Predictive Analytics Market: Global Opportunity Analysis and Industry Forecast, 2020–2027 | Key players - Alteryx, Inc., Fair Isaac Corporation, Information Builders, International Business Machines Corporation, KNIME

Rising awareness among organizations about generated data that can be used for predicting future outcomes by using predictive analysis solutions is driving the growth of the market. Growing usage of internet, coupled with the availability of several means of accessing the internet, has led to a massive increase in the volumes of data being generated. This has led to the expansion and advancement of high-speed internet services across the globe.

Asia-Pacific is anticipated to exhibit highest CAGR of 24.9% during forecast period, owing to rise in increase in investment on Big Data & IT infrastructure. Furthermore, surge in usage of predictive analytics in the retail & e-commerce industry to analyze customer behavior and purchasing patterns to offer relevant buying recommendation, and need to make effective marketing campaigns are further boosting the demand of predictive analytics solutions.

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The global predictive analytics industry was estimated at $7.32 billion in 2019, and is expected to hit $35.45 billion by 2027, registering a CAGR of 21.9% from 2020 to 2027.

Rise in adoption of predictive modeling tools & big data technologies and several initiatives by governments to support big data infrastructure drive the growth of the global predictive analytics market. On the other hand, high implementation cost and lack of skilled workforce impede the growth. Nevertheless, emergence of IoT and AI technologies is expected to create multiple opportunities for the key players in the industry.

The key players operating in the global predictive analytics industry include Alteryx, Inc., Fair Isaac Corporation, Information Builders, International Business Machines Corporation, KNIME, Microsoft Corporation, Oracle Corporation, SAP SE, SAS Institute Inc., and TIBCO Solution Inc. This study includes market trends, predictive analytics market analysis, and future estimations to determine the imminent investment pockets.

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Based on geography, North America held the major share in 2019, generating nearly two-fifths of the global predictive analytics market. North America serves as a lucrative market for new technologies and services, as this province exhibits high investment capabilities Simultaneously, Asia-Pacific would portray the fastest CAGR of 24.9% till 2027. This is due to increase in adoption of advanced analytics across multiple industries in the region.

Based on industry vertical, the BFSI segment contributed to more than one-fifth of the global predictive analytics market revenue in 2019 and is projected to retain its dominance during the study period. This is attributed to high deployment of predictive analytics for risk management, fraud detection, customer management, customized solutions, and others. Simultaneously, the healthcare segment would manifest the fastest CAGR of 24.8% from 2020 to 2027. This is due to increase in use of predictive analytics for developing precision medicine, predicting virus spread, and managing the supply chain.

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Based on component, the solution segment accounted for nearly two-thirds of the global predictive analytics market share in 2019 and is expected to rule the roost by 2027. Increase in need to optimize marketing campaigns, improvement in operations to better manage inventory and other resources, and reduce business risks drive the growth of the segment. The services segment, on the other hand, would portray the fastest CAGR of 23.8% throughout the forecast period. This is due to its adoption to ensure effective functioning of software and platforms throughout the predictive analysis process.

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