According to a newly released Future Market Insights study, the predictive analytics market is expected to develop at a CAGR of 15.8% from 2022-2032, with sales projected at US$ 12.8 billion in 2022. It is anticipated that the market would be valued US$ 55.5 billion by the end of 2032. 94% of businesses use cloud deployment, according to the RightScale 2019 State of the Cloud report. More than half of all business data is already stored on cloud platforms, and as demand for cloud-based predictive analytics develops, this trend is expected to continue.

Predictive analytics is preferred for cloud deployment as it offers intuitiveness, and ease of maintenance. The cloud-based segment, according to the manufacturers, is a profitable deployment choice owing to the simplicity with which AI and cognitive capabilities can be incorporated. It is possible to achieve more scalability, agility and enhanced resource management, less investment, and a reliable revenue curve. Google Drive, One Drive, and Office 365 are three of the most well-known cloud services.

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Predictive analytics at Google is based on Google Cloud AI and machine learning technologies and services. Organizations may use current tools and models to go beyond knowing what happened in the past and provide the best assessment of futuristic estimates. For specialists, the Vertex AI allows them to develop complicated models faster and at a cheaper cost. AI building blocks enable amateurs to easily incorporate AI to their services.

Since cloud-based solutions focus on simple, standardized interfaces, integration effort and expense are decreased, reducing the requirement for an organization’s IT employees to adopt these solutions. It also allows for tight behavioral integration without requiring tight system integration. Another advantage of cloud computing is access to massive amounts of data. Many new massive data sources are only available on the cloud. Furthermore, cloud computing suggests that data transfer speeds will be less limited for businesses. All of this highlights the value of moving analytic modelling to the cloud, where it can be near to these new data sources.

Key Takeaways from the Market Study

Global Predictive Analytics Market is estimated to reach a market size of US$ 12.8 Bn by 2022.
The BFSI segment, is expected to account for the highest CAGR of 15.7% during the forecast period.
United States is expected to remain the most dominant market with an absolute dollar growth opportunity of US$ 14.8 Bn during 2022 – 2032.
The market in US is set to experience the highest CAGR of 15.7% during the 2022-2032 forecast period.
“During the projected period, the rise of big data and machine learning are likely to become key drivers in raising the predictive analytics market revenue.” comments a Future Market Insights analyst.

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Competitive Landscape

The market is fiercely competitive, where key players are increasingly focused to obtain a competitive advantage. The key companies in the Predictive Analytics Market are focused on R&D to produce innovative technological solutions.

In February 2022, Bharti Airtel, India’s leading supplier of communications products, has selected Oracle Fusion Cloud ERP and Oracle Fusion Cloud Supply Chain & Management (SCM) to modernize and optimize its financial, planning, and supply chain operations. Airtel’s shared services operations will be transformed by merging Oracle Cloud ERP and Oracle Cloud SCM technologies, with the objective of increasing overall efficiency and agility.
Market Segments Covered In Predictive Analytics Market Analysis

By Component:

Solutions
Predictive Financial Analytics
Predictive Risk Analytics
Predictive Marketing Analytics
Predictive Sales Analytics
Predictive Customer Analytics
Predictive Web and Social Media Analytics
Services
Professional Services
Managed Services
By Deployment Mode:

Cloud
On-premises
By Organization Size:

Large Enterprises
Small and Medium-sized Enterprises (SMEs)
By Vertical:

BFSI Predictive Analytics
Manufacturing Predictive Analytics
Retail and eCommerce Predictive Analytics
Government and Defense Predictive Analytics
Healthcare and Life Sciences Predictive Analytics
Energy and Utilities Predictive Analytics
Telecommunications and IT Predictive Analytics
Transportation and Logistics Predictive Analytics
Media and Entertainment Predictive Analytics
Travel and Hospitality Predictive Analytics
Other Predictive Analytics
By Region:

North America
Europe
Asia Pacific
Middle East and Africa
Latin America