Predictive Analytics Market Size, Share, Industry Trends and Forecast to 2030

Predictive Analytics Market Size & CAGR in 2021

The global predictive analytics market is expected to reach a value of USD 23.9 billion in 2021, with a compound annual growth rate (CAGR) of 21.7% during the forecast period.

COVID-19 Impact on the Predictive Analytics Market

The COVID-19 pandemic has significantly impacted the predictive analytics market. Due to the disruptions caused by the pandemic, industries and businesses have shifted their focus towards predictive analytics to forecast trends, patterns, and behaviors in order to make informed decisions in these uncertain times.

The healthcare sector has seen a surge in the adoption of predictive analytics to track and predict the spread of the virus, optimize resources, and improve patient outcomes. Similarly, the retail sector has utilized predictive analytics to forecast consumer behavior and preferences in the wake of changing shopping patterns.

Overall, the COVID-19 pandemic has accelerated the adoption of predictive analytics across various sectors, driving the market growth even further.

Predictive Analytics Dynamics

The predictive analytics market is driven by the increasing volume of data generated by organizations, the growing adoption of advanced analytics tools, and the need for real-time decision-making capabilities. Businesses are leveraging predictive analytics to gain a competitive edge, improve operational efficiency, and enhance customer satisfaction.

Additionally, advancements in artificial intelligence and machine learning algorithms are fueling the growth of the predictive analytics market, enabling businesses to extract valuable insights from vast amounts of data and drive business growth.

Segments and Related Analysis

The predictive analytics market can be segmented based on deployment mode, organization size, application, industry vertical, and region. These segments help in understanding the specific needs and preferences of different market segments and allow companies to tailor their offerings accordingly.

Key segments in the predictive analytics market include cloud-based deployment, large enterprises, marketing and sales applications, financial services industry, and North America region. Each segment presents unique opportunities and challenges for market players.

By Region Analysis

The predictive analytics market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa regions. North America dominates the market due to the presence of key players, technological advancements, and high adoption rates of predictive analytics solutions.

Asia Pacific is expected to witness significant growth in the predictive analytics market, fueled by the increasing digital transformation initiatives, rising investment in advanced analytics technologies, and expanding industries in the region.

Key Market Players and Competitive Landscape

Key players in the predictive analytics market include IBM Corporation, SAS Institute, Microsoft Corporation, Oracle Corporation, and SAP SE. These companies are constantly innovating and introducing new predictive analytics solutions to cater to the evolving needs of businesses.

The competitive landscape of the predictive analytics market is characterized by strategic partnerships, acquisitions, and product launches. Companies are focusing on enhancing their product portfolios, expanding their geographical presence, and gaining a competitive edge in the market.

Recent Happenings in the Predictive Analytics Market

- In March 2021, IBM announced the launch of Watson Orchestrate, an AI-powered automation tool that helps businesses streamline their workflows and processes using predictive analytics.

- SAS Institute introduced SAS Viya 2021, an analytics platform that enables organizations to leverage predictive analytics and artificial intelligence to drive business intelligence and data-driven decision-making.

- Microsoft Corporation unveiled Azure Synapse Analytics, a cloud-based data integration and analytics platform that incorporates predictive analytics capabilities to help businesses derive valuable insights from their data.

- Oracle Corporation acquired DataScience.com, a data science platform that integrates predictive analytics and machine learning tools to empower data-driven decision-making in organizations.

These recent developments reflect the growing importance of predictive analytics in today's business landscape and highlight the continuous innovation and investments made by key players in the market.