Predictive Analytics Market Size, COVID19 Impact Analysis, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1731
Predictive Analytics Market size is anticipated to witness healthy growth during 2021 to 2027. The advent of big data, machine learning, data mining and assorted mathematical processes has spurred the global industry growth. Enterprises are using predictive analytics in an array of ways, helping users in fields as diverse as BFSI, energy, manufacturing, IT & telecom, government & public, hospitality and healthcare.
Maximum insight at the right time from minimum data is what predictive analytics offers. Organizations use the technology to sift through historical and current data to spot trends and predict scenarios that will occur in the ensuing period. Enterprises can exploit patterns to detect potential risks and opportunities. While airlines use predictive analytics to set ticket prices based on past travel trends, retailers use the advanced model to manage shipping schedules, predict inventory requirements.
Stakeholders, including pharmaceutical companies, researchers and physicians are using data analytics to advance research, boost quality and manage risk. For instance, the University of Iowa team won USD 1 million from the National Science Foundation (NSF) in September 2020 to work on medical AI. The team from the university will create a machine learning platform to train algorithms with data globally.
With the demand for agility surging in businesses, supply chain management has emerged as a lucrative segment. Predictive analytics is helping forecast buying behaviors, reduce pilferage and ensure timely deliveries through the most viable and efficient modes.
Predictive solutions are helping decision-makers bolster transportation management systems and boost supply chain visibility. Logistics service providers are relying on TMS to track and manage lead times and shipments.
The predictive analytics market volume has gained impetus with companies gearing to implement strategies, including business expansions, product rollouts, collaborations, product upgradations and mergers & acquisitions.
Prominent players in the industry are Microsoft Corporation, IBM Corporation, Oracle, SAP, Dell, RapidMiner, Tibco Software, FICO, Alteryx and SAS Insititute.
Leading companies are racing to gain a competitive edge. For instance, Microsoft collaborated with the Bank of New York Mellon Corporation in June 2020 to create technology, data and content solutions for investment managers.
Meanwhile, IBM released novel AI-powered technologies to help researchers augment the treatment and insights for COVID-19. The company is providing a cloud-based AI research resource and applying the advanced virus genomic information to create new drug molecule candidates.
Predictive analytics market players are rethinking how they navigate and create value addition. Healthcare researchers and other stakeholders will facilitate the use of big data analytics in the current- and post-COVID-era.
Impact of COVID-19 on predictive analytics market trends
The onset of COVID-19 has created a wave of innovations, with technological advancements fueling the global predictive analytics industry outlook.
COVID-19 has expedited the adoption of predictive analytics and what would have taken the markets years to implement is now taking months. Stakeholders are cashing in on predictive models to track COVID-19 vaccination rates, for instance. The pandemic is influencing the world of predictive analytics—stakeholders are warranting real-time insights on their supply chain.
While the outbreak has brought inevitable challenges, the healthcare sector has been quick to leverage big data analytics. The trend for big data in the healthcare application has fueled predictive analytics market revenue. The crisis sparked innovations in the U.S. with the White House urging health experts to use AI to assess 29,000 scholarly articles on COVID-19 in March 2020. This will help provide insights into treating COVID-19 and contain the outbreak.
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