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 solutions segment to hold a larger market size during the forecast period
The predictive analytics market, by component, has been segmented into solutions and services. The solutions segment is expected to grow rapidly in the coming years in the predictive analytics market. Post the pandemic; organizations would look out for predictive analytics solutions to analyze data in different business processes, regression analysis, historical trend analysis, and forecasting, clustering and segmentation, and standardized reporting driving the adoption of predictive analytics solutions and services.
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The BFSI vertical to hold the largest market size during the forecast period
The predictive analytics market is segmented based on vertical. The verticals include 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). The BFSI segment is expected to hold the largest market size during the forecast period in the predictive analytics market. Predictive analytics enables predicting the future requirements of potential customers by tracking the past usage patterns and coordinating in- and out-payments at various branches and ATMs, leading to its adoption in the BFSI vertical. Predictive analytics complements organizations current transaction monitoring systems by tracking frauds before they occur.
According to MarketsandMarkets, predictive analytics uses data, statistical algorithms, and ML techniques to identify the likelihood of future outcomes based on historical data. The goal is to go beyond knowing what has happened to be providing a best assessment of what will happen in the future. Predictive analytics offers flexible, scalable, and advanced solutions to help users make better-informed business decisions. It allows industries to understand customer perception by providing a competitive market edge and the ability to orchestrate business decisions rapidly.
Some of the key players operating in the predictive analytics market include SAS Institute, Inc. (US), IBM Corporation (US), Oracle (US), SAP SE (Germany), Google (US), Microsoft Corporation (US), Salesforce (US), Amazon Web Services (US), Hewlett Packard Enterprise (US), Teradata Corporation (US), Alteryx (US), Altair (US), FICO (US), Domo (US), Cloudera (US), Board International (Switzerland), TIBCO Software (US), Hitachi Vantara (US), Happiest Minds (India), Dataiku (US), Qlik (US), RapidMiner (US), ibi (US), Infor (US), Biofourmis (US), In-Med Prognostics (US), Aito.ai (Finland), Symend (US), Onward Health (India), Unioncrate (US), CyberLabs (Brazil), Actify Data Labs (India), Amlgo Labs (India), Verimos (US). These predictive analytics vendors have adopted various organic and inorganic strategies to sustain their positions and increase their market shares in the global predictive analytics market.
Google, a publicly held company, was founded in 1998 and is headquartered in California, US. The company’s parent organization, Alphabet, was formed by restructuring Google in October 2015. It became the parent company of Google and several former Google subsidiaries. Google’s product innovations have increased the use of its services, and the company is one of the most recognized brands in the world. Its core products and platforms include Android, Chrome, Gmail, Google Drive, Google Maps, Google Play, Search, and YouTube. The company’s global clientele base is spread across industry verticals, such as automotive, BFSI, retail and eCommerce, education, energy, engineering, entertainment, environment, food, beverage, government, healthcare, manufacturing, media, telecommunications and IT, transportation, and travel and hospitality. In the predictive analytics market, Google offers the Smart Analytics platform and Google AI platform.
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Oracle was incorporated in 1977 and is headquartered in California, US. The company is a global leader in delivering a broad spectrum of products, solutions, and services designed for meeting the requirements of corporate IT environments, such as platforms, applications, and infrastructure. Oracle’s customers include businesses of various sizes, government agencies, educational institutions, and resellers. The company provides SaaS offerings that are designed to incorporate emerging technologies, such as IoT, AI, ML, and blockchain. It operates through three business segments, which include cloud and license, hardware, and services, in more than 175 countries. It caters to 430,000 customers across industry verticals, such as banking, telecommunications, engineering and construction, financial services, healthcare, insurance, public sector, retail, and utilities. The company offers its solutions to customers present in more than 145 countries across the Americas, Europe, APAC, and MEA. In the predictive analytics market, the company offers Oracle Data Mining (ODM) and Oracle Cloud Infrastructure Data Science Platform.
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