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North 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)
Market Report I 2022-10-13 I 158 Pages I The Insight Partners
The predictive analytics market in North America is expected to grow from US$ 4,943.46 million in 2022 to US$ 15,219.34 million by 2028. It is estimated to grow at a CAGR of 20.6% 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.
Market Overview
The predictive analytics market in North America is sub segmented into the US, Canada, and Mexico. Predictive analytics software is increasingly being adopted in multiple organizations, and cloud-based predictive analytics software solutions are gaining significance in SMEs in North America. Predictive analytics is gaining momentum in the highly competitive retail sector in this region; this technique has the potential to transform store layouts and enhance the customer experience in various businesses. In a few North American countries, retailers use smart carts with locator beacons, pin-sized cameras installed near shelves, or the store's Wi-Fi network to determine the footfall in the store, provide directions to a specific product section, and check key areas visited by customers. This process can also provide basic demographic data for parameters such as gender and age. Wal-Mart, Costco, Kroger, The Home Depot, and Target have their origin in North America. The amount of data generated by stores surges with the rise in sales. Without implementing analytics solutions, it becomes difficult to manage such vast data that include records, behaviours, etc., of all customers. Players such as Euclid Analytics offer spatial analytics platforms for retailers operating offline to help them track customer traffic, loyalty, and other indicators associated with customer visits. Euclid's solutions include preconfigured sensors connected to switches that are linked through a network. These sensors can detect customer calls from the devices that have Wi-Fi turned on. Additionally, IBM's Sterling Store Engagement solution provides a real-time view of store inventory, and order data through an intuitive user interface that can be accessed by store owners from counters and mobile devices. Heavy investments in healthcare sectors, advancements in technologies to help manage a large number of medical records, and the use of Big Data analytics to efficiently predict at-risk patients and create effective treatment plans are further contributing to the growth of the predictive analytics market in North America. Predictive analytics helps assess patterns in a patients' medical records, thereby allowing healthcare professionals to develop effective treatment plans to improve outcomes. During the COVID-19 pandemic, healthcare predictive analytics solutions helped provide hospitals with insightful predictions of the number of hospitalizations for various treatments, which significantly helped hospitals to deal with the influx of a large number of patients. However, the high costs of installation and a shortage of skilled workers may limit the use of predictive analytics solutions in, both, the retail and healthcare sectors.
North America Predictive Analytics Market Revenue and Forecast to 2028 (US$ Million)
North America Predictive Analytics Market Segmentation
The North 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 cloud - based 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 US, Canada, Mexico. US 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.
TABLE OF CONTENTS
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 North America Predictive Analytics Market - By Component
1.3.2 North America Predictive Analytics Market - By Deployment Mode
1.3.3 North America Predictive Analytics Market - By Organization Size
1.3.4 North America Predictive Analytics Market - By Industry Vertical
1.3.5 North America Predictive Analytics Market - By Country
