The Predictive Analytics Market revenues were estimated at US$ 10.5 Bn in 2021 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 Right Scale 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.
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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.
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.
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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.
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.
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More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the Predictive Analytics Market, presenting historical market data (2015-2021) and forecast statistics for the period of 2022-2032.
The study reveals extensive growth in Predictive Analytics Market in terms of Component (Solutions, Services), By Deployment Mode (Cloud, On-premises), By Organization Size (Large Enterprises, SMEs), By Vertical (BFSI, Manufacturing, Retail and e-Commerce, Government and Defence, Healthcare and Lifesciences, Energy and Utilities, Telecommunications and IT, Transportation and Logistics, Media and Entertainment, Travel and Hospitality, Other), across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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