Oct 20, 2021, 12:30 ET
NEW YORK, Oct. 20, 2021 /PRNewswire/ -- As per the research based on Zion Market Research study, predictive analytics industry gathered revenue about US$ 8.12 billion in 2020 and is set to garner revenue of approximately US$ 39.1 billion by 2028. The predictive analytics market is projected to register highest gains of approximately 21.5% in 2021-2028. In addition to this, predictive analytics helps businesses for predicting what is going to happen in future with the statistical methods empowering managers & executives for taking proactive as well as data-driven approach for setting apt business strategy and facilitating effectual decision-making.
All these aspects are expected to steer growth of predictive analytics market. Furthermore, firms are making use of predictive analytics for forecasting consumer buying behaviour and purchasing patterns for determining product sales trends. Apparently, predictions made through use of predictive analytics tools also help in accurately forecasting inventory demand, medical diagnostics, stock market data, wage data, and gene expression data. In addition to this, the tools of predictive analytics tailor to customer service requirements along with assessing firms in detecting frauds taking place in credit card transactions and other financial deals. They also help in candidate screening along with avoid data duplication as well as mistaken data collection through outlier detection.
Moreover, predictive analytics find numerous applications in e-commerce, healthcare, sales, HR functions, and IT security. In addition to this, predictive analytics is utilized in business management, marketing, retail, transportation, social networking, pharmaceuticals, actuarial science, insurance, capacity planning, telecommunications, and sports events. All these aforementioned aspects will create lucrative growth avenues for predictive analytics industry during assessment period.
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Inception of Big Data, Data Mining, and Data Analytics Concepts to Drive Market Trends By 2028
Growth of predictive analytics market over forecasting timeline is owing to increase in data witnessed across various sectors. Businesses can also use predictive analytics tools for targeting potential customers. Furthermore, large-scale use of association rule mining and frequent item set mining methods have also helped firms to expand their business leaps & bounds. With massive data available from internet, cookies, and social networking sites such as Facebook, Instagram, twitter, and Pinterest, predictive analytics is projected to be catch phrase and a next-gen tool. This will steer growth of predictive analytics market over forecast timeframe. With use of deep learning and machine learning algorithms by various firms, the market for predictive analytics is projected to gain traction over coming years. Large-scale use of clustering methods, ordinary least squares method, Naïve-Bayes classifier, and convex optimization techniques of machine learning will prompt size of predictive analytics market over forthcoming years.
Asia Pacific Market to Record Highest CAGR over Assessment Period
Expansion of predictive analytics market in Asia Pacific in forecasting years is owing to large-scale use of AI techniques and machine learning tools by various sectors such as IT, manufacturing, textile, pharmaceuticals, and oil & gas in countries such as India and China. Moreover, surge in web penetration in the sub-continent will contribute humungously towards market revenue in Asia Pacific during estimated timeframe. Rise in funding of research activities pertaining to development of AI and Deep learning algorithms by countries such as Japan and China will elicit massive growth in upcoming years.
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Key players influencing market growth and profiled in report include Tableau Software Inc., SAP SE, Teradata Corporation, Fair Isaac Corporation (FICO), TIBCO Software Inc, SAS Institute, Actify Data Labs, Acxiom Corporation, CyberLabs, Information Builders, Microsoft Corporation, Alteryx, Amlgo Labs, Amazon Web Services, Google, Inc., and IBM Corporation.
This report segments global predictive analytics market as follows:
By Delivery Mode
- Cloud Based Technology
- On-Premises Installation
By Software Solutions
- Customer Intelligence
- Decision Support Systems
- Data Mining & Management
- Fraud & Security Intelligence
- Financial Intelligence
- Others (including performance management, sustainability intelligence, campaign management etc.)
- Banking, Financial Services & Insurance (BFSI)
- Government, Public Administration & Utilities
- Telecom and IT
- Transportation & Logistics
- Others (including Energy, Media, and entertainment, Engineering & construction etc.)
- Sales & marketing
- Customer & channel
- Finance and risk
- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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