Predictive Analytics Market Dynamics
Predictive analytics refers to the use of data, statistical algorithms, and artificial intelligence techniques to identify possible outcomes in the future. Predictive analytics serve as a backbone of data-driven marketing. It helps an organization assess the future of marketing and stay ahead of the curve. With the deployment of predictive analytics, the produced data can be used to predict future outcomes. Thus, with the exponential rise in organizational data, companies are hiring teams of analysts to process the collected data with the help of predictive analytics.
The accelerating penetration of the internet and increasing adoption of advanced technologies, such as artificial intelligence, big data, and machine learning, are the driving forces of the predictive analytics market. Also, the expansion in the e-commerce sector and the inclination of online retailers towards customer analytics will bolster the market growth. Predictive analytics in the e-commerce sector allows retailers to perform real-time analytics of consumer behavior to provide a customized experience to improve customer retention.
The evolution of the coronavirus has disturbed the businesses, world, and economies by influencing the way of living and strategies of businesses. COVID-19 has shifted the focus of business towards mitigating the risk of viruses. Various organizations have adopted predictive analytics to study the effect of the pandemic on consumer behavior, pricing, and supply chain. Additionally, the healthcare sector is leveraging predictive analytics to analyze the virus spread, disease outcomes, and insights into COVID-19 risk.
Key players operating in the global Predictive Analytics Market include IBM, Oracle, Microsoft, SAS Institute Inc., SAP, Google, Salesforce.com, Inc., Hewlett Packard Enterprise Development LP, Amazon Web Services, Inc., and Teradata.
Deployment Mode Segment Analysis
The cloud segment is anticipated to hold a larger share in the global predictive analytics market during the forecast period. The growing adoption of the cloud models by several organizations due to insufficient resources will fuel the predictive analytics market size. Moreover, cloud-based predictive analytics is more extensive & pervasive and is easy to implement.
Organization Size Segment Analysis
The large enterprises segment is expected to dominate the predictive analytics market over the forecast period. The accelerating penetration of predictive analytics among large enterprises to enhance the delivery time of the services & products and business productivity has strengthened the market size. Large enterprises develop their future business plans based on predictive outcomes. Predictive analytics of historical data offers a competitive advantage to organizations and helps them enhance their overall performance.
The Asia-Pacific region is projected to grow at a faster CAGR during the forecast period due to the increasing deployment and adoption of predictive analytics solutions. The growing emphasis and investment attributed to advanced technologies such as IoT, machine learning, and artificial intelligence will drive the market growth. On the other hand, the North American region is expected to dominate the market during the forecast period. The ongoing technological innovations and presence of leading players, especially in the US, will bolster the predictive analytics market share.
Predictive Analytics Market Segmentation:
Predictive Analytics Market by Component
o Risk Analytics
o Financial Analytics
o Sales Analytics
o Marketing Analytics
o Web & Social Media Analytics
o Customer Analytics
o Network Analytics
o Supply Chain Analytics
o Professional Services
o Managed Services
Predictive Analytics Market by Deployment Mode
Predictive Analytics Market by Organization Size
• Small & Medium-Sized Enterprises
• Large Enterprises
Predictive Analytics Market by Vertical
• IT & Telecommunications
• Healthcare & Life Sciences
• Retail & Ecommerce
• Government & Defense
• Transportation & Logistics
• Energy & Utilities
Predictive Analytics Market by Region:
• Asia Pacific
o Rest of APAC
• North America
o United States of America
o United Kingdom
o Rest of Europe
o South Africa
o Saudi Arabia
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