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. North America Predictive Analytics - Market Landscape
4.1 Market Overview
4.2 North America PEST Analysis
4.2.1 North America
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. North America Predictive Analytics Market- Key Market Dynamics
5.1 Market Drivers
5.1.1 Rise in Adoption of Big Data Technologies
5.1.2 Increase in Uptake of Predictive Analytics Tools
5.2 Market Restraints
5.2.1 Changing Data Regulations in the Region
5.3 Market Opportunities
5.3.1 Emergence of AIoT Technologies
5.4 Future Trends
5.4.1 Expansion of Dark Data
5.5 Impact Analysis of Drivers and Restraints
6. Predictive Analytics Market - North America Analysis
6.1 Overview
6.2 North America Predictive Analytics Market Revenue and Forecast to 2028 (US$ Million)
7. North America Predictive Analytics Market Revenue and Forecast to 2028 - Component
7.1 Overview
7.2 North America Predictive Analytics Market, By Component (2021 And 2028)
7.3 Solutions
7.3.1 Overview
7.3.2 Solutions: Predictive Analytics Market Revenue and Forecast To 2028 (US$ Million)
7.3.2.1 Risk Analytics
7.3.2.1.1 Overview
7.3.2.1.2 Risk Analytics: Predictive Analytics Market Revenue and Forecast To 2028 (US$ Million)
7.3.2.2 Marketing Analytics
7.3.2.2.1 Overview
7.3.2.2.2 Marketing Analytics: Predictive Analytics Market Revenue and Forecast To 2028 (US$ Million)
7.3.2.3 Sales Analytics
7.3.2.3.1 Overview
7.3.2.3.2 Sales Analytics: Predictive Analytics Market Revenue and Forecast To 2028 (US$ Million)
7.3.2.4 Customer Analytics
7.3.2.4.1 Overview
7.3.2.4.2 Customer Analytics: Predictive Analytics Market Revenue and Forecast To 2028 (US$ Million)
7.3.2.5 Others
7.3.2.5.1 Overview
7.3.2.5.2 Others: Predictive Analytics Market Revenue and Forecast To 2028 (US$ Million)
7.4 Services
7.4.1 Overview
7.4.2 Services: Predictive Analytics Market Revenue and Forecast To 2028 (US$ Million)
8. North America Predictive Analytics Market Revenue and Forecast to 2028 - Deployment Mode
8.1 Overview
8.2 North America Predictive Analytics Market, By Deployment Mode (2021 And 2028)
8.3 Cloud based
8.3.1 Overview
8.3.2 Cloud based: Predictive Analytics Market Revenue and Forecast To 2028 (US$ Million)
8.4 On Premise
8.4.1 Overview
8.4.2 On Premise: Predictive Analytics Market Revenue and Forecast To 2028 (US$ Million)
9. North America Predictive Analytics Market Revenue and Forecast to 2028 - Organization Size
9.1 Overview
9.2 North America Predictive Analytics Market, By Organization Size (2021 And 2028)
9.3 Large Enterprises
9.3.1 Overview
9.3.2 Large Enterprises: Predictive Analytics Market Revenue and Forecast To 2028 (US$ Million)
9.4 Small and Medium-Sized Enterprises
9.4.1 Overview
9.4.2 Small and Medium-Sized Enterprises: Predictive Analytics Market Revenue and Forecast To 2028 (US$ Million)
10. North America Predictive Analytics Market Revenue and Forecast to 2028 - Industry Vertical
10.1 Overview
10.2 North America Predictive Analytics Market, By Industry Vertical (2021 And 2028)
10.3 BFSI
10.3.1 Overview
10.3.2 BFSI: Predictive Analytics Market Revenue and Forecast To 2028 (US$ Million)
10.4 Manufacturing
10.4.1 Overview
10.4.2 Manufacturing: Predictive Analytics Market Revenue and Forecast To 2028 (US$ Million)
10.5 Retail and eCommerce
10.5.1 Overview
10.5.2 Retail and eCommerce: Predictive Analytics Market Revenue and Forecast To 2028 (US$ Million)
10.6 IT and Telecom
10.6.1 Overview
10.6.2 IT and Telecom: Predictive Analytics Market Revenue and Forecast To 2028 (US$ Million)
10.7 Energy and Utilities
10.7.1 Overview
10.7.2 Energy and Utilities: Predictive Analytics Market Revenue and Forecast To 2028 (US$ Million)
10.8 Government and Defense
10.8.1 Overview
10.8.2 Government and Defense: Predictive Analytics Market Revenue and Forecast To 2028 (US$ Million)
10.9 Others
10.9.1 Overview
10.9.2 Others: Predictive Analytics Market Revenue and Forecast To 2028 (US$ Million)
11. North America Predictive Analytics Market - Country Analysis
