Predictive Analytics Market Outlook to 2026: Emerging Trends, New Growth Opportunities, Regional Analysis & Forecast


Posted June 17, 2020 by media90

Predictive Analytics Market 2020, COVID 19 Breakdown Impact, Industry, Global Trends, Size, Applications, Share, Sale, Growth Insight, New Development and Forecast To 2026

 
The global market for predictive analytics is at a turning point with falling automation hardware costs, boom in machine learning and IoT (Internet of Things). Moreover, unprecedented proliferation of Industry 4.0 has augmented the application of predictive analytics across the manufacturing domain, resulting in deployment of various predictive analytics solutions and services. Growing adoption of various models in the predictive analytics space, such as descriptive models, decision models and predictive models continues to trigger the demand for predictive analytics.

In addition, internet proliferation has led to massive increase in organizational and individual data volume. This factor coupled with globalization, need for data accessibility, advancement of the 5G band and revenue generating potential of predictive analytics have compelled companies to invest in this field. This continues to impact the use of predictive analytics across multiple domains, in turn fuelling growth of the world predictive analytics market.

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Higher demand for predictive analytics recorded in Asian countries as key players set foot on developing soils; the US to cement dominance
Developed countries of North America account for a major share in the global predictive analytics market and are expected to maintain their status quo in the years to follow. This is mainly attributed toward advancements in technologies and presence of strong players on the US soil. In addition, the venture capitalist funding quotient is favouring new entrants translating into increased revenue output in the market.

Global Predictive Analytics Market Players are: IBM, Oracle, SAS Institute, Accretive Technologies, Angoss Software, HP, Information Builders, Megaputer Intelligence, Microsoft, SAP, Microstrategy, Pegasystems
On the other hand, demand for predictive analytics in Asian countries is projected to grow at a massive rate in the forthcoming years. Increasing adoption and deployment of predictive analytics models and solutions across manufacturing sector in the Asia Pacific is expected to impact the growth of the market in the region. Key stakeholders in the predictive analytics market can target emerging Asian countries are key revenue pockets in terms of investment and portfolio expansion in the predictive analytics space, with rising proliferation of IoT and machine learning as the backbone.

Adoption of predictive analytics in BFSI to proliferate in the near future
Application of predictive analytics in the BFSI sector has been increasing at a significant rate. BFSI remains a key contributor to the growth of the predictive analytics market worldwide. The sector is also estimated to account for a higher revenue share in the predictive analytics space on the back of increasing regulatory compliance process that has fuelled adoption of advanced financial analytics in the BFSI space. Use of predictive analytics in the banking domain has resulted in a digital transformation in the area, as it offers enhanced customer experience and supports in dealing changing behaviour of customer. In addition to this, demand for capital planning, insurance risk management and credit risk management due to regulations are becoming increasingly vital. This has added to the sales of predictive analytics modules across a volley of industries globally.

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Taking predictive analytics to the clouds – Cloud deployment gaining traction
Higher scalability, reduced costs of operations and simple use have triggered the use of cloud for the deployment of predictive analytics solutions. Growing awareness of cloud based solutions are likely to emboss a positive impact on the global predictive analytics market as providers of predictive analytics solutions continue to focus on robust cloud based predictive solutions for clients. This is also linked with the migration of big organizations from offline models to public or private cloud.

In addition, players such as Qual Metrix and IBM Corporation are focused on developing cloud software that can facilitate incorporation of on-premise applications to cloud. This coupled with the higher flexibility and real-time deployment aspect of cloud is enabling companies to implement predictive analytics with ease and in speed. The use of cloud in the predictive analytics space have allowed convenience in applying predictive capabilities, in turn providing an edge over competition by removing administrative roadblocks and allowing companies to focus on competence enhancement.

The global market for predictive analytics is fragmented with presence of big companies and increasing number of new entrants. Various inorganic and organic growth strategies are being implemented by the players in the predictive analytics market. To name a few, players are focusing on acquisitions, strategic collaborations, portfolio expansion, NPD and launch and partnerships to improve their global footprint in the predictive analytics marketplace. For instance, in 2017, Oracle added 4 novel cloud based solutions in its Internet of Things Portfolio. In the same year, SAP collaborated with Centrica to support customers in managing energy consumption and assets.

Likewise, Cerner Corporation has collaborated with Hospital IQ to expand predictive analytics with an aim to support health systems manage allocation of resources and provide situational awareness. Overall, the predictive analytics market growth remains positive and players can expect significant opportunities in this space in the long run.

KEY QUESTIONS ANSWERED IN THE REPORT
• What is the market size and growth rate of the global and regional markets by various segments?
• What is the market size and growth rate of the market for selective countries?
• Which region or sub-segment is expected to drive the market during the forecast period?
• What factors are anticipated to impact demand and supply trends in the market during the forecast period?
• What factors are likely to drive market revenue growth during the forecast period?
• What are the key technology and other trends shaping the market?
• What are the key opportunities in the market?
• What are some of the strategies implemented by key companies operating in the market?
• What is the COVID-19 impact on the market?

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Last Updated June 17, 2020