The global Predictive Analytics Market size to grow from USD 10.5 billion in 2021 to USD 28.1 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 21.7% during the forecast period. Various factors such as increasing use of AI and ML and acquisitions and product launches in this market are expected to drive the adoption of Predictive Analytics software and services.
Download PDF Brochure@ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1181
According to SAS Institute, predictive analytics is the use of data, statistical algorithms, and machine learning techniques to identify the likelihood of future outcomes based on historical data. The goal is to analyze current data to make predictions about future events.
The services segment to hold higher CAGR during the forecast period
The services segment is further divided into professional services and managed services. These services are an integral step in deploying Predictive Analytics solutions and are taken care of by solution and service providers. The demand for professional services is expected to rise due to a rise in tailored demands from customers. Customers are coming up with customization requirements in already installed predictive analytics solutions for enhancing overall performance. The customization requirements include enhanced real-time insights for precise alert systems, enhanced security measures, improved digital Customer Experience (CX), and the capability to extract the maximum potential from the rising enterprise data. The growing adoption of Predictive Analytics solutions is expected to boost the adoption of professional and managed services.
Cloud segment to account for higher CAGR during the forecast period
The Predictive Analytics market is bifurcated on the basis of cloud and on-premises. The market size of the cloud deployment mode is estimated to be larger and projected to have a higher CAGR during the forecast period. The cloud-based deployment helps businesses more efficiently process and report data findings, enhance collaboration, and enable decision-makers to get faster access to business intelligence leading to its higher adoption in the Predictive Analytics market.
Request Sample Pages@ https://www.marketsandmarkets.com/requestsampleNew.asp?id=1181
Unique Features in the Predictive Analytics Market
Predictive analytics models may learn from data patterns and produce precise forecasts without explicit programming thanks to advanced machine learning algorithms, which are a crucial component.
Organisations can make prompt judgements using up-to-date data by utilising real-time prediction capabilities provided by certain predictive analytics platforms.
Some systems go beyond forecasting future events; instead, they use prescriptive analytics to provide suggestions and actions to maximise decision-making based on forecast scenarios.
Predictive models can be easily implemented into business processes with minimal user intervention thanks to automated model deployment and system integration.
In prediction models, interpretability and explainability are becoming more and more crucial. Tools that clarify how models generate predictions are among the unique qualities that increase transparency and confidence in the analytics’ output.
Major Highlights of the Predictive Analytics Market
A wide range of industries, including finance, healthcare, retail, manufacturing, and telecommunications, have adopted predictive analytics widely, demonstrating its adaptability and usefulness.
Predictive analytics now relies heavily on machine learning algorithms, which enable systems to identify patterns and trends in past data, leading to increasingly accurate forecasts.
Reducing the “black-box” character of sophisticated algorithms and increasing the interpretability and explainability of predictive models were key issues. The necessity of explainable AI traits increased.
As companies needed to make choices quickly based on the most recent data in dynamic, fast-paced situations, the need for real-time predictive analytics solutions increased.
Big data technology and predictive analytics work together seamlessly to enable enterprises to examine vast amounts of both structured and unstructured data for deeper insights.
Inquire Before Buying@ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=1181
Top Key Companies in the Predictive Analytics Market
Some of the key players operating in the Predictive Analytics market include IBM (US), Microsoft (US), Oracle (US), SAP (Germany), SAS Institute (US), Google (US), Salesforce (US), AWS (US), HPE (US), Teradata (US), Alteryx (US), FICO (US), Altair (US), Domo (US), Cloudera (US), Board International (Switzerland), TIBCO Software (US), Hitachi Vantara (US), Qlik (US), Happiest Minds (India), Dataiku (US), RapidMiner (US), Biofourmis (US), In-med Prognostics (India), Aito.Ai (Finland), Symend (US), Onward Health (India), Unioncrate (US), CyberLabs (Brazil), Actify Data Labs (India), Amlgo Labs (India), and 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.
SAP is a leading provider of enterprise application solutions and services. It is also a leading experience management, analytics, and BI company. Its solutions are compliant with GDPR. They enable enterprises to build intelligent AI- and ML-based software to unite human expertise with machine-generated insights. The company segments its diverse portfolio into applications, technology, and services; intelligent spend group; and Qualtrics. It works on an intelligent enterprise framework, which includes experience, intelligence, and operations business models. In the predictive analytics market, SAP offers the SAP Predictive Analytics solution. The solution inherits its data acquisition and data manipulation functionalities from SAP Lumira.
Teradata is a data intelligence company catering to more than 75 countries. It also caters to several industries, including communications, media and entertainment, financial services, life sciences, healthcare, retail, energy, travel and transportation, and manufacturing. Its broad customer base comprises O2 Czech Republic, BMW, Siemens Healthineers, Vodafone, American Red Cross, and US Bank. It has partnered with various companies, including Accenture, Alation, AlphaZetta, Alteryx, General Dynamics Information technology, Erwin, HCL Technologies, and Informatica, to deliver end-to-end analytics solutions. Its vast product portfolio consists of various categories, including Software, Cloud, Ecosystem Management, Hardware, and Applications. The company offers the Teradata Vantage solution in the predictive analytics market. It is a business intelligence platform powered by the cloud.
Media Contact
Company Name: MarketsandMarkets™ Research Private Ltd.
Contact Person: Mr. Aashish Mehra
Email: Send Email
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/predictive-analytics-market-1181.html