Predictive Analytics Market Revenue to cross USD 38,038.83 Million by 2028

According to our latest market study on "Predictive Analytics Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Component, Deployment Mode, Organization Size, and Industry Vertical," 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; the predictive analytics market share is estimated to grow at a CAGR of 20.4% from 2022 to 2028.

Predictive Analytics Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component [Solution (Risk Analytics, Marketing Analytics, Sales Analytics, Customer Analytics, and Others) and Service], Deployment Mode (On-Premise and Cloud-Based), Organization Size [Small and Medium Enterprises (SMEs) and Large Enterprises], and Industry Vertical (IT & Telecom, BFSI, Energy & Utilities, Government and Defence, Retail and e-Commerce, Manufacturing, and Others)

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Key Findings of Study:
The Predictive Analytics market report provides detailed market insights to help key players strategize market growth in the coming years. It also forecasts the upcoming trends and developments in the market.

The predictive analytics market is segmented on the basis of component, deployment mode, organization size, industry vertical, and geography. The predictive analytics market analysis, by component, is segmented into solutions and services. The market based on solution is segmented into risk analytics, marketing analytics, sales analytics, customer analytics, and others. The predictive analytics market analysis, by deployment mode, is bifurcated into cloud and on-premises. The market, by organization size, is segmented into large enterprises, and small and medium-sized enterprises (SMEs). The predictive analytics market, by vertical, is segmented into BFSI, manufacturing, retail and e-Commerce, IT and telecom, energy and utilities, government and defense, and others.

Based on geography, the predictive analytics market is categorized into five regions-North America, Europe, Asia Pacific, the Middle East & Africa, and South America. APAC is estimated to register the highest CAGR in the market during the forecast period. The predictive analytics market in APAC is subsegmented into China, India, Japan, Australia, South Korea, and the Rest of APAC. The market growth in this region is driven by the wide adoption of Big Data analytics tools in the region, which help manage and analyze huge volumes of data to develop some understanding and make necessary predictions or analyses. Furthermore, a surge in technological advancements, and the launch of new analytical tools and techniques by major vendors are expected to create lucrative opportunities for the predictive analytics market in APAC during the forecast period. However, the lack of skilled professionals to study the data and derive predictions from it may hinder the growth of the market. In addition, the limited awareness and adoption in several countries in the region is also hindering the predictive analytics market growth in APAC. SMEs are the significant consumers of predictive analytics solutions and services in this region. Industries such as manufacturing, automotive, and pharmaceuticals are investing heavily in implementing artificial intelligence (AI) to optimize their processes. The application of predictive analytics in process optimization enables improvements in production processes, increase in supply chain efficiency, and determination of variables that impact product quality.

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Rise in Adoption of Big Data Technologies Boosts Predictive Analytics Market Growth
The adoption of Big Data requires careful consideration. While the three Vs-volume, velocity, and variety-are frequently used to define Big Data, the use of big data-enabled technologies is not limited to how these three are defined. Using big data effectively requires changing perspectives about the ways it can be used. While other technologies help solve problems, such as streamlining the inventory management processes or providing online systems to track order shipments in real-time, big data helps find issues that need special attention. A key factor in the success of any new program is how it is approached since its inception phase. Any big data program that requires data integration into strategic planning is critical, and failing to integrate these data may lead to heavy penalties. Thus, the implementation of big data analytics within an organization requires an appropriate framework. Data flow, governance, and data need to be further integrated into big data platforms to find a more comprehensive solution to manage compliance tasks and upgrade existing legacy systems to newer and faster software-based services. For instance, Hexanika is a FinTech Big Data software company that has developed an end-to-end solution for financial institutions to address regulatory compliance reporting and data sourcing. Hexanika's innovative solutions improve data quality, keep regulatory reporting in line with the dynamic regulatory requirements, and keep pace with the new developments and latest regulatory updates. Thus, the growing adoption of big data technologies, with continuous developments in them, is boosting the predictive analytics market growth.

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