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" report has been added to ResearchAndMarkets.com's offering.
The global predictive analytics 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. The objective of the report is to define, describe, and forecast the predictive analytics market size based on component, organization size, deployment mode, vertical, and region.
The spread of COVID-19 has generated a massive disruption in daily activities. It has forced people to follow social distancing policies, temporarily suspend many business activities, and limit travel. Under such circumstances, the healthcare vertical has emerged as the biggest user of big data and predictive analytics to understand the virus and its spread. Predictive modeling has provided organizations with transportation fleets to create future business insights with a significant degree of accuracy. Predictive analytics companies are witnessing a slowdown in their growth, owing to the lockdowns imposed worldwide.
Healthcare and life sciences and BFSI verticals have been least impacted by the COVID-19 and are continuing the adoption of predictive analytics solutions. The healthcare vertical has sought to use big data and predictive analytics tools to better understand the virus and its spread. Predictive analytics has helped researchers around the world to build predictive analytics models that can track COVID-19 surges in different countries. The competition among key predictive analytics companies is expected to intensify as most upcoming analytics projects have been put on hold owing to the pandemic. Businesses have already started making efforts to return to the normal and are facing multiple challenges at customer and operational levels. New practices, such as work-from-home and social distancing, have led to the requirement of remote health monitoring of patients and assets and smart payment technologies, as well as the development of digital infrastructures for large-scale technology deployments.
The services segment to grow at a higher CAGR during the forecast period
The predictive analytics market is segmented on the basis of components, such as solutions and services. The services segment is expected to grow at a rapid pace during the forecast period. Factors such as pre-sales and post-sales support and the lack of technical skills and capabilities needed for assistance during the up-gradation of software drive the adoption of predictive analytics services.
The risk analytics solution segment to have the largest market size during the forecast period
The Predictive analytics market by solution has been segmented into 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). The risk analytics solution in predictive analytics facilitates enterprises to establish a baseline for measuring risks across verticals, such as BFSI, healthcare, and life sciences, and retail and eCommerce, by incorporating all the facets of risks together into a single unified system that provides key decision-makers with adequate clarity in identifying, viewing, understanding, and managing risks leading to its adoption in the predictive analytics market.
The BFSI segment to grow to have the largest market size during the forecast period
The predictive analytics market by vertical has been segmented into 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). BFSI vertical is expected to register the largest market size during the forecast period due to significant financial data's sensitivity and need to coordinate with numerous other sectors, including stock exchanges, tax authorities, central banks, securities controlling authorities, and revenue departments. The emergence of predictive analytics in finance has necessitated the development of predictive analytics solutions capable of handling it in real-time.
Among regions, Asia Pacific (APAC) to grow at the highest CAGR during the forecast period
APAC is expected to grow at the highest CAGR during the forecast period. The increasing investments by the tech companies in major APAC countries, such as China, and Japan, increasing the increasing adoption of AI and deep learning algorithms are expected to drive the growth of the market in APAC.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in Predictive Analytics Market
4.2 Market, by Solution
4.3 Market, by Region
4.4 Market, by Solution and Vertical
5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Rising Adoption of Big Data and Other Related Technologies
5.2.1.2 Advent of Machine Learning and Artificial Intelligence
5.2.1.3 Cost Benefits of Cloud-Based Predictive Analytics Solutions
5.2.2 Restraints
