Predictive Analytics Market Size to Hit USD 28.1 Billion by 2026

Predictive Analytics Market by Solution (Financial Analytics, Risk Analytics, Marketing Analytics, Web & Social Media Analytics), Service, Deployment Mode, Organization Size, Vertical, and Region – Global Forecast to 2026

This press release was orginally distributed by SBWire

Northbrook, IL 60062 — (SBWIRE) — 11/25/2022 — The global Predictive Analytics Market size is projected 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, the rise of hybrid cloud services and cloud computing and acquisitions and product launches in this market are expected to drive the adoption of Predictive Analytics software and services.

Advanced analytics that made predictions about upcoming events, behaviours, and results are collectively referred to as predictive analytics. Businesses are turning to predictive analytics as data becomes more widely available to aid in future decision-making. 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. The following version of Spotfire, one of Tibco's three analytics systems, was preview in mid-June. As Tibco makes its products more cloud-friendly and eventually totally cloud-native, Spotfire 12 will contain new cloud-native features similar to many platforms that predate the cloud but are reorienting toward it. It will also include some fresh ML capabilities and tools that help administrators better control the data in their business.

Browse 292 market data Tables and 62 Figures spread through 315 Pages and in-depth TOC on "Predictive Analytics Market"

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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 customized demands from customers. Customers are coming up with customization requirements in already installed predictive analytics solutions for enhancing overall performance. Scalable and quick model deployment and refresh are also on the rise, which is essential to keep up with intrinsic variety, legacy systems, changing data, and dynamic behaviour patterns. AI that can be explained to hyper-personalize services Advanced ML and AI algorithms can be used to hyper-personalize services with an obsessive emphasis on engagement and experience thanks to centralised and designed data. For instance, complex recommendations that take into account far more information than just age, income, and region may now be included to rules-driven client journeys.. 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. Public clouds are less expensive but offer lower security than private clouds, which are more expensive but offer higher security. By providing a centralised database, data security, scalability of data, and much more at such a lower cost, hybrid clouds are bringing change to enterprises. 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. Data preparing, cleansing, choosing the appropriate columns to segregate, and discovering connections are laborious for SMEs who deal with massive amounts of records in the cloud. Even though SMEs' self-generated data isn't as large as that of large industry giants, it nevertheless gives them valuable insights that allow them to personalise items to clients' preferences and predict sales by examining current market patterns. The adoption of Predictive Analytics software and services among SMEs 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. Predictive analytics can offer useful insights that can aid firms in making better decisions about resource allocation and helping them plan for the future by utilising historical data, machine learning algorithms, and other techniques. Predictive analytics, according to 72% of healthcare executives polled globally in February 2022, improved patient health outcomes in clinical settings. Additionally, the participants said that predictive analytics in healthcare would enhance patient experience. 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.

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. Increasing amounts of data must be properly managed and analysed in order to develop an understanding and make necessary predictions or analyses. This, in turn, is boosting market growth in Asia Pacific. Furthermore, increasing technological advancements and the launch of new analytical tools and techniques by the market's major vendors are expected to create lucrative opportunities for market growth during the forecast period. 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.

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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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