Predictive Analytics Market Trends: Development is Changing Business Needs

According to a recently published Future Market Insights report, the Predictive Analytics Market is expected to grow at a CAGR of 15.8% between 2022 and 2032, with revenues estimated at US$ 10.5 billion in 2021. The market is expected to be worth $55.5 billion by the end of 2032.

According to the Right Scale 2019 State of the Cloud survey, 94% of enterprises use cloud deployment. Currently, the cloud houses more than half of all corporate data, and this trend is expected to continue as cloud-based predictive analytics becomes more popular.

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Predictive analytics is preferred for cloud deployment because it is simple to use and maintain. According to the manufacturers, the cloud-based segment is a profitable deployment option due to the ease with which AI and cognitive capabilities can be incorporated. It is possible to achieve greater scalability, agility, and improved resource management, as well as lower investment and a more predictable revenue curve. Three of the most well-known cloud services are Google Drive, One Drive, and Office 365.

Google Cloud AI and machine learning technologies and services are used for predictive analytics. Organizations can use current tools and models to go beyond knowing what happened in the past and provide the most accurate forecast of future events. For specialists, Vertex AI enables them to create complex models faster and at a lower cost. Amateurs can easily incorporate AI into their services thanks to AI building blocks.

Because cloud-based solutions emphasise simple, standardised interfaces, integration effort and expense are reduced, lowering the need for an organization's IT employees to adopt these solutions. It also enables tight behavioural integration without the need for tight system integration. Another benefit of cloud computing is the ability to access massive amounts of data.

Many new massive data sources can only be found in the cloud. Furthermore, cloud computing implies that data transfer speeds for businesses will be less constrained. All of this emphasises the importance of migrating analytic modelling to the cloud, where it can be close to these new data sources.

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Key Takeaways from the Market Study
• The global predictive analytics market is expected to reach $12.8 billion by 2022.

• During the forecast period, the BFSI segment is expected to account for the highest CAGR of 15.7%.

• The United States is expected to remain the most dominant market, with a US$ 14.8 billion absolute dollar growth opportunity between 2022 and 2032.

• During the forecast period of 2022-2032, the market in the United States is expected to grow at the fastest rate of 15.7%.

"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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About Future Market Insights (FMI)
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.

This release was published on openPR.