Industry Background:
Increasing Adoption of Big Data and Other Related Technologies will help to boost the global market in the forecasted period. Predictive analytics is the practice of removing information from existing data sets in order to determine patterns and predict future outcomes and trends. The key drivers for the predictive analytics market growth are improved product usability, huge data deluge, adoption of new technologies, and newer levers of the differentiator. Furthermore, database management, data warehouses, forecasting, data mining, and CRM analytics, smart, decision-making process, logistics, data visualization in dashboards, and growing demand of business having analytic abilities are anticipated to trigger global predictive analytics market growth over the forecast period.
According to AMA, the market for Predictive Analytics is expected to register a CAGR of 20.12% during the forecast period to 2026. This growth is primarily driven by Robust Demand for Advanced Forecasting and Analytics to Predict Upcoming Outcomes and Growing Adoption of Predictive Analytics Tools in Small and Medium-Sized Businesses.
Globally, a noticeable market trend is evident Escalating Demand for IoT Enabled Predictive Analytics Tools
. The Data Processing & Outsourcing sector in the North Amercia region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Alteryx Inc. (United States), AgilOne (United States), Angoss Software Corporation (Canada), Domino Data Lab (United States), Dataiku (United States), Exago, Inc. (United States), Fair Isaac Corporation (FICO) (United States), GoodData Corporation (United States), International Business Machines (IBM) Corporation (United States), Information Builders (United States), Kognitio Ltd. (United Kingdom), KNIME.com AG (Switzerland), MicroStrategy, Inc. (United States) and Microsoft Corporation (United States) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Market Drivers
- Robust Demand for Advanced Forecasting and Analytics to Predict Upcoming Outcomes
- Growing Adoption of Predictive Analytics Tools in Small and Medium-Sized Businesses
Market Trend
- Escalating Demand for IoT Enabled Predictive Analytics Tools
- Introduction to Artificially Intelligent and Big Data Based Highly Advanced Analytical Tools
Restraints
- Integration Complexities with the Existing Analytics Tools
- Significant Differentiation in Government Regulations and Application Development Standards
Opportunities
Robust Research and Development Investments in Developing Technologically Advanced Predictive Analytics and Increasing Awareness about Analytical Tools from Developing Institutes and SMEs
Challenges
Data Privacy and Validations Concerns across the Global Market and Significant Post Purchase Maintenance and Repairing Complexities in Predictive Analytics
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Predictive Analytics Study Sheds Light on
The Predictive Analytics Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Predictive Analytics industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Predictive Analytics industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.