In a recent published report, Kenneth Research has updated the market report for Predictive Analytics Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Predictive Analytics Market products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2023.
Market synopsis
Predictive analytics is a branch of data engineering which deals with analyzing the historical and current data and predict future events based on it. To analyze the data, the prediction analytics solution majorly uses support vector machines (SVMs), bayesian recommendation system, deep and neural networks, among other techniques.
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Growing adoption of predictive analytics solutions to forecast the market trends and increasing need of predictive analyrics among the enterprises to maintain a competitive advantage is driving the growth in the market. According to a survey conducted by PricewaterhouseCoopers in the year 2016, the most important decisions that organizations need to take are launching new products and services (31%), entering into new markets (17%) and investing into IT(15%). Also, 48% organizations are competing by taking data driven decisions. The predictive analytics solutions help enterprises to analyze their enterprise and customer data and help them in taking informed decisions such as making marketing strategies, enhancing customer service, liquidity planning and others.
This further helps the enterprises to understand the customer behavior, forecast sales, reduce churn rate and to asses risk associated with the operations. The insights provided by the solution from consumer as well as business operation data, also help the enterprise to study the data patterns, identify business trends and potential impact on the business. Furthermore, increasing usage of big data and analytics is further driving the growth of the market. Advancements in technologies such as AI, machine learning and advanced analytics is expected to foster the growth opportunities for predictive analytics market in coming years.
However, lack of awareness about the benefits of predctive analytics among users is one of the major factor hampering the growth of predictive analytics market. According to a survey conducted by Pricewaterhouse Coopers in the year 2016, only 29% of the companies are aware of predictive analytics solutions. Furthermore, data security concern is a major challenge for the growth of predictive analytics market.
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Segmentation
The global predictive analytics is segmented on the basis of deployment, organization size, techniques, applications and vertical.By deployment, the market is sub-segmented into on-premise and on-cloud.By organization size, the market is segmented into large enterprise and SMEs.By techniques, the market is segmented into support vector machines (SVMs), bayesian recommendation system, deep neural networks, and others.
By applications, the market is segmented into customer churn rate prevention, risk assessment, customer analysis, sales forecasting, market analysis, financial modelling, and others.By vertical, the market is segmented into BFSI, IT & telecommunication, retail & ecommerce, manufacturing, healthcare, transportation & logistics, government & defense, and others.
Regional analysis
The global market for predictive analytics is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of the predictive analytics market is done for North America, Europe, Asia-Pacific, and the rest of the world.
North America is expected to dominate the predictive analytics market. Majority of the key players of predictive analytics market are from North America who are intensely trying to develop the predictive analytics solutions according to the latest technological trends. Asia-Pacific is expected to be the fastest growing segment owing to government initiative supporting SMEs in countries such as India, China and Japan. The SMEs require predictive analytics solutions which helps them to increase their operational performance.
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The global predictive analytics market is expected to generate a market value of USD 13 billion by 2023 growing at a CAGR of ~ 21 %.
Key players
The prominent players in the market of predictive analytics are SAS Institute Inc. (US), Microsoft Corporation (US), Tibco Software Inc. (US), Tableu Software (US), NTT Data Corporation (Japan), Radius Intelligence Inc. (US), Dundas Data Visualization, Inc. (Canada), IBM Corporation (US), SAP SE (Germany) and Oracle Corporation (US).
Other players include Angoss Software Corporation (Canada), Rapidminer Inc. (US), Fair Isaac Corporation (US), Ignite Technologies, Inc. (US) and BOARD International (Switzerland).
Intended Audience
Associations, Organizations, Forums, And Alliances
Government Bodies and Departments
Technical Universities
Service Providers
Independent Software Vendors
Research and Development Companies
Analytics Consulting Companies
Market Research and Consulting Firms
Predictive Analytics Software Developers
Technology Standards Organizations
Technology Investors
Raw Material Suppliers
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