11.1 North America: Predictive Analytics Market
11.1.1 Overview
11.1.2 North America: Predictive Analytics Market - Revenue and Forecast to 2028 (US$ Million)
11.1.3 North America: Predictive Analytics Market Revenue and Forecast, by Country (2021 and 2028)
11.1.3.1 US: Predictive Analytics Market - Revenue and Forecast to 2028 (US$ Million)
11.1.3.1.1 US Predictive Analytics Market Breakdown, By Component
11.1.3.1.2 US Predictive Analytics Market Breakdown, By Deployment Mode
11.1.3.1.3 US Predictive Analytics Market Breakdown, By Organization Size
11.1.3.1.4 US Predictive Analytics Market Breakdown, By Industry Verticals
11.1.3.2 Canada: Predictive Analytics Market - Revenue and Forecast to 2028 (US$ Million)
11.1.3.2.1 Canada Predictive Analytics Market Breakdown, By Component
11.1.3.2.2 Canada Predictive Analytics Market Breakdown, By Deployment Mode
11.1.3.2.3 Canada Predictive Analytics Market Breakdown, By Organization Size
11.1.3.2.4 Canada Predictive Analytics Market Breakdown, By Industry Verticals
11.1.3.3 Mexico: Predictive Analytics Market - Revenue and Forecast to 2028 (US$ Million)
11.1.3.3.1 Mexico Predictive Analytics Market Breakdown, By Component
11.1.3.3.2 Mexico Predictive Analytics Market Breakdown, By Deployment Mode
11.1.3.3.3 Mexico Predictive Analytics Market Breakdown, By Organization Size
11.1.3.3.4 Mexico Predictive Analytics Market Breakdown, By Industry Verticals
12. Industry Landscape
12.1 Market Initiative
12.2 Merger and Acquisition
12.3 New Development
13. Company Profiles
13.1 IBM Corporation
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Microsoft Corporation
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Oracle Corporation
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 SAP SE
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 Google LLC
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 SAS Institute Inc.
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 Salesforce.com, inc.
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 Amazon Web Services
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 Hewlett Packard Enterprise Development LP (HPE)
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
13.10 NTT DATA Corporation
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Products and Services
13.10.4 Financial Overview
13.10.5 SWOT Analysis
13.10.6 Key Developments
14. Appendix
14.1 About The Insight Partners
14.2 Glossary of Terms
LIST OF TABLES
Table 1. North America Predictive Analytics Market Revenue and Forecast to 2028 (US$ Million)
Table 2. North America: Predictive Analytics Market, Revenue and Forecast to 2028 - By Component (US$ Million)
Table 3. North America: Predictive Analytics Market, Revenue and Forecast to 2028 - By Solution (US$ Million)
Table 4. North America: Predictive Analytics Market, Revenue and Forecast to 2028 - By Deployment Mode(US$ Million)
Table 5. North America: Predictive Analytics Market, Revenue and Forecast to 2028 - By Organization Size (US$ Million)
Table 6. North America: Predictive Analytics Market, Revenue and Forecast to 2028 - By Industry Vertical(US$ Million)
Table 7. North America: Predictive Analytics Market, Revenue and Forecast to 2028 - By Country (US$ Million)
Table 8. US Predictive Analytics Market Revenue and Forecast to 2028 - By Component (US$ Million)
Table 9. US Predictive Analytics Market Revenue and Forecast to 2028 - By Solution (US$ Million)
Table 10. US Predictive Analytics Market Revenue and Forecast to 2028 - By Deployment Mode (US$ Million)
Table 11. US Predictive Analytics Market Revenue and Forecast to 2028 - By Organization Size (US$ Million)
Table 12. US Predictive Analytics Market Revenue and Forecast to 2028 - By Industry Verticals (US$ Million)
Table 13. Canada Predictive Analytics Market Revenue and Forecast to 2028 - By Component (US$ Million)
Table 14. Canada Predictive Analytics Market Revenue and Forecast to 2028 - By Solution (US$ Million)
