Predictive Analytics Market Giants Spending is going to Boom | Fair Isaac Corporation, Information Builders, International Business Machines Corporation

Predictive analytics is the use of data, statistical algorithms, and machine learning techniques to detect the likelihood of future outcomes based on historical data. Predictive analytics evaluates the patterns in data to determine if those patterns are likely to emerge again, which allows investors or businesses to amend the use of their resources to take advantage of possible future events. In addition, predictive analytics uses machine learning, data mining, and different business intelligence (BI) tools to make estimations about the future market trends. The techniques of predictive analytics is essential for companies to maintain a competitive edge over others. Increase in adoption of Big Data analytics across various industries such as BFSI, retail, and manufacturing to gain valuable insights and surge in demand for statistical analysis due to the generation of massive volume of unstructured data from the various organizations majorly drives the growth of the predictive analytics market.

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Governmental organizations are boosting their maintenance budgets for system infrastructure while simultaneously funding initiatives for project development, modernization, and enhancement. As a result of the investments' success, ICT vendors now annually set aside funding for the growth of the online market. Global ICT exports are anticipated to increase 3.9% on average year from US$ 784.3 billion in 2021 to US$ 955.19 billion in 2030. Global supply has increased by 9.5% yearly since 2009. In terms of global ICT exports in 2021, Ireland came in first place with US$ 169. 32 billion. The rankings placed China at number 4, the United States at number 2, and India at number 3. Since 2009, Brunei has increased by 228.2% year over year, while Sierra Leone has decreased by 61.7% year over year.

By 2026, European ICT Revenue is likely to increase by 1.5% annually, from US$ 1,802,413 Million in 2021 to US$ 1,933,429 Million. The European market has increased by 3.1% annually since 2016. In terms of ICT Revenue in Europe in 2021, Germany came in first place with US$ 339,074 million. Positions 2, 3, and 4 in this ranking were held by the United Kingdom, France, and Ireland, respectively. Since 2016, Malta has increased by 16.5% year over year, while Italy has decreased by 0.2%.

In addition, surge in demand for data science and predictive modeling boosts the growth of the market. However, lack of skilled staff and high implementation cost are expected to hamper the growth of the market. Conversely, emergence of advanced technologies such as IoT and AI are expected to provide major opportunities for the growth of the predictive analytics market in the next few years

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The global predictive analytics market is segmented into component, deployment, enterprise size, industry vertical, and region. By component, it is divided into solution and services. Solution segment is further categorized into customer analytics, financial analytics, marketing, network analytics, risk analytics, supply chain analytics, web & social media analytics, and others. Depending on deployment, it is segregated into cloud and on-premises. According to enterprise size, the predictive analytics market is fragmented into large enterprises and small & medium enterprises. As per industry vertical, it is differentiated into BFSI, retail, IT & telecom, healthcare, government, manufacturing, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players operating in the global predictive analytics market analysis are 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.

KEY BENEFITS FOR STAKEHOLDERS
- The study provides an in-depth analysis of the global predictive analytics market along with the current & future trends to elucidate the imminent investment pockets.
- Information about key drivers, restrains, and opportunities and their impact analyses on the market size is provided in the report.
- Porter;s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the global predictive analytics market from 2019 to 2027 is provided to determine the market potential.

KEY MARKET PLAYERS
- Alteryx, Inc.
- Fair Isaac Corporation
- Information Builders
- International Business Machines Corporation
- KNIME
- Microsoft Corporation
- Oracle Corporation
- SAP SE
- SAS Institute Inc.
- TIBCO Software Inc.

KEY MARKET SEGMENTS
By Component
- Solution
o Customer Analytics
o Financial Analytics
o Risk Analytics
o Marketing & Sales Analytics
o Supply Chain Analytics
o Network Analytics
o Web & Social Media Analytics
o Others
- Services

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By Deployment
- On-premise
- Cloud

By Enterprise Size
- Large Enterprises
- Small & Medium Enterprises (SMEs)

By Industry Vertical
- BFSI
- Retail
- IT & Telecom
- Healthcare
- Government
- Manufacturing
- Others

By Region
- North America
o U.S.
o Canada
- Europe
o UK
o Germany
o France
o Rest of Europe
- Asia-Pacific
o China
o India
o Japan
o Australia
o Rest of Asia-Pacific
- LAMEA
o Latin America
o Middle East
o Africa

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