As cited by the business intelligence report titled ‘Global Predictive Analytics Market Size study, by Type (Solutions and Services), by Organization Size (Small and Medium-Sized Enterprises and Large Enterprises), by Deployment Model (On-Premises and Cloud), by Industry Vertical (Electronics, Automotive, Industrial, Telecommunication, Data Transmission and Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global predictive analytics market was worth USD 6.9 billion in 2019 and is anticipated to grow at a robust CAGR of 22.17% over 2020-2027, subsequently reaching a valuation of USD 34.1 billion by the end of the forecast period.
 

As per the report findings, rising adoption of analytics tools by enterprises for predicting future industry trends coupled with escalating demand for big data and other emerging technologies are catalyzing global predictive analytics market growth.
 

Additionally, increasing penetration of smartphones and other smart devices, emergence of innovative services & products, and strategic alliances such as acquisitions, partnerships, and mergers are adding substantial traction to the industry expansion.
 

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For those unaware, predictive analytics refers to the process of extracting information from historic as well as current datasets by leveraging statistics, artificial intelligence (AI), data mining, machine learning (ML), and modeling. The demand for such analytics tools by organizations is fueled by their ability to aid in effective decision making that result in beneficial outcomes.
 

Despite the positive outlook of global predictive analytics market, time-intensive restructuring of predictive models due to constantly changing regional data regulations will continue to barricade business development in the forthcoming years.
 

Based on deployment model, the market is split into on-premises and cloud. Proceeding further, the global predictive analytics market end-user terrain comprises data transmission, telecommunication, industrial, automotive, and electronics among others,
 

From a regional viewpoint, the market is fragmented into Asia-Pacific, Europe, Latin America, North America, and rest of the world.
 

Among these, North America predictive analytics market currently dominates the business sphere and is slated to experience considerable expansion through 2027, creditable to rising adoption of predictive analytics across various verticals, including BFSI, government, and retail & e-commerce.
 

Speaking of competitive landscape, Oracle Corp., RapidMiner, Inc., IBM Corp., SAP SE, SAS Institute, Inc., Microsoft Corp., Fair Isaac Corp (FICO), Tableau Software, LLC, NTT Data Corp., and Tibco Software, Inc. are the key participants in worldwide predictive analytics market sphere.