predictive analytics Market

The predictive analytics market size is projected to grow from US$ 12,492.94 million in 2022 to US$ 38,038.83 million by 2028; the predictive analytics market share is expected to grow at a CAGR of 20.4% from 2022 to 2028.

Dark data refers to data an organization has collected but does not use in its analytical systems to derive insights or make predictions. Although dark data may be viewed as unreliable due to its imprecise nature, organizations recognize that it can provide valuable insights. With dark data analytics software or solutions, companies can identify, locate, and utilize previously unknown data to make critical business decisions. The State of Dark Data report found that respondents regarded analytics as a critical solution to tackle the challenges associated with dark data, enabling non-technical employees to comprehend the organization's requirements. These benefits are expected to drive the future predictive analytics market's growth.

The MEA predictive analytics market is categorized into several subsegments: South Africa, Saudi Arabia, the UAE, and the Rest of the MEA. The government has launched a national AI policy in Saudi Arabia to support the country's transformation into a data-driven economy. The government's Vision 2030 aims to establish sustainable cities and optimize resource utilization, emphasizing the importance of AI and automation in boosting workforce skills. Furthermore, the country plans to introduce education reforms that will equip future workers with hands-on experience in AI and digital technologies. These developments are expected to enhance the use of AI in data analysis and predictive analytics in Saudi Arabia.

Turkey's banking industry is at the forefront of providing innovative services and cutting-edge consumer experiences, with a pioneering approach to chatbot adaptation. Banks with large customer bases have already implemented chatbots, and mid-sized banks are likely to follow suit. Adopting chatbots in banks is expected to influence other financial service providers, such as insurance and pension companies and wealth management firms, to integrate chatbots into their operations. As chatbots have interfaces that enable users to analyze their data efficiently, their growth is anticipated to contribute to Turkey's predictive analytics market growth in the coming years.

In South Africa, businesses explore internet-based business opportunities beyond social media networks and website presence. Despite a decline in interest in chatbots due to their basic data insight-generating interface, the increasing penetration of smartphones suggests that chatbot technology still holds growth potential in the banking infrastructure in South Africa. Entrepreneurs are seeking ways to leverage existing infrastructure to address business challenges, which may lead to further adoption of chatbots and contribute to the predictive analytics market growth in the region.

In the MEA region, countries such as Saudi Arabia, the UAE, Egypt, Morocco, and Kuwait experienced a significant impact from the COVID-19 pandemic. The pandemic posed challenges for small and medium-sized enterprises (SMEs) across the Middle East, causing disruptions in their business operations. However, the region has witnessed a high adoption rate of advanced technologies like IoT and cloud, particularly in the UAE, and there is a growing demand for digitalization, which is expected to create numerous growth opportunities for the predictive analytics market. Unlike other industries, the software and ICT sectors were relatively unaffected by the pandemic, as several businesses allowed their employees to work from home. This has led to an increased realization of the importance of predictive analytics in anticipating security threats, which is expected to contribute to the growth of the predictive analytics market in the MEA.

The predictive analytics market is divided into segments based on component, deployment mode, organization size, industry vertical, and geography. The component segment is divided into solutions and services, and the solutions segment is further categorized into risk analytics, marketing analytics, sales analytics, customer analytics, and others. The deployment mode segment is divided into cloud and on-premises. The market is also categorized by organization size, with segments for large enterprises and small and medium-sized enterprises (SMEs). Additionally, the market is segmented by industry vertical, including BFSI, manufacturing, retail and e-Commerce, IT and telecom, energy and utilities, government and defense, and others. Finally, the market is geographically segmented into North America (comprising the US, Canada, and Mexico), Europe (comprising the UK, Germany, France, Italy, Russia, and the Rest of Europe), APAC (comprising China, Japan, India, Australia, South Korea, and Rest of APAC), MEA (comprising South Africa and Rest of MEA), and SAM (including Brazil, Argentina, and Rest of SAM).

The predictive analytics market's overall size has been determined by utilizing primary and secondary sources. The secondary research has been extensive, using both internal and external sources to obtain qualitative and quantitative information related to the market. This process has also helped in obtaining an overview and forecast of the predictive analytics market for all the segments. Additionally, multiple primary interviews have been conducted with industry participants to validate the data obtained from the secondary research and gain more analytical insights into the market. The participants in this process include business development managers, VPs, market intelligence managers, national sales managers, and external consultants such as research analysts, valuation experts, and key opinion leaders who specialize in the predictive analytics market.