Table 15. Canada Predictive Analytics Market Revenue and Forecast to 2028 - By Deployment Mode (US$ Million)
Table 16. Canada Predictive Analytics Market Revenue and Forecast to 2028 - By Organization Size (US$ Million)
Table 17. Canada Predictive Analytics Market Revenue and Forecast to 2028 - By Industry Verticals (US$ Million)
Table 18. Mexico Predictive Analytics Market Revenue and Forecast to 2028 - By Component (US$ Million)
Table 19. Mexico Predictive Analytics Market Revenue and Forecast to 2028 - By Solution (US$ Million)
Table 20. Mexico Predictive Analytics Market Revenue and Forecast to 2028 - By Deployment Mode (US$ Million)
Table 21. Mexico Predictive Analytics Market Revenue and Forecast to 2028 - By Organization Size (US$ Million)
Table 22. Mexico Predictive Analytics Market Revenue and Forecast to 2028 - By Industry Verticals (US$ Million)
Table 23. Glossary of Terms, Predictive Analytics Market
LIST OF FIGURES
Figure 1. North America Predictive Analytics Market Segmentation
Figure 2. North America Predictive Analytics Market Segmentation - By Country
Figure 3. North America Predictive Analytics Market Overview
Figure 4. North America Predictive Analytics Market, By Component
Figure 5. North America Predictive Analytics Market, By Country
Figure 6. North America: PEST Analysis
Figure 7. Predictive Analytics Market- Ecosystem Analysis
Figure 8. Expert Opinion
Figure 9. North America Predictive Analytics Market Impact Analysis of Drivers and Restraints
Figure 10. North America Predictive Analytics Market Revenue and Forecast To 2028 (US$ Million)
Figure 11. North America: Predictive Analytics Market, by Component, 2021 & 2028 (%)
Figure 12. North America Solution: Predictive Analytics Market Revenue and Forecast to 2028 (US$ Million)
Figure 13. North America Risk Analytics: Predictive Analytics Market Revenue and Forecast to 2028 (US$ Million)
Figure 14. North America Marketing Analytics: Predictive Analytics Market Revenue and Forecast to 2028 (US$ Million)
Figure 15. North America Sales Analytics: Predictive Analytics Market Revenue and Forecast to 2028 (US$ Million)
Figure 16. North America Customer Analytics: Predictive Analytics Market Revenue and Forecast to 2028 (US$ Million)
Figure 17. North America Others: Predictive Analytics Market Revenue and Forecast to 2028 (US$ Million)
Figure 18. North America Services: Predictive Analytics Market Revenue and Forecast to 2028 (US$ Million)
Figure 19. North America: Predictive Analytics Market, by Deployment Mode, 2021 & 2028 (%)
Figure 20. North America Cloud based: Predictive Analytics Market Revenue and Forecast to 2028 (US$ Million)
Figure 21. North America on Premise: Predictive Analytics Market Revenue and Forecast to 2028 (US$ Million)
Figure 22. North America: Predictive Analytics Market, by Organization Size, 2021 & 2028 (%)
Figure 23. North America Large Enterprises: Predictive Analytics Market Revenue and Forecast to 2028 (US$ Million)
Figure 24. North America Small and Medium-Sized Enterprises: Predictive Analytics Market Revenue and Forecast to 2028 (US$ Million)
Figure 25. North America: Predictive Analytics Market, by Industry Verticals, 2021 & 2028 (%)
Figure 26. North America BFSI: Predictive Analytics Market Revenue and Forecast to 2028 (US$ Million)
Figure 27. North America Manufacturing: Predictive Analytics Market Revenue and Forecast to 2028 (US$ Million)
Figure 28. North America Retail and eCommerce: Predictive Analytics Market Revenue and Forecast to 2028 (US$ Million)
Figure 29. North America IT and Telecom: Predictive Analytics Market Revenue and Forecast to 2028 (US$ Million)
Figure 30. North America Energy and Utilities: Predictive Analytics Market Revenue and Forecast to 2028 (US$ Million)
Figure 31. North America Government and Defense: Predictive Analytics Market Revenue and Forecast to 2028 (US$ Million)
Figure 32. North America Others: Predictive Analytics Market Revenue and