Predictive Analytics Market Size, $ 38,038.83 Million by 2028 Led by On-Premises Deployment, 20.4% CAGR - Exclusive Research Report by The Insight Partners

The Insight Partners Published latest research study on "Predictive Analytics Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component [Solution (Risk Analytics, Marketing Analytics, Sales Analytics, Customer Analytics, and Others) and Service], Deployment Mode (On-Premise and Cloud-Based), Organization Size [Small and Medium Enterprises (SMEs) and Large Enterprises], and Industry Vertical (IT & Telecom, BFSI, Energy & Utilities, Government and Defence, Retail and e-Commerce, Manufacturing, and Others) The predictive analytics market size is projected to grow from US$ 12,492.94 million in 2022 to US$ 38,038.83 million by 2028; it is expected to grow at a CAGR of 20.4% from 2022 to 2028.

Geographically, the Predictive Analytics market is segmented into North America, APAC, Europe, MEA, and SAM. North America led the Predictive Analytics market in 2018 with a significant market share, while Asia Pacific is anticipated to continue its dominance in Predictive analytics, a branch of advanced analytics, uses historical data combined with statistical modeling, data mining techniques, and machine learning to make predictions about future outcomes. Companies employ predictive analytics to find patterns in their data, which help them identify risks and opportunities. This type of advanced analytics is often associated with Big Data and data science. Managing the data residing in transactional databases, device log files, images, videos, sensors, and other data sources is the major challenge faced by companies these days. Data scientists use deep learning and machine learning algorithms to find patterns and predict future events for gathering insights from these data. These algorithms include linear and non-linear regression, neural networks, support vector machines, and decision trees. The insights gained through predictive analytics can be further used within prescriptive analytics.

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Impact of COVID-19 Pandemic on Asia Pacific Predictive Analytics Market
In 2020, APAC was severely affected by the COVID-19 outbreak. With the biggest population worldwide, China faced a greater risk of the spread of infection than any other country in this region. According to the Organization for Economic Co-operation and Development (OECD), the pandemic also affected significant economies such as India, Australia, and Japan. Further, in 2021, offices in several APAC countries resumed their operations due to relaxations in lockdown restrictions and progress in the vaccination process. The COVID-19 pandemic disrupted the operations of electronics & semiconductor firms, clients, and partners for an indefinite period due to travel restrictions and business shutdowns, severely influencing revenue and reducing technological spending. Businesses in the region are expected to invest more money and energy into identifying intelligent management solutions tailored to managing security threats associated with work-from-home models, which is likely to be a new normal in many countries. Thus, the predictive analytics market is estimated to experience substantial growth in the next few years.

Emergence of AIoT Technologies to Fuel Predictive Analytics Market Growth in Future
The artificial intelligence of things (AIoT) is the combination of artificial intelligence (AI) technologies and the internet of things (IoT) infrastructure. AIoT aims to create more efficient IoT operations, enhance human-machine interactions, and improve data management and analysis. AI is the simulation of human intelligence processes by machines, especially computer systems, and is commonly used in natural language processing, speech recognition, and machine vision. IoT is a system of interdependent computing devices, mechanical and digital machines, or objects with unique identifiers and the ability to transmit data over a network without requiring human-to-human or human-to-computer interaction. AIoT is transformative and mutually beneficial for both types of technologies, as AI adds value to IoT through machine learning capabilities and enhances decision-making, while IoT adds value to AI through connectivity, signaling, and data exchange. AIoT can improve businesses and services by creating more value from IoT-generated data. AI enables the IoT device to use collected big data to analyze, learn, and make better decisions without the need for human interference. With the integration of AI, IoT creates a much smarter system. The aim of having these systems is to make accurate judgments without the need for human intervention. The inclusion of 5G is one of the biggest possible innovations in AIoT. 5G is designed to enable the faster transmission of large data files in IoT devices through higher bandwidth and lower latency. The AIoT can help solve existing operational problems, such as the costs associated with effective human capital management or the complexity of supply chains and delivery models, providing a lucrative opportunity for the growth of the predictive analytics market.

Component-Based Predictive Analytics Market Insights
The predictive analytics market analysis, by component, is bifurcated into solution and service. The solutions segment accounted for a larger predictive analytics market share in 2021. Predictive analytics solutions involve extracting information from existing data sources, identifying patterns, and predicting future trends and outcomes. It uses different techniques, including artificial intelligence, statistical modeling, and machine learning, to make these predictions. Predictive analytics solutions provide a reliable method for forecasting because they focus on risk management and take what-if scenarios into account. Moreover, it helps organizations adapt to industry needs and innovate on the go. The predictive analytics market for solution is subsegmented into risk analytics, marketing analytics, sales analytics, customer analytics, and others.

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Players operating in the predictive analytics market are mainly focused on the development of advanced and efficient products.

In 2022, SAP acquired Askdata, which is a search-driven analytics company. The integration of Askdata with SAP is likely to enable their customers to make better informed decisions by maximizing business insights based on AI capabilities.

In 2020, HPE acquired Determined AI, a San Francisco-based startup offering software stack for the accelerating training of models with its ML capabilities.

Predictive Analytics Market-Company Profiles
• IBM Corporation
• Microsoft Corporation
• Oracle Corporation
• SAP SE
• Google LLC
• SAS Institute Inc.
• Salesforce.com, inc.
• Amazon Web Services
• Hewlett Packard Enterprise Development LP (HPE)
• NTT DATA Corporation

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