SAN FRANCISCO, Dec. 19, 2019 /PRNewswire/ -- The global predictive analytics market size is expected to be valued at USD 23.9 billion by 2025, registering a CAGR of 23.2% over the forecast period, according to a study conducted by Grand View Research, Inc. Massive data dependence and adoption of advanced technologies such as AI, machine learning, and big data is expected to drive the demand for predictive analytics solutions over the forecast period. These solutions transform collected data into insights; for instance, they detect patterns to determine a suitable course of action. They have also been instrumental in the development of search advertising and recommendation engines. Growing awareness about the importance of available data and its analysis for predicting the future scenario is offering a competitive edge to end users, thereby driving the demand for these solutions.
Key suggestions from the report:
- The customer analytics segment is anticipated to gain significant traction over the forecast period, supported by digitalization and positive outlook of the e-commerce sector
- Training and consulting services are expected form the fastest-growing segment over the forecast period owing to rising need for experienced employees for decision making based on predictive outcomes
- Demand for cloud deployment is likely to increase owing to cost-effectiveness, faster data-processing, and ease in data handling offered by cloud platforms
- The small and medium enterprises segment is expected to register a significant CAGR over the forecast period owing to growing need for enhancing operational performance by reducing overall operational costs with the help of these solutions
- The retail and e-commerce segment is predicted to witness a remarkable growth over the forecast period owing to increasing internet and smartphone penetration, along with digitalization across the globe
- North America dominates the global market owing to technological advancements and presence of players in U.S. Financial funding to new players from venture capitalists is projected to intensify the competition in the market
- Prominent players operating in the market include Microsoft Corporation; SAS Institute, Inc.; IBM Corporation; SAP ERP; Siemens AG; NTT Data Corporation; and Tableau Software, Inc.
Read 140 page research report with ToC on "Predictive Analytics Market Size, Share & Trends Analysis Report By Solution, By End Use, By Service (Deployment/Installation, Training & Consulting), By Deployment, By Enterprise Size, And Segment Forecasts, 2019 - 2025" at: https://www.grandviewresearch.com/industry-analysis/predictive-analytics-market
Key factors driving the demand for predictive analytics solutions are enhanced product usability, adoption of new technologies, massive data deluge, and newer levers of differentiators. In addition, growing need for database management, data warehouses, forecasting, data mining, smart logistics, CRM, and data visualization in dashboards is supporting the growth of the market. These solutions help map the various stages of the buyer journey, which would help organizations adopt suitable marketing campaigns, subsequently leading to higher sales and customer retention. Increasing demand for these solutions from organizations to equip their business functions with analytical capabilities are also expected to drive the growth of the market over the forecast period.
Techniques for implementing predictive analytics include machine learning, deep learning, regression, regression modeling, mathematical, text mining, neural nets, genetic algorithms, clustering, decision trees, and data exploration techniques to gain insights from historical and present data. These techniques are increasingly being adopted by organizations for various applications such as CRM, direct marketing, risk management, portfolio management, fraud detection, underwriting, and credit scoring. These solutions therefore help organizations decide future strategies based on predicted outcomes for enhancing the overall performance in the coming years.
These solutions find applications in various end-use industries such as BFSI, healthcare, retail, manufacturing, government, sports, transportation and travel, IT, energy and utilities, and entertainment. These solutions help manage diversified applications across the aforementioned verticals. For instance, in the manufacturing industry, these solutions can be used for equipment maintenance management, workforce management, and cross-selling and up-selling. Moreover, the IT and telecom industry can adopt these solutions in sales, marketing, and CRM by implementing churn and pricing optimization.
Grand View Research has segmented the global predictive analytics market on the basis of solution, service, deployment, enterprise size, end use, and region:
- Predictive Analytics Solution Outlook (Revenue, USD Million, 2014 - 2025)
- Predictive Analytics Service Outlook (Revenue, USD Million, 2014 - 2025)
- Predictive Analytics Deployment Outlook (Revenue, USD Million, 2014 - 2025)
- Predictive Analytics Enterprise Size Outlook (Revenue, USD Million, 2014 - 2025)
- Predictive Analytics End-use Outlook (Revenue, USD Million, 2014 - 2025)
- Predictive Analytics Regional Outlook (Revenue, USD Million, 2014 - 2025)
Find more research reports on Next Generation Technologies Industry, by Grand View Research:
- E-Book Market – Global e-book market is expected to witness growth owing to increasing reach and convenience offered and is gradually expected to replace traditional reading methods.
- Smartphone Applications Market – Surging demand for smartphones and tablets is expected to drive the global smartphone applications market exponentially over the forecast period.
- Sports And Leisure Equipment Market – An upsurge in awareness about health and fitness among the general public is estimated to drive the market for the next seven years.
Gain access to Grand View Compass, our BI enabled intuitive market research database of 10,000+ reports
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Corporate Sales Specialist, USA
Grand View Research, Inc.
Toll Free: 1-888-202-9519
SOURCE Grand View Research, Inc.