In terms of revenue, The predictive analytics market size is projected to grow from US$ 12,492.94 million in 2022 to US$ 38,038.83 million by 2028; it is expected to grow at a CAGR of 20.4% from 2022 to 2028.
Predictive analytics, a branch of advanced analytics, uses historical data combined with statistical modeling, data mining techniques, and machine learning to make predictions about future outcomes. Companies employ predictive analytics to find patterns in their data, which help them identify risks and opportunities. This type of advanced analytics is often associated with Big Data and data science. Managing the data residing in transactional databases, device log files, images, videos, sensors, and other data sources is the major challenge faced by companies these days. Data scientists use deep learning and machine learning algorithms to find patterns and predict future events for gathering insights from these data. These algorithms include linear and non-linear regression, neural networks, support vector machines, and decision trees. The insights gained through predictive analytics can be further used within prescriptive analytics.
Market Insights – Predictive Analytics Market
Emergence of AIoT Technologies to Fuel Predictive Analytics Market Growth in Future
The artificial intelligence of things (AIoT) is the combination of artificial intelligence (AI) technologies and the internet of things (IoT) infrastructure. AIoT aims to create more efficient IoT operations, enhance human–machine interactions, and improve data management and analysis. AI is the simulation of human intelligence processes by machines, especially computer systems, and is commonly used in natural language processing, speech recognition, and machine vision. IoT is a system of interdependent computing devices, mechanical and digital machines, or objects with unique identifiers and the ability to transmit data over a network without requiring human-to-human or human-to-computer interaction.
The inclusion of 5G is one of the biggest possible innovations in AIoT. 5G is designed to enable the faster transmission of large data files in IoT devices through higher bandwidth and lower latency. The AIoT can help solve existing operational problems, such as the costs associated with effective human capital management or the complexity of supply chains and delivery models, providing a lucrative opportunity for the growth of the predictive analytics market.
Predictive Analytics Regional Growth- 2022-2028
The report segments the global Predictive Analytics market as follows:
- Solution (Risk Analytics
- Marketing Analytics
- Sales Analytics
- Customer Analytics
By Deployment Mode
- Network Predictive Analytics
- Endpoint Predictive Analytics
- Application Predictive Analytics
- Web Predictive Analytics
By Organization Size
- Small and Medium Enterprises
- Large Enterprises
- IT & Telecom
- Energy & Utilities
- Government and Defence
- Retail and e-Commerce
The study conducts SWOT analysis to evaluate strengths and weaknesses of the key players in the Predictive Analytics market. Further, the report conducts an intricate examination of drivers and restraints operating in the market. The report also evaluates the trends observed in the parent market, along with the macro-economic indicators, prevailing factors, and market appeal according to different segments. The report also predicts the influence of different industry aspects on the Predictive Analytics market segments and regions.
Scope of the Report
The research on the Predictive Analytics market focuses on mining out valuable data on investment pockets, growth opportunities, and major market vendors to help clients understand their competitor’s methodologies. The research also segments the Predictive Analytics market on the basis of end user, product type, application, and demography for the forecast period 2022-2028. Comprehensive analysis of critical aspects such as impacting factors and competitive landscape are showcased with the help of vital resources, such as charts, tables, and infographics.
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The research report provides deep insights into the global market revenue, parent market trends, macro-economic indicators, and governing factors, along with market attractiveness per market segment. The report provides an overview of the growth rate of the Predictive Analytics market during the forecast period, i.e., 2022-2028. Most importantly, the report further identifies the qualitative impact of various market factors on market segments and geographies. The research segments the market on the basis of product type, application, technology, and region. To offer more clarity regarding the industry, the report takes a closer look at the current status of various factors including but not limited to supply chain management, niche markets, distribution channel, trade, supply, and demand and production capability across different countries.
Major highlights of the report:
- All-inclusive evaluation of the parent market
- Evolution of significant market aspects
- Industry-wide investigation of market segments
- Assessment of market value and volume in past, present, and forecast years
- Evaluation of market share
- Study of niche industrial sectors
- Tactical approaches of market leaders
- Lucrative strategies to help companies strengthen their position in the market
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