The Global Predictive Analytics Market was valued at USD 7.3 Bn in 2020 and is expected to reach USD 28.5 Bn by 2027, with a growing CAGR of 21.5% during the forecast period (2021-2027).
Global Predictive Analytics Market Definition
Predictive analytics is the practice of using statistics and modeling techniques to extract information from current and historical datasets to predict potential future outcomes and trends. Predictive analytics provides various benefits such as fraud detection, risk reduction, optimizing marketing campaigns, improving decision making, and enhanced efficiency in operations among others to the organizations.
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Global Predictive Analytics Market Dynamics
The global predictive analytics market is observed to witness a significant growth rate during the forecast period owing to increasing awareness amongst companies to use predictive analytics tools to generate extract information from current and historical datasets to predict potential future outcomes and trends. Companies in various sectors are increasingly utilizing the predictive analytics tools to derive the solutions for future with the help of large data sets generated by various industries such as healthcare, banking, finance, and others. Additionally, the rise in the investments for big data supporting initiatives by government and the big data technologies is also propelling the market growth during the forecast period.
The Global Predictive Analytics Market Segmentation:
Company Profiles and Competitive Intelligence
The key players operating in the predictive analytics market are:
Based on the end-user industry, the BFSI industry accounted for the largest market share in the overall predictive analytics market size owing to increased benefits provided by the predictive analytics solutions
The BFSI industry segment is anticipated to witness a significant growth rate throughout the forecast period owing to various benefits provided by the predictive analytics in insurance market. Predictive analytics improve efficiency in various branches of insurance as it improves the risk assessment and helps in better resource management. Governments across the globe are increasingly using predictive analytics to offer better and beneficial insurance targeted policies for the customers and the companies. Additionally, the predictive analytics coupled with machine learning is estimated to help governments to make suitable policies during an unprecedented event such as a pandemic.
Based on regions, the market for predictive analytics in North America is estimated to witness a significant growth rate during the forecast period owing to rising technological advancements and a strong presence of market players
Geographically, the North America held the largest market share in the year 2020 and is growing with considerable CAGR during the forecast period. North America, is primarily known as hub of data generation (usually in large quantities), is the largest market for predictive analytics solutions. The growth is attributed to the presence of various developed economies in this region includes the US, and Canada due to the rising focus on innovations obtained from R&D and various technologies.
In addition, funding provided to new entrants by venture capitalists is further expected to propel the competition in the market. Rising innovations in techniques and methods that are involved in the development of predictive analytics solutions are expected to be the major opportunity for established players. Furthermore, increase in the awareness regarding predictive analytics measures and its importance is creating a significant demand for these solutions in the market.
The report also provides an in-depth analysis of predictive analytics market dynamics such as drivers, restraints opportunities and challenges
Note: Challenges along with in-depth market dynamics analysis are mentioned in the report. Speak with Our Analyst
COVID-19 Impact on the Predictive Analytics Market Analysis
The global predictive analytics market has been greatly impacted by the Covid-19 pandemic. As the predictive analytics data models utilizes historical data to predict the future and deliver conclusions, however, the unusual events like pandemic and lockdowns are not taken into the study. As several industries rely on predictive analytics data for their businesses, the companies have been hampered largely owing to disruptions in data.
On the other hand, the healthcare sector is observed to increasingly use predictive analytics market to combat covid-19 pandemic. Healthcare professionals are using predictive analytics tools to study the severity of the covid infections, and the risks associated. Moreover, with the increasing spread of covid-19, several hospitals were flooded with patient volume leading to burdening on staff and lack of resources. Companies are increasingly incorporating predictive analytics tools to conflict the outbreak of covid-19. For instance, in April 2020, the Cleveland Clinic researchers developed a predictive model that helps in forecasting bed capacity, patient volume, ventilator availability, and other resources.
The report also provides an in-depth analysis of key trends in predictive analytics market
|1||The increasing trend of adaptive learning in the predictive analytics market is estimated to propel throughout the forecast period||Positive|
|2||Geospatial data is becoming more popular for use in and with predictive analytics. For instance, geospatial predictive analytics is being used to predict crime and terrorism. On the business front, location-based data is starting to be used in conjunction with predictive modeling to target specific offers to customers based on where they are (i.e., traveling from work, at home) and their behavior||Positive|
|3||The raising trend of making predictive analytics user friendly is observed during the forecast period. This includes hiding the complexity of the model building process and the data preparation process via the user interface||Positive|
The report also provides an in-depth analysis of recent news developments and investments
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