Report : North America Predictive Analytics Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Component [Solution (Risk Analytics,
At 20.6% CAGR, the North America Predictive Analytics Market is speculated to be worth US$ 15,219.34 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America predictive analytics market was valued at US$ 4,943.46 million in 2022 and is expected to reach US$ 15,219.34 million by 2028, registering an annual growth rate of 20.6% from 2022 to 2028. Rise in adoption of big data technologies and increase in uptake of predictive analytics tools are the critical factors attributed to the market expansion.
Big Data is a technology-driven movement. Its strategic importance requires careful consideration when it comes to adoption. While the 3 Vs, i.e., volume, velocity, and variety, are frequently used to define Big Data, the use of big data-enabled technologies is not limited to how the 3 Vs are defined. Their use has a much broader scope when properly analyzed from an organizational perspective. Using big data effectively requires changing mindsets about how it is used. While other technologies help solve problems, such as streamlining the inventory management processes or providing online systems to track order shipments in real-time, big data helps find issues that need special attention. A key factor in the success of any new program is how it is approached since its inception phase. Any big data program that requires data integration into strategic planning will be critical and will be heavily penalized in case of failure. The appropriate framework to implement predictive analytics within the organization must be adopted. Data flow, governance, and data need to be further integrated into big data platforms to find a more comprehensive solution to manage compliance tasks and upgrade existing legacy systems to newer and faster software-based services. For instance, Hexanika is a FinTech Big Data software company that has developed an end-to-end solution for financial institutions to address regulatory compliance reporting and data sourcing. Hexanika’s innovative solutions improve data quality, keep regulatory reporting in line with the dynamic regulatory requirements, and keep pace with the new developments and latest regulatory updates. This is leading to the high growth of the predictive analytics market.
On the contrary, changing regional data regulations hampers market North America predictive analytics market.
- Based on component, the market is segmented into solution and service. By solution, the market is sub segmented into risk analytics, marketing analytics, sales analytics, customer analytics, and others. The solution segment held 78.8% market share in 2022, amassing US$ 3,896.38 million. It is projected to garner US$ 12,349.86 million by 2028 to expand at 21.2% CAGR during 2022–2028.
- Based on deployment mode, the market is segmented into on-premise and cloud-based. The cloud -based segment held 54.2% market share in 2022, amassing US$ 2,681.19 million. It is projected to garner US$ 8,589.02 million by 2028 to expand at 21.4% CAGR during 2022–2028.
- Based on organization size, the market is segmented into small and medium enterprises (SMEs) and large enterprises. The large enterprises segment held 65.7% market share in 2022, amassing US$ 3,249.95 million. It is projected to garner US$ 9,530.56 million by 2028 to expand at 19.6% CAGR during 2022–2028.
- Based on industry vertical, the market is segmented into IT & Telecom, BFSI, energy & utilities, government and defence, retail and e-commerce, manufacturing, and others. The BFSI segment held 26.5% market share in 2022, amassing US$ 1,310.81 million. It is projected to garner US$ 4,124.62 million by 2028 to expand at 21.1% CAGR during 2022–2028.
- Based on country, the North America predictive analytics market has been categorized into US, Canada and Mexico. Our regional analysis states that US captured 84.3% market share in 2022. It was assessed at US$ 4,166.35 million in 2022 and is likely to hit US$ 12,997.31 million by 2028, exhibiting a CAGR of 20.9% during the forecast period.
Key players dominating the North America predictive analytics market are IBM Corporation; Microsoft Corporation; Oracle Corporation; SAP SE; Google LLC; SAS Institute Inc.; Salesforce.com, inc.; Amazon Web Services; Hewlett Packard Enterprise Development LP (HPE); and NTT DATA Corporation.
- In 2021; IBM and Black & Veatch formed collaboration to enable customers keep assets and equipment working at peak performance and reliability via integrating AI with real-time data analytics.
- In 2022; IBM acquired Databand.ai, data observability software provider strengthening IBM's software portfolio.
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