The global Predictive Analytics market size to grow from USD 10.5 billion in 2021 to USD 28.1 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 21.7% during the forecast period. Various factors such as increasing use of AI and ML and acquisitions and product launches in this market are expected to drive the adoption of Predictive Analytics software and services.
The services segment to hold higher CAGR during the forecast period
The services segment is further divided into professional services and managed services. These services are an integral step in deploying Predictive Analytics solutions and are taken care of by solution and service providers. The demand for professional services is expected to rise due to a rise in tailored demands from customers. Customers are coming up with customization requirements in already installed predictive analytics solutions for enhancing overall performance. The customization requirements include enhanced real-time insights for precise alert systems, enhanced security measures, improved digital Customer Experience (CX), and the capability to extract the maximum potential from the rising enterprise data. The growing adoption of Predictive Analytics solutions is expected to boost the adoption of professional and managed services.
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Cloud segment to account for higher CAGR during the forecast period
The Predictive Analytics market is bifurcated on the basis of cloud and on-premises. The market size of the cloud deployment mode is estimated to be larger and projected to have a higher CAGR during the forecast period. The cloud-based deployment helps businesses more efficiently process and report data findings, enhance collaboration, and enable decision-makers to get faster access to business intelligence leading to its higher adoption in the Predictive Analytics market.
According to SAS Institute, predictive analytics is the use of data, statistical algorithms, and machine learning techniques to identify the likelihood of future outcomes based on historical data. The goal is to analyze current data to make predictions about future events.
Some of the key players operating in the Predictive Analytics market include IBM (US), Microsoft (US), Oracle (US), SAP (Germany), SAS Institute (US), Google (US), Salesforce (US), AWS (US), HPE (US), Teradata (US), Alteryx (US), FICO (US), Altair (US), Domo (US), Cloudera (US), Board International (Switzerland), TIBCO Software (US), Hitachi Vantara (US), Qlik (US), Happiest Minds (India), Dataiku (US), RapidMiner (US), Biofourmis (US), In-med Prognostics (India), Aito.Ai (Finland), Symend (US), Onward Health (India), Unioncrate (US), CyberLabs (Brazil), Actify Data Labs (India), Amlgo Labs (India), and Verimos (US). These Predictive Analytics vendors have adopted various organic and inorganic strategies to sustain their positions and increase their market shares in the global Predictive Analytics market.
SAP is a leading provider of enterprise application solutions and services. It is also a leading experience management, analytics, and BI company. Its solutions are compliant with GDPR. They enable enterprises to build intelligent AI- and ML-based software to unite human expertise with machine-generated insights. The company segments its diverse portfolio into applications, technology, and services; intelligent spend group; and Qualtrics. It works on an intelligent enterprise framework, which includes experience, intelligence, and operations business models. In the predictive analytics market, SAP offers the SAP Predictive Analytics solution. The solution inherits its data acquisition and data manipulation functionalities from SAP Lumira.
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Teradata is a data intelligence company catering to more than 75 countries. It also caters to several industries, including communications, media and entertainment, financial services, life sciences, healthcare, retail, energy, travel and transportation, and manufacturing. Its broad customer base comprises O2 Czech Republic, BMW, Siemens Healthineers, Vodafone, American Red Cross, and US Bank. It has partnered with various companies, including Accenture, Alation, AlphaZetta, Alteryx, General Dynamics Information technology, Erwin, HCL Technologies, and Informatica, to deliver end-to-end analytics solutions. Its vast product portfolio consists of various categories, including Software, Cloud, Ecosystem Management, Hardware, and Applications. The company offers the Teradata Vantage solution in the predictive analytics market. It is a business intelligence platform powered by the cloud.
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