The global Predictive Analytics market size to grow from USD 10.5 billion in 2021 to USD 28.1 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 21.7% during the forecast period. Various factors such as increasing use of AI and ML and acquisitions and product launches in this market are expected to drive the adoption of Predictive Analytics software and services.
According to SAS Institute, predictive analytics is the use of data, statistical algorithms, and machine learning techniques to identify the likelihood of future outcomes based on historical data. The goal is to analyze current data to make predictions about future events.
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Some of the key players operating in the Predictive Analytics market include 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), and Verimos (US). These Predictive Analytics vendors have adopted various organic and inorganic strategies to sustain their positions and increase their market shares in the global Predictive Analytics market.
SAP is a leading provider of enterprise application solutions and services. It is also a leading experience management, analytics, and BI company. Its solutions are compliant with GDPR. They enable enterprises to build intelligent AI- and ML-based software to unite human expertise with machine-generated insights. The company segments its diverse portfolio into applications, technology, and services; intelligent spend group; and Qualtrics. It works on an intelligent enterprise framework, which includes experience, intelligence, and operations business models. In the predictive analytics market, SAP offers the SAP Predictive Analytics solution. The solution inherits its data acquisition and data manipulation functionalities from SAP Lumira.
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Teradata is a data intelligence company catering to more than 75 countries. It also caters to several industries, including communications, media and entertainment, financial services, life sciences, healthcare, retail, energy, travel and transportation, and manufacturing. Its broad customer base comprises O2 Czech Republic, BMW, Siemens Healthineers, Vodafone, American Red Cross, and US Bank. It has partnered with various companies, including Accenture, Alation, AlphaZetta, Alteryx, General Dynamics Information technology, Erwin, HCL Technologies, and Informatica, to deliver end-to-end analytics solutions. Its vast product portfolio consists of various categories, including Software, Cloud, Ecosystem Management, Hardware, and Applications. The company offers the Teradata Vantage solution in the predictive analytics market. It is a business intelligence platform powered by the cloud.
Predictive Analytics Market with Covid-19 Impact Analysis by Solution (Financial Analytics, Risk Analytics, Marketing Analytics, Web & Social Media Analytics), Service, Deployment Mode, Organization Size, Vertical, and Region – Global Forecast to 2026
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