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Manufacturers are today increasingly looking for real-time visibility into demand and inventory status for making knowledgeable decisions. Predictive analytics helps manufacturers to make decisions based on demand patterns and stock availability to ensure efficient productivity. The proliferation of big data and connected devices leads to the generation of an enormous amount of data. Organizations are progressively adopting predictive analytics solutions for improving their decision-making by using huge data.
The amount of data captured by enterprises is constantly rising due to rapid growth in the trends such as connected devices, IoT, social media, and multimedia. Also, human-generated and machine-based data are witnessing a faster growth rate than conservative business data. Thus, with the rising volume of data, predictive analytics tools' demand will likely grow over the years.
The increasing focus on digitalization and the growing adoption of big data are the key factors responsible for driving predictive analytics. The growing popularity of the internet of things-based applications, including remote monitoring, can efficiently drive predictive analytics market growth. The implementation of predictive analytics modelling tools has been augmented in recent years, supplemented with automation and interactive visualization. The e-commerce industry is experiencing unprecedented growth due to its capability to enhance consumers' traditional shopping experience. Predictive analytics software utilizes current and historical datasets to predict possible future outcomes through statistics and modelling techniques. This feature would be expected to increase the predictive analytics market size. Further, email campaigns, dedicated online or social media advertising, and consumer perception analysis also support the predictive modelling software market growth.
Key Market Driver -
• Rising adoption of big data and other related technologies would be likely to drive the predictive analytics market • Developing smart infrastructure projects would likely to accelerate demand for 5G service demand
Key Market Restraint -
• Changing regional government’s data regulations leading to the time-consuming restructuring of predictive models is limiting the adoption
The highly competitive and fragmented predictive analytics market showcasing the presence of well-established vendors. These companies have implemented many organic and inorganic business growth strategies such as new product launches, product enhancements, mergers, and acquisitions to expand their global market presence. Numerous new entrants are involved in several mergers and business collaborations to sustain their market position in the global marketplace. Prominent players are focusing on the acquisition of small vendors to strengthen their market presence. This strategy helps companies reach the untapped geographical region of the world and expand their sales and distribution network. Strategic partnerships, collaborations, and agreements are the key player's analytics market's ultimate business growth strategies.
The key players operating in the global predictive analytics market include Alteryx, Inc, Fair Isaac Corporation, Information Builders, International Business Machines Corporation, KNIME, Microsoft Corporation, Oracle Corporation, SAP SE, SAS Institute Inc., TIBCO Software Inc., and among others.
North America is anticipated to hold a significant market share in the predictive analytics market owing to its global technological lead. North America's dominance in the global market is attributed to market players' strong presence across the United States. The significant funding provided to new players by venture capitalists is likely to positively impact predictive analytics market growth. Rising innovations in methods and techniques involved in predictive analytics development are expected to be key opportunities for well-known players. The proliferation of advanced technologies such as artificial intelligence, machine learning, and big data would likely drive market growth during the forecast period.
Increased importance and awareness concerning predictive analytics models create a significant demand for these solutions across Europe.
The Asia-Pacific is probable to showcase the highest CAGR in the coming years due to the significantly growing IoT technology trend. The cumulative adoption of advanced technologies across the key Asian countries, such as China, India, Japan, and others, supports the market growth. The rising internet penetration in Asia-pacific provides enormous opportunities for enterprises to collect insights about customer preferences. Several prominent solution and service providers are expanding their presence in the region, which would further support market growth. Furthermore, growing investments and focus on advanced technologies such as the internet of things, artificial intelligence, and machine learning is anticipated to propel market growth in the Asia Pacific.
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