The global predictive analytics market is projected to grow at a favorable rate from 2021 to 2031 (forecast period). The global predictive analytics market is likely to expand as organizations become more aware of the massive amount of data generated to predict future events using predictive analytic solutions. Moreover, increased internet usage, combined with the availability of different means to access the internet, has led to increased data generation. Consequently, harnessing this data to develop precise business plans and decisions boosts income, generating demand for predictive analytics solutions.
Leading players in the predictive analytics market are Alteryx, Inc., International Business Machines Corporation, Microsoft Corporation, Fair Isaac Corporation, KNIME, Oracle Corporation, SAP SE, SAS Institute Inc., TIBCO Solution Inc, and Information Builders.
The predictive analytics market is intensely competitive. This is because established players dominate the market. This market condition makes it harder for new competitors to enter the market.
To deal with this issue, the new players are forming a number of mergers and collaborations. These tactics assist players in acquiring resources that will assist them in achieving stability in the global predictive analytics market during the forecast. Moreover, the players are developing new solutions that will allow them to expand greatly in the market.
On the flip side, established players are absorbing small and medium-sized businesses in order to extend their manufacturing and distribution networks. This enables the players to enter previously untapped regions of the global predictive analytics market. Furthermore, companies are investing heavily in methods such as research & development and product launches. With the use of these approaches, the leading players are expected to gain a competitive advantage over their competitors.
Digital technologies have converted the traditional company model into a new one. The application of new technologies such as IoT, cloud, big data and analytics, and social media has resulted in innovation and change, supporting growth in the business ecosystem. Online services, for instance, are already well established in the financial and banking sectors, culminating in an expansion of online websites and activities. As per a blog post published in June 2020 by Usabilla (Netherlands), the top 100 firms are 50% more inclined to treat consumer engagement as a critical metric for business expansion. According to the blog, 92% of leaders have used advanced digital transformation tactics to improve their consumers' engagements.
Moreover, the expansion of the internet and the availability of many means to access it have resulted in significant growth in data volumes produced. This would help to progress and expand high-speed internet services. Economic expansion and globalization are also important factors promoting increased data generation globally. With the increase in contacts and the requirement for data collection to analyze consumer behavior, every customer contact has become an essential data source that can be evaluated to disclose user activity. Businesses are now employing data scientists and analysts to analyze gathered data due to the enormous increase in organizational and individual data. Such aspects are anticipated to boost the sales of predictive analytics market during the forecast period.
COVID-19 triggered a series of innovations, with technological improvements enhancing the global predictive analytics market outlook. COVID-19 accelerated the uptake of predictive analytics, and due to the pandemic, what could have taken years to deploy in the markets now takes months. Players are profiting from predictive models, such as those used to monitor COVID-19 vaccination rates.
While the pandemic brought unavoidable hurdles, the healthcare industry has been eager to capitalize on big data analytics. Predictive analytics market revenue has been boosted by the trend for big data in healthcare applications. In the United States, the crisis prompted innovation, with the White House pushing health specialists to use AI to evaluate 29,000 research articles on COVID-19.
North America is likely to witness significant growth in the global predictive analytics market during the forecast period. The regional market growth is expected due to the increased demand for automated processes and extensive technological deployments in industries across Canada and the United States.
The predictive analytics market in Asia Pacific is projected to expand during the forecast period. The regional market expansion is likely due to the increased deployment and usage of advanced predictive analytics solutions.