Predictive Analytics Market Insights by Emerging Trends, Growth Forecast With Revenue Analysis

With COVID-19 resulting in the economic fallout, numerous economies are working on game-changing improvements to protect their employees and clients. While focusing on the ongoing challenges, the leaders are embracing new plans in order to manage and stay afloat in this competitive environment.

The global predictive analytics market size to grow from USD 7.2 billion in 2020 to USD 21.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 24.5% during the forecast period. Various factors such as the growing focus on digital transformation, rise adoption of big data and AI and ML technologies, increasing focus on remote monitoring in support of the COVID-19 pandemic, and the need to forecast possible future financial scenarios to answer specific business questions are expected to drive the adoption of the predictive analytics market. The objective of the report is to define, describe, and forecast the predictive analytics market size based on component, organization size, deployment mode, vertical, and region.

The spread of COVID-19 has generated a massive disruption in daily activities. It has forced people to follow social distancing policies, temporarily suspend many business activities, and limit travel. Under such circumstances, the healthcare vertical has emerged as the biggest user of big data and predictive analytics to understand the virus and its spread. Predictive modeling has provided organizations with transportation fleets to create future business insights with a significant degree of accuracy. Predictive analytics companies are witnessing a slowdown in their growth, owing to the lockdowns imposed worldwide.

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The Final Report will cover the impact analysis of COVID-19 on this industry: Predictive Analytics Market Insights by Emerging Trends, Growth Forecast With Revenue Analysis – Global Forecast to 2025

Healthcare and life sciences and BFSI verticals have been least impacted by the COVID-19 and are continuing the adoption of predictive analytics solutions. The healthcare vertical has sought to use big data and predictive analytics tools to better understand the virus and its spread. Predictive analytics has helped researchers around the world to build predictive analytics models that can track COVID-19 surges in different countries. The competition among key predictive analytics companies is expected to intensify as most upcoming analytics projects have been put on hold owing to the pandemic. Businesses have already started making efforts to return to the normal and are facing multiple challenges at customer and operational levels. New practices, such as work-from-home and social distancing, have led to the requirement of remote health monitoring of patients and assets and smart payment technologies, as well as the development of digital infrastructures for large-scale technology deployments.

The services segment to grow at a higher CAGR during the forecast period
The predictive analytics market is segmented on the basis of components, such as solutions and services. The services segment is expected to grow at a rapid pace during the forecast period. Factors such as pre-sales and post-sales support and the lack of technical skills and capabilities needed for assistance during the up-gradation of software drive the adoption of predictive analytics services.

The risk analytics solution segment to have the largest market size during the forecast period
The Predictive analytics market by solution has been segmented into financial analytics, risk analytics, marketing analytics, sales analytics, customer analytics, web and social media analytics, supply chain analytics, network analytics, and others (HR analytics and legal analytics). The risk analytics solution in predictive analytics facilitates enterprises to establish a baseline for measuring risks across verticals, such as BFSI, healthcare, and life sciences, and retail and eCommerce, by incorporating all the facets of risks together into a single unified system that provides key decision-makers with adequate clarity in identifying, viewing, understanding, and managing risks leading to its adoption in the predictive analytics market.

The BFSI segment to grow to have the largest market size during the forecast period
The predictive analytics market by vertical has been segmented into BFSI, retail and eCommerce, manufacturing, government and defense, healthcare and life sciences, energy and utilities, transportation and logistics, telecommunications and IT, and others(media and entertainment, travel and hospitality, and education). BFSI vertical is expected to register the largest market size during the forecast period due to significant financial data’s sensitivity and need to coordinate with numerous other sectors, including stock exchanges, tax authorities, central banks, securities controlling authorities, and revenue departments. The emergence of predictive analytics in finance has necessitated the development of predictive analytics solutions capable of handling it in real-time.

Among regions, Asia Pacific (APAC) to grow at the highest CAGR during the forecast period
APAC is expected to grow at the highest CAGR during the forecast period. The increasing investments by the tech companies in major APAC countries, such as China, and Japan, increasing the increasing adoption of AI and deep learning algorithms are expected to drive the growth of the market in APAC.

Breakdown of primaries
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the Predictive analytics market.
§ By Company: Tier I: 34%, Tier II: 43%, and Tier III: 23%
§ By Designation: C-Level Executives: 50%, Directors: 30%, and Others: 20%
§ By Region: North America: 25%, APAC: 30%, Europe: 30%, MEA: 10%, and Latin America: 5%

Research Coverage
The market study covers the predictive analytics market across segments. It aims at estimating the market size and the growth potential of this market across different segments, such as components, deployment modes, organization size, vertical, and region. It includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key Benefits of Buying the Report
The report would provide the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall predictive analytics market and its subsegments. It would help stakeholders understand the competitive landscape and gain more insights better to position their business and plan suitable go-to-market strategies. It also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.

TABLE OF CONTENT1 INTRODUCTION 36
1.1 INTRODUCTION TO COVID-19 36
1.2 COVID-19 HEALTH ASSESSMENT 36
FIGURE 1 COVID-19: THE GLOBAL PROPAGATION 36
FIGURE 2 COVID-19 PROPAGATION: SELECT COUNTRIES 37
1.3 COVID-19 ECONOMIC ASSESSMENT 38
FIGURE 3 REVISED GROSS DOMESTIC PRODUCT FORECASTS FOR SELECT G20 COUNTRIES IN 2020 38
1.3.1 COVID-19 ECONOMIC IMPACT—SCENARIO ASSESSMENT 39
FIGURE 4 CRITERIA IMPACTING THE GLOBAL ECONOMY 39
FIGURE 5 SCENARIOS IN TERMS OF RECOVERY OF THE GLOBAL ECONOMY 40
1.4 OBJECTIVES OF THE STUDY 41
1.5 MARKET DEFINITION 41
1.5.1 INCLUSIONS AND EXCLUSIONS 42
1.6 MARKET SCOPE 43

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