Predictive Analytics Market to Touch USD 51.43 Billion by 2028 Thanks to Rising Adoption of Advanced Analytics to Boost Operational Efficiency
The predictive analytics market value was around USD 13.37 billion in 2021, and it is projected to hit around USD 51.43 billion by 2028, with a CAGR of 14.32% during the forecast period (2022 to 2028).
Westford, USA, Jan. 18, 2023 (GLOBE NEWSWIRE) — Numerous opportunities for the predictive analytics market will arise over the forecast period due to the expanding usage of predictive analytics in clinical medicine and medical diagnostics. Predictive analytics is extracting information from current and historical datasets using statistics and modeling approaches to anticipate potential future trends. The market is witnessing traction owing to increased awareness among enterprises regarding the enormous number of data created to predict future outcomes utilizing predictive analytic solutions. In addition, the growth in internet usage and the number of people using the web will result in the development of enormous volumes of data, opening up attractive business opportunities over the following several years.
Utilizing continuous monitoring and predictive analytics can save medical expenditures by around USD 520,000, according to a study by SkyQuest. Such a significant factor is pushing predictive analytics integration in hospitals of all standards, which will open up enormous prospects for market players in the years to come.
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Significant Technological Breakthroughs to Push the Adoption of Predictive Analytics owing to its Sophisticated Analytical Capabilities
SkyQuest projects over 68% of large-scale organizations have already integrated predictive analytics in their operations by 2021, and it is estimated that this integration will reach 75% to 80% by 2028. One of the significant market trends for predictive analytics that is anticipated to have a favorable effect on the sector over the projected period is the proliferation of cutting-edge technologies. Predictive analytics are anticipated to become more widely used across businesses and industries due to increased acceptance of innovations and technological advancements like AI, ML, cloud computing, big data, blockchain, virtual assistants, automated vehicles, augmented and augmented and virtual reality. In addition, there is a high pace of data production across all business processes due to the introduction of IoT, which leads to an increase in demand for the advanced analytical skills offered by predictive analytics.
The development of the healthcare predictive analytics market may need more IT workers with the necessary skills. For instance, the failing healthcare system is mainly caused by a need for more qualified personnel. As more and more data analysts receive training on various data storage, prediction, and analysis elements, there will only be a temporary shortage of skilled individuals. The market is expected to experience significant expansion in the developed and developing regions soon as IoT and Big Data become the catchphrases of reputable companies in regions such as North America, Europe, and Asia Pacific.
The predictive analytics market’s segment analysis is the report’s core, along with its growth prospects, challenges, and trends. In addition, the research report provides the most trustworthy information on the market status by including expert analysis of each key segment and sub-segment with necessary statistical representation.
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BFSI Segment Emerges as the Major Revenue Contributor for Predictive Analysis Market
As per SkyQuest’s research, the BFSI segment held a 28% market share in 2021 and is expected to increase this share to 33% by 2025. Leading businesses in the BFSI sector are increasingly implementing advanced financial analytics solutions to meet the more stringent regulatory procedures. One of the main factors fueling the segment’s expansion is the global regulatory framework in the BFSI industry.
In the data-driven economy, predictive analytics solutions are always seen as tools for attaining a competitive advantage because they offer operations and cost reduction benefits. Additionally, investments in big data will rise due to the vast amounts of data being generated in the banking and financial sectors, which is anticipated to support the market for predictive analytics.
The predictive analytics market research report provides valuable insights on global events and developments and their impact on the market to assist companies in evaluating their business strategies. This market analysis report on predictive analytics also includes detailed information on other upcoming trends and challenges that will significantly impact market growth.
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Key Developments in the Predictive Analytics Market
- Night Market, Horizon Media’s e-commerce business, is introducing Neon. This unique AI platform will boost advertisers’ revenue by 20+% when they plan and purchase retail media to get the best results in terms of revenue. Neon uses automated predictive analytics to make investment decisions across retailers while keeping the sale in mind.
- Retalon, a retail AI and predictive analytics solutions developer, and Tech Mahindra, a digital transformation, consultancy, and business re-engineering services and solutions provider, have announced cooperation. As a result, organizations in the retail and CPG sectors will benefit from the partnership’s improved decision-making and operational effectiveness.
- The UK Deals Insights and Analytics team at PwC has decided to enhance its analytics capabilities using Doorda Data Products. The Deals Insights and Analytics team is progressively leveraging external data sources into its analysis on behalf of its hedge fund, private equity, and corporate clients. Data analytics are at the core of PwC’s business. The team has decided to use the data that Doorda has curated to boost output, respond to fresh business inquiries, and shorten the time to insight.
- The comprehensive analysis of the predictive analytics market includes the top vendors’ effective business plans. To gain market dominance in the fragmented predictive analytics industry, manufacturers are implementing growth tactics such as strategic partnerships, acquisitions, mergers, and the development of product portfolios.
Major Questions Addressed by the Predictive Analytics Market Report
- What are the most noticeable factors likely to influence the future growth of the predictive analytics market?
- Which region will offer lucrative growth opportunities for market participants during the forecast period?
- Which segments are anticipated to capture a higher market share in the coming years?
- What are the most successful strategies of market participants that bring higher revenues?
Prominent Players in Predictive Analytics Market
- Alteryx, Inc.
- Information Builders
- Fair Isaac Corporation
- KNIME
- International Business Machines Corporation
- Oracle Corporation
- Microsoft Corporation
- SAS Institute Inc.
- SAP SE
- TIBCO Software Inc.
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