The Predictive Analytics Market revenues were estimated at US$ 12.8 Bn in 2022 and is anticipated to grow at a CAGR of 15.8% from 2022-2032, according to a recently published Future Market Insights report. By the end of 2032, the market is expected to reach a valuation of US$ 55.5 Bn. Cloud deployment is employed by 94% of enterprises, according to the RightScale 2019 State of the Cloud survey. As of now, the cloud holds more than half of all corporate data, and this trend is projected to continue as cloud-based predictive analytics grows.
Predictive analytics is preferred for cloud deployment as it offers intuitiveness, and ease of maintenance. The cloud-based segment, according to the manufacturers, is a profitable deployment choice owing to the simplicity with which AI and cognitive capabilities can be incorporated. It is possible to achieve more scalability, agility and enhanced resource management, less investment, and a reliable revenue curve. Google Drive, One Drive, and Office 365 are three of the most well-known cloud services.
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Predictive analytics at Google is based on Google Cloud AI and machine learning technologies and services. Organizations may use current tools and models to go beyond knowing what happened in the past and provide the best assessment of futuristic estimates. For specialists, the Vertex AI allows them to develop complicated models faster and at a cheaper cost. AI building blocks enable amateurs to easily incorporate AI to their services.
Since cloud-based solutions focus on simple, standardized interfaces, integration effort and expense are decreased, reducing the requirement for an organization’s IT employees to adopt these solutions. It also allows for tight behavioral integration without requiring tight system integration. Another advantage of cloud computing is access to massive amounts of data. Many new massive data sources are only available on the cloud. Furthermore, cloud computing suggests that data transfer speeds will be less limited for businesses. All of this highlights the value of moving analytic modelling to the cloud, where it can be near to these new data sources.
Key Takeaways from the Market Study
- Global Predictive Analytics Market is estimated to reach a market size of US$ 12.8 Bn by 2022.
- The BFSI segment, is expected to account for the highest CAGR of 15.7% during the forecast period.
- United States is expected to remain the most dominant market with an absolute dollar growth opportunity of US$ 14.8 Bn during 2022 – 2032.
- The market in US is set to experience the highest CAGR of 15.7% during the 2022-2032 forecast period.
“During the projected period, the rise of big data and machine learning are likely to become key drivers in raising the predictive analytics market revenue.” comments a Future Market Insights analyst.
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Competitive Landscape
The market is fiercely competitive, where key players are increasingly focused to obtain a competitive advantage. The key companies in the Predictive Analytics Market are focused on R&D to produce innovative technological solutions.
- In February 2022, Bharti Airtel, India’s leading supplier of communications products, has selected Oracle Fusion Cloud ERP and Oracle Fusion Cloud Supply Chain & Management (SCM) to modernize and optimize its financial, planning, and supply chain operations. Airtel’s shared services operations will be transformed by merging Oracle Cloud ERP and Oracle Cloud SCM technologies, with the objective of increasing overall efficiency and agility.
Market Segments Covered In Predictive Analytics Market Analysis
By Component:
- Solutions
- Predictive Financial Analytics
- Predictive Risk Analytics
- Predictive Marketing Analytics
- Predictive Sales Analytics
- Predictive Customer Analytics
- Predictive Web and Social Media Analytics
- Services
- Professional Services
- Managed Services
By Deployment Mode:
- Cloud
- On-premises
By Organization Size:
- Large Enterprises
- Small and Medium-sized Enterprises (SMEs)
By Vertical:
- BFSI Predictive Analytics
- Manufacturing Predictive Analytics
- Retail and eCommerce Predictive Analytics
- Government and Defense Predictive Analytics
- Healthcare and Life Sciences Predictive Analytics
- Energy and Utilities Predictive Analytics
- Telecommunications and IT Predictive Analytics
- Transportation and Logistics Predictive Analytics
- Media and Entertainment Predictive Analytics
- Travel and Hospitality Predictive Analytics
- Other Predictive Analytics
By Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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