Data Science and Predictive Analytics Market Size, COVID19
The data science and predictive analytics market is expected to grow at a significant growth rate during the analysis period 2022-2028, considering the base year as 2021.
Data science enables the application of advanced analytical techniques and scientific principles to obtain critical insights from data for various business activities such as decision making, strategic planning, etc. Predictive analytics is a branch of data analytics and an essential part of data science that helps predict future outcomes using historical data combined with statistical modeling, machine learning and mining techniques of data. Most companies use these techniques to predict future opportunities by finding patterns in this data.
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The growth of the market can be linked to the increase in the production of big data and the need for real-time data analysis. Predictive analytics and data science are expected to see an increase in demand due to the massive amounts of data that are becoming increasingly prevalent in the banking, financial services, insurance, and pharmaceutical industries. For example, it is predicted that by the end of 2026, the total amount of data that will be created in the world will reach nearly 190 zettabytes. Marketing, sales, social media, supply chain and other market trends are forecasted using predictive analytics, which helps in the growth of an organization.
Apart from numerous technological developments such as 5G, blockchain, cloud services, Internet of Things (IoT) and artificial intelligence (AI), the relentless increase in internet connectivity around the world has greatly accelerated the growth economy over the past two decades. More than 4.5 billion users were actively using the Internet in April 2021. Along with other changes in economies around the world, the expansion of the ICT industry has made a substantial contribution to GDP growth, labor productivity, R&D expenditure and other areas. . Furthermore, the creation of goods and services by the ICT sector also stimulates economic growth and development.
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Data Science and Predictive Analytics Market Segmentation Analysis
By type, the solutions segment dominates the growth of the data science and predictive analytics market over the forecast period. The solution is a large segment of the data science and predictive analytics market. Customer analysis, network analysis, risk analysis, financial analysis, marketing, supply chain analysis, web and social media analysis, etc.
• The solution
By industry vertical, Arabica beans in the BFSI segment anticipated the highest growth in the data science and predictive analytics market during the forecast period. The banking, financial services and insurance (BFSI) industry uses these models to develop personalized insurance plans and premium amounts based on individual assessments such as driving records, medical history, credit, the weighting of the documents submitted, etc.
• Health care
• Telecommunications and IT
By enterprise size, the large enterprise segment is expected to dominate the data science and predictive analytics market share during the forecast period. Large farms generate an adequate amount of data and to store, process and analyze this data, businesses need analytical tools and data science techniques. This tool improves the statistical analysis which allows the company to make realistic, precise and effective decisions.
Data Science and Predictive Analytics Market Regional Analysis
North America dominates the region for the data science and predictive analytics market over the projected period. Adoption of predictive analytics solutions is growing and expected to reach the highest rate in North America, compared to other regions. This major factor that has had an impact in increasing the adoption rate is due to the presence of various developed countries in this region, such as Canada and the United States. It is a developed, technically advanced and economically strong region.
The Europe region is the fastest growing region for the data science and predictive analytics market during the forecast period. Presence of prominent key players and high adoption rate of data science and predictive analytics solutions are the key factor affecting the market growth in this region. Additionally, the healthcare and life sciences sector is booming in this region due to the strongest infrastructure, growing economy and research and development. This healthcare and life sciences sector generates a high volume of data. Massive volumes of information are created by the adoption of digital technologies such as big data, predictive analytics which collects, processes patient records and helps maintain hospital performance, it is very difficult to manage large and complex data for traditional technologies
The Asia-Pacific region is witnessing significant growth rate for the data science and predictive analytics market during the forecast period. The retail sector is in high demand in this developing region.
The Middle East and Africa region is expected to attain promising growth over the forecast period for the data science and predictive analytics market. Digitization in this region has been growing in recent years, resulting in the adaptation of software in various sectors.
• APAC (Japan, China, South Korea, Australia, India and rest of APAC)
• Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe)
• North America (United States, Canada and Mexico)
• South America (Brazil, Chile, Argentina, Rest of South America)
• MEA (Saudi Arabia, United Arab Emirates, South Africa)
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Top Key Players Covered in Data Science and Predictive Analytics Market
• IBM (USA)
• MICROSOFT (USA)
• ORACLE (USA)
• SAP (GERMANY)
• SAS INSTITUTE (USA)
• GOOGLE (United States)
• SALES FORCE (USA)
• AWS (USA)
• HPE (USA)
• TERADATA (United States)
• ALTERYX (USA)
• FICO (USA)
• ALTAIR (United States)
• DOMO (United States)
• CLOUDERA (USA)
• BOARD INTERNATIONAL (SWITZERLAND)
• TIBCO SOFTWARE (USA)
• HITACHI VANTARA (USA)
• QLIK (USA)
• HAPPIEST SPIRITS (INDIA)
• DATAIKU (United States)
• RAPIDMINER (USA)
• BIOANTS (United States)
• IN-MED FORECASTS (INDIA)
• AITO.AI (FINLAND)
• SYMEND (United States)
• ONWARD HEALTH (INDIA)
• UNIONCRATE (United States)
• CYBERLABS (BRAZIL)
• ACTIFY DATA LABS (INDIA)
• AMLGO LABS (INDIA)
• VERIMOS (US) AND OTHER MAJOR PLAYERS.
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Key Industry Development in the Data Science and Predictive Analytics Market
In April 2021, Minitab, LLC, the market leader in data analytics, predictive analytics, and process improvement, announced new predictive analytics capabilities and advanced learning methods automatically in Minitab Statistical Software.
In May 2022, India, the country’s political commission, National Institution of Transformation of India (NITI Aayog) launched the National Data and Analytics Platform (NDAP). The platform aims to democratize access to public government data by making information accessible, interactive and available on a user-friendly platform. NDAP hosts foundational datasets from various government agencies and provides analysis and visualization tools.
The Data Science and Predictive Analytics Market report reveals the leading competitors along with their effective market strategies which helped them achieve their goals. It also takes into account the features and attributes that are likely to influence the sales growth in the market. The analysis contains precise figures on the market size, share, production capacity, demand and growth of the sector for the projected year. The market is rapidly changing, according to the research report, and the impact is assessed in terms of current position and expected ramifications. The market research report provides information on type, industry, channel, and other factors, as well as market volume and value for each market segment. The global Data Science and Predictive Analytics Market research report provides an in-depth analysis of the current and future position of the industry. The research report, which has been created through rigorous primary and secondary research, provides all the necessary market data.
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