Europe Predictive Analytics Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Component [Solution (Risk Analytics, Marketing Analytics, Sales Analytics, Customer Analytics, and Others) and Service], Deployment Mode (On-Premise and Cloud-Based), Organization Size [Small and Medium Enterprises (SMEs) and Large Enterprises], and Industry Vertical (IT & Telecom, BFSI, Energy & Utilities, Government and Defence, Retail and e-Commerce, Manufacturing, and Others)
The predictive analytics market in Europe is expected to grow from US$ 3,717.82 million in 2022 to US$ 10,784.01 million by 2028. It is estimated to grow at a CAGR of 19.4% from 2022 to 2028.
Increase in Uptake of Predictive Analytics Tools
Predictive analytics tools use data to help users see into the future. It tells the probabilities of the possible outcomes. Knowing these probabilities can help the users plan many aspects of their business. Predictive analytics is part of a larger set of data analytics. Other aspects of data analytics include descriptive analytics, which helps users understand what their data represents. Diagnostic analytics identifies the causes of what happened. Prescriptive analytics is closer to predictive analytics. It provides users with practical advice to make better decisions. Predictive modelling is the most technical aspect of predictive analytics. Data analysts perform modelling with statistics and other historical data. The model then estimates the likelihood of different outcomes. In e-commerce, predictive modelling tools can help analyse customer data. It can predict the likelihood of how many people can buy a certain product. It can also predict the ROI of targeted marketing campaigns. Some SaaS may collect data directly from online stores, such as Amazon Marketplace. Social media marketing benefits from these predictive analytics tools. They help users plan what type of content to post. These tools also tell the user the best time and day to post. Manufacturing needs predictive analytics to help in many ways, including inventory, supply chains, and staff hiring. Transport planning and execution are performed more efficiently with predictive analytics tools. For instance, SAP is a leading multinational software company. Its Predictive Analytics was one of the leading data analytics platforms across the region. Now, the software is gradually being integrated into SAP’s larger Cloud Analytics platform, which does more BI than SAP Predictive Analytics. SAP Analytics Cloud runs on AI to improve business planning and forecasting. It works on all devices. This analytics platform can be easily extended to businesses of all sizes. This is leading to the increase in uptake of predictive analytics tools for growth of the predictive analytics market.
The Europe predictive analytics market is further segmented into Germany, France, Russia, the UK, Italy, and the Rest of Europe. The increasing adoption of Big Data analytics solutions by various organizations to make better and faster decisions is contributing to the growth of the predictive analytics market in this region. These solutions help them gain a competitive advantage by analysing and acting on timely information. In addition, the growing demand for cloud-based Big Data analytics software among SMEs is favouring the growth of the predictive analytics market in Europe. However, the high costs of implementation and a shortage of skilled workers are expected to hinder the growth of the market in Europe. On the contrary, the growing need to gather more useful information for business planning and emerging trends such as social media analytics are expected to present favourable opportunities for market expansion in Europe in the future.
Europe Predictive Analytics Market Revenue and Forecast to 2028 (US$ Million)
Europe Predictive Analytics Market Segmentation
The Europe predictive analytics market is segmented into component, deployment mode, organization size, industry vertical, and country.
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 registered the largest market share in 2022.
Based on deployment mode, the market is segmented into on-premise and cloud-based. The on -premise segment held a larger market share in 2022.
Based on organization size, the market is segmented into small and medium enterprises (SMEs) and
large enterprises. The large enterprises segment held the larger market share in 2022.
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 the largest market share in 2022.
Based on country, the market is segmented into Germany , UK , France , Italy , Russia and Rest of Europe. UK dominated the market share in 2022.
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 are the leading companies operating in the predictive analytics market in the region.
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