The 2023 report on the “Predictive Analytics Market” presents a thorough and accurate examination of different factors pertaining to business expansion prospects, challenges, risk elements, and trends in all geographical regions. This report delivers current information on the most recent technological developments, along with SWOT and PESTLE analysis, and valuable insights on market size.
Global Predictive Analytics Market is valued approximately USD 6.9 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 22.17 % over the forecast period 2020-2027. Predictive analytics extract information from current and historical datasets, using data mining, statistics, machine learning, modeling and artificial intelligence to predict potential future outcomes and trends. Predictive analytics helps organization to look forward, anticipating outcomes and provides decision options that are benefited from the predictions and its implications.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
The rising adoption of predictive analytics for forecasting future market trends, enterprises’ need for ensuring market competitiveness and growing adoption of big data and other related technologies are the few factors responsible for growth of the market over the forecast period. Big data is changing the face of marketing tremendously, as most of the population now own smartphones and more and more devices become smart, thus availability of information is high. Furthermore, the introduction of products and services along with other strategic alliance by market key players will create a lucrative demand for this market.
For instance: on 25th September 2018, Oracle Corporation launched Predictive Analytics, Machine Learning Solution that provides tools to analyze data, a platform to train, deploy, and manage analytical results and models; and collaboration tools for extended enterprise teams including data engineers, DevOps, businesspeople, application developers, and AI engineers. However, changing regional data regulations leading to the time-consuming restructuring of predictive models is the major factor restraining the growth of global Predictive Analytics market during the forecast period.
The regional analysis of global Predictive Analytics market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world owing to the growing adoption of predictive analytics as well as high penetration of predictive analytics in multiple industry verticals, such as retail and ecommerce, BFSI, and government. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027.
Major market player included in this report are:
International Business Machines (IBM) Corporation
Oracle Corporation
SAP SE
Microsoft Corporation
SAS Institute, Inc.
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Fair Isaac Corporation (FICO)
NTT Data Corporation
Tableau Software, Inc.
Tibco Software, Inc.
Rapidminer, Inc.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Type:
Solutions
Services
By Organization Size:
Small and Medium-Sized Enterprises
Large Enterprises
By Deployment Model:
On-Premises
Cloud
By Industry Vertical:
Banking, Financial Services, and Insurance
Telecommunications and It
Retail and Ecommerce
Healthcare and Life Sciences
Manufacturing
Government and Defense
Energy and Utilities
Transportation and Logistics
Others
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By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Market Dynamics:
- Surging air traffic: As the global aviation industry continues to expand, there is a corresponding increase in market demand.
- Heightened emphasis on safety and reliability: The aerospace and defense sector places significant importance on ensuring safety and reliability, which drives the need for top-notch market offerings.
- Growing commitment to environmental sustainability: The aerospace and defense industry is increasingly dedicated to reducing its carbon footprint, resulting in the adoption of sustainable aviation fuels.
- Escalating globalization: The growth of international trade and travel propels the demand for market solutions.
- Increasing desire for private air transportation: The rising number of affluent individuals and their preference for exclusive air travel are generating fresh opportunities in the market.
- Expanding utilization of digital fuel management systems: The integration of digital fuel management systems facilitates efficient fuel consumption and reduces associated costs.
- Advancements in fuel cell technology: Ongoing developments in fuel cell technology unlock new possibilities for the production of sustainable market alternatives.
- Mounting demand for air cargo transportation: The flourishing e-commerce sector fuels an increasing need for air cargo transportation, thereby driving the demand for market offerings.
- Rising defense budgets: Governments worldwide are augmenting their defense spending, leading to heightened market demand.
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