Research Nester published a report titled “Predictive Analytics Market: Global Demand Analysis & Opportunity Outlook 2031″ which delivers detailed overview of the global predictive analytics market in terms of market segmentation by product, application, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global predictive analytics market is estimated to grow at a CAGR of ~20% over the forecast period, i.e., 2022 – 2031. The market is segmented on the basis of end-user into BFSI, retail, IT & telecom, healthcare, government, manufacturing, and others, out of which, the BFSI segment is anticipated to hold a substantial share over the forecast period. This can be attributed to the various advantages of predictive analytics in the banking sector, such as, capital planning, financial analytics, credit risk management, insurance risk management, and others.
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The growth of the global predictive analytics market can be attributed to the growing adoption of big data, along with the rising use of advanced technologies, such as, AI and ML. For instance, it was observed that AI industry generated a revenue of around USD 325 billion in 2021. Furthermore, the growing investment in the technical research and development activities, along with the growing adoption of cloud computing, are anticipated to fuel the market growth.
On the basis of geographical analysis, the global predictive analytics market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the North America region is anticipated to gain the largest market share throughout the forecast period on account of the increasing adoption of advanced technologies by the business organizations, combined with the presence of major market players in the region.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Rising Presence of Big Data in Various Industries to Fuel the Market Growth
The presence of large volumes of numbers and data in almost every industry is estimated to primarily drive the market growth. Moreover, growing technological research and innovation, and adoption of internet services, AI, and machine learning, are estimated to further boost the market growth.
However, limited to availability of skilled labor is one of the restraining factors, which is expected to operate as key restraint to the growth of global predictive analytics market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global predictive analytics market which includes company profiling of Biofourmis Inc., IBM Corporation, Oracle Corporation, SAP SE, SAS Institute, Microsoft Corporation, ALTERYX, Inc., CyberLabs, and Verimos, Inc.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global predictive analytics market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.