By ET Bureau - April 18, 2022 3 Mins Read
The predictive analytics market size is expected to grow by USD 17.00 billion from 2021 to 2026. The growth momentum of the market will accelerate at a CAGR of 21.36% during the forecast period.
The requirement of advanced analytics for operational efficiency is driving the global predictive analytics market growth. Data has become an asset for process enhancement, productivity, and operational proficiency. Predictive analytics enables enterprises to make strategic decisions in an effective, accurate, and quick manner, giving them a competitive advantage. Some of the critical use cases for predictive analytics are process optimization, failure point identification, scam detection, fraud mitigation, customer retention strategies, and strategic decision-making. Predictive analytics solutions provide operational and cost reduction advantages. All these factors will drive the market growth during the forecast period.
Major Predictive Analytics Companies:
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Predictive Analytics Market Deployment Outlook (Revenue, USD bn, 2021-2026)
Predictive Analytics Market Geography Outlook (Revenue, USD bn, 2021-2026)
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Revenue-generating Deployment Segments
The cloud-based segment will have significant market share growth during the forecast period. The growth is attributed to the preference for this model by vendors, as it offers effective quality control, intuitiveness, and easy maintainability. From the vendors’ perspective, the cloud-based segment is a lucrative deployment model, especially due to the easy AI and cognitive function integrations, superior scalability, flexibility, effective capacity management, low investment, and a predictable revenue curve. Some of the most widely used cloud offerings include Salesforce, Amazon Web Services (AWS), Google Drive, One Drive, and Office 365.
North America will account for 45% of the market’s growth during the forecast period. The increased digitization and the early adoption of sophisticated technology will drive the predictive analytics market growth in North America during the forecast period. The US is a key country for the predictive analytics market in North America. Market growth in this region will be faster than the growth of the market in Europe.
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