South & Central America 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 South & Central America is expected to grow from US$ 416.57 million in 2022 to US$ 1,156.38 million by 2028. It is estimated to grow at a CAGR of 18.5% from 2022 to 2028.
Rise in Adoption of Big Data Technologies
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.
The predictive analytics market in SAM is further segmented into Brazil, Argentina, and the Rest of SAM. Countries such as Brazil, Colombia, Argentina, Chile, and Peru have the potential to implement predictive analytics solutions across the banking and financial services, manufacturing, transportation, and healthcare sectors. These solutions are already in use in applications such as customer relationship management, clinical decision support, collection analysis, customer retention, direct marketing, and fraud detection. In addition, increasing adoption of data mining tools across multiple domains, along with the use of cloud services, and the notable demand for data analysis would further support the market growth during the forecast period.
South & Central America Predictive Analytics Market Revenue and Forecast to 2028 (US$ Million)
South & Central America Predictive Analytics Market Segmentation
The South & Central America 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 Brazil , Argentina and Rest of South & Central America. Brazil 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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