5.2.2.1 Changing Regional Data Regulations Leading to the Time-Consuming Restructuring of Predictive Models
5.2.3 Opportunities
5.2.3.1 Rising Internet Proliferation and Growing Usage of Connected and Integrated Technologies
5.2.3.2 Increasing Demand for Real-Time Streaming Analytics Solutions to Track and Monitor the COVID-19 Spread
5.2.4 Challenges
5.2.4.1 Growing Demand for Diversified Data Models Based on Business Needs
5.2.4.2 Ownership and Privacy of Collected Data
5.2.5 Cumulative Growth Analysis
5.3 Impact of COVID-19 on the Predictive Analytics Market
5.4 Predictive Analytics: Evolution
5.5 Predictive Analytics: Ecosystem
5.6 Case Study Analysis
5.7 Patent Analysis
5.8 Value Chain Analysis
5.9 Technology Analysis
5.10 Pricing Analysis
5.11 Regulatory Implications
6 Predictive Analytics Market, by Component
6.1 Introduction
6.1.1 Components: Market Drivers
6.1.2 Components: COVID-19 Impact
6.2 Solutions
6.2.1 Financial Analytics
6.2.1.1 Fraud Detection
6.2.1.2 Profitability Management
6.2.1.3 Governance, Risk, and Compliance Management
6.2.1.4 Others
6.2.2 Risk Analytics
6.2.2.1 Cyber Risk Management
6.2.2.2 Operational Risk Management
6.2.2.3 Credit and Market Risk Management
6.2.2.4 Others
6.2.3 Marketing Analytics
6.2.3.1 Predictive Modelling
6.2.3.2 Yield Management
6.2.3.3 Product and Service Development Strategies
6.2.3.4 Others
6.2.4 Sales Analytics
6.2.4.1 Sales Life Cycle Management
6.2.4.2 Sales Rep Efficiency Management
6.2.4.3 Others
6.2.5 Customer Analytics
6.2.5.1 Customer Segmentation and Clustering
6.2.5.2 Customer Behavior Analysis
6.2.5.3 Monitoring Customer Loyalty and Satisfaction
6.2.5.4 Others
6.2.6 Web and Social Media Analytics
6.2.6.1 Social Media Management
6.2.6.2 Search Engine Optimization
6.2.6.3 Performance Monitoring
6.2.6.4 Competitor Benchmarking
6.2.7 Supply Chain Analytics
6.2.7.1 Distribution and Logistics Optimization
6.2.7.2 Inventory Management
6.2.7.3 Manufacturing Analysis
6.2.7.4 Others
6.2.8 Network Analytics
6.2.8.1 Intelligent Network Optimization
6.2.8.2 Traffic Management
6.2.8.3 Others
6.2.9 Others
6.3 Services
6.3.1 Managed Services
6.3.2 Professional Services
6.3.2.1 Consulting
6.3.2.2 Deployment and Integration
7 Predictive Analytics Market, by Deployment Mode
7.1 Introduction
7.1.1 Deployment Mode: Market Drivers
7.1.2 Deployment Mode: COVID-19 Impact
7.2 Cloud
7.3 On-Premises
8 Predictive Analytics Market, by Organization Size
8.1 Introduction
8.1.1 Organization Size: Market Drivers
8.1.2 Organization Size: COVID-19 Impact
8.2 Large Enterprises
8.3 Small and Medium-Sized Enterprises
9 Predictive Analytics Market, by Vertical
9.1 Introduction
9.1.1 Vertical: Market Drivers
9.1.2 Vertical: COVID-19 Impact
9.2 Predictive Analytics: Enterprise Use Cases
9.3 Banking, Financial Services, and Insurance
9.4 Telecommunications and It
9.5 Retail and Ecommerce
9.6 Healthcare and Life Sciences
9.7 Manufacturing
9.8 Government and Defense
9.9 Energy and Utilities
9.10 Transportation and Logistics
9.11 Others
10 Predictive Analytics Market, by Region
10.1 Introduction
10.2 North America
10.3 Europe
10.4 Asia-Pacific
10.5 Middle East and Africa
10.6 Latin America
11 Competitive Landscape
11.1 Overview
11.2 Market Evaluation Framework
11.3 Market Share, 2020
11.4 Historic Revenue Analysis of Key Market Players
11.5 Key Market Developments
11.5.1 New Product Launches and Product Enhancements
11.5.2 Business Expansions
11.5.3 Mergers and Acquisitions
11.5.4 Partnerships, Agreements, Contracts, and Collaborations
12 Company Evaluation Matrix and Company Profiles
12.1 Overview
12.2 Company Evaluation Matrix Definitions and Methodology
12.2.1 Market Ranking Analysis, by Company
12.3 Company Evaluation Matrix, 2020
12.3.1 Star
12.3.2 Emerging Leaders
12.3.3 Pervasive
12.3.4 Participant
12.4 Company Profiles
12.4.1 Introduction
12.4.2 Microsoft
12.4.3 IBM
12.4.4 Oracle
12.4.5 SAP
12.4.6 SAS Institute
12.4.7 Google
12.4.8 Salesforce
12.4.9 Aws
12.4.10 Hpe
12.4.11 Teradata
12.4.12 Alteryx
12.4.13 Fair Issac Corporation
12.4.14 Altair
12.4.15 Domo
12.4.16 Cloudera
12.4.17 Board International
12.4.18 Tibco Software
12.4.19 Hitachi Vantara
12.4.20 Happiest Minds
12.4.21 Dataiku
12.4.22 Rapidminer
12.4.23 Qlik
12.4.24 IBI
12.4.25 Infor
12.5 Startup/Sme Evaluation Matrix, 2020
12.5.1 Progressive Companies
12.5.2 Responsive Companies
12.5.3 Dynamic Companies
12.5.4 Starting Blocks
12.6 Startup/Sme Profiles
13 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/o1r23s
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected]
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1904
Fax (outside U.S.): +353-1-481-1716
SOURCE Research and Markets
Share this article