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Data Science and Predictive Analytics Market Size, COVID19 Impact Analysis, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2022 - 2028
The Data Science and Predictive Analytics Market is expected to grow at a significant growth rate over the analysis period 2022-2028, considering base year as 2021.
Data science allows applying advanced analytics techniques and scientific principles to get critical information from data for various business activities like decision-making, strategic planning, and others. Predictive analytics is a branch of data analytics and an essential part of data science that help to predict future outcomes by using historical data combined with statistical modelling, machine learning, and data mining techniques. Most companies use these techniques to predict future opportunities by finding patterns in this data.
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Market Dynamics:
Driver:
The market's growth can be linked to the rise in big data production and need for real-time data analysis. Predictive analytics and data science are expected to see an increase in demand due to the massive amounts of data that are becoming more prevalent in the banking, financial services, insurance, and pharmaceutical industries. For instance, it is anticipated that by the end of 2026, the entire amount of data that will be created worldwide would be close to 190 zettabytes. Marketing, sales, social media, supply chain, and other market trends are forecasted using predictive analytics, which aids in an organization's growth.
Opportunities:
In addition to the numerous technological developments like 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI), the unceasing increase in internet connectivity around the world has greatly accelerated economic growth in the past two decades. There were more than 4.5 billion users actively utilizing the internet as of April 2021. Along with other changes to economies around the world, the expansion of the ICT industry has made a substantial contribution to GDP growth, labor productivity, R&D spending, and other areas. In addition, the ICT sector's creation of goods and services also boosts economic growth and development.
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Market Segmentation
Segmentation Analysis Of Data Science and Predictive Analytics Market
By Type, the solution segment dominates the market growth of the data science and predictive analytics market over the forecast period. The solution is vast segment in the data science and predictive analytics market. Customer analytics, network analytics, risk analytics, financial analytics, marketing, supply chain analytics, web and social media analytics, and others
• Solution
• Services
By Industry Vertical, the BFSI segment Arabica beans anticipated the highest growth in the data science and predictive analytics market during the forecasted period. The banking, Financial Services, and Insurance sector (BFSI) uses these models to develop customized insurance plans and premium amounts based on individual assessments such as driving records, medical history, credit scores, weightage of documents submitted, and more.
• BFSI
• Healthcare
• Telecommunications and IT
• Others
By Firm Size, the large firm size segment is expected to dominate the data science and predictive analytics market share during the forecast period. The large size farms generate an adequate amount of data and to store, process, and analysis of that data firms require help of analytical tools and the data science techniques. This tool improves statistical analytics which allows the firm to take realistic, accurate, and effective decisions.
• Large
• Small
Regional Analysis Of Data Science and Predictive Analytics Market
North America is dominating region for data science and predictive analytics market during the projected period. The adoption of predictive analytics solutions is increasing and expected highest rate in North America, as compared to the other regions. This main factor impacted on the increasing rate adoption is due to the presence of various developed countries in this region, such as Canada and the US. It is developed, technically advanced, and economically strong region.
The Europe region is the fast-growing region for data science and predictive analytics market during the forecasted period. The presence of prominent key players and the high adoption rate of data science and predictive analytics solutions is the key factor affecting the market growth in this region. Moreover, the healthcare and life-science sector is booming in this region due to the strongest infrastructure, economy and increasing research and development. This Healthcare and life-science sector is generating high volume of data. Massive volumes of information is created by the adoption of digital technologies such as big data, predictive analytics that collect, process patients' records and help in maintaining hospital performance, it is very hard to handle large and complex data for traditional technologies
Asia pacific region is experiencing a significant growth rate for the data science and predictive analytics market during the forecasted period. Retail sector is in high demand in this developing region.
Middle East and Africa region is expected to reach is promising growth over the forecast period for the data science and predictive analytics market. Digitalization in this region is growing in recent years, results in the adaption of software in various sectors.
• APAC (Japan, China, South Korea, Australia, India, and Rest of APAC)
• Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe)
• North America (U.S., Canada, and Mexico)
• South America (Brazil, Chile, Argentina, Rest of South America)
• MEA (Saudi Arabia, UAE, South Africa)
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Top Key Players Covered In Data Science and Predictive Analytics Market
• IBM (US)
• MICROSOFT (US)
• ORACLE(US)
• SAP (GERMANY)
• SAS INSTITUTE (US)
• GOOGLE (US)
• SALESFORCE (US)
• AWS (US)
• HPE (US)
• TERADATA (US)
• ALTERYX (US)
• FICO (US)
• ALTAIR (US)
• DOMO (US)
• CLOUDERA (US)
• BOARD INTERNATIONAL (SWITZERLAND)
• TIBCO SOFTWARE (US)
• HITACHI VANTARA (US)
• QLIK (US)
• HAPPIEST MINDS (INDIA)
• DATAIKU (US)
• RAPIDMINER (US)
• BIOFOURMIS (US)
• IN-MED PROGNOSTICS (INDIA)
• AITO.AI (FINLAND)
• SYMEND (US)
• ONWARD HEALTH (INDIA)
• UNIONCRATE (US)
• CYBERLABS (BRAZIL)
• ACTIFY DATA LABS (INDIA)
• AMLGO LABS (INDIA)
• VERIMOS (US) AND OTHER MAJOR PLAYERS.
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Key Industry Development In The Data Science and Predictive Analytics Market
In April 2021, Minitab, LLC, the market leader in data analysis, predictive analytics and process improvement, announced the launch of new predictive analytics capabilities and advanced machine learning methods in Minitab Statistical Software.
In May 2022, India, the country's policy commission, the National Institution of Transforming India (NITI Aayog) launched the National Data and Analytics Platform (NDAP). The platform aims to democratise access to public government data by making information accessible, interactive, and available on a user-friendly platform. NDAP hosts foundational datasets from various government agencies and provide tools for analytics and visualisation.
The Data Science and Predictive Analytics market report reveals the top competitors as well as their effective market strategies that helped them achieve their goals. It also considers the features and attributes that may influence market sales growth. The analysis contains precise market size, share, production capacity, demand, and growth numbers for the industry for the projected year. The market is fast changing, according to the research report, and the impact is being evaluated in terms of both current position and expected ramifications. The market research report provides type, industry, channel, and other factor information, as well as market volume and value for each segment of the market. The global Data Science and Predictive Analytics market research report provides an in-depth analysis of the industry's current and future position. The research report, which was created through rigorous primary and secondary research, provides all necessary market data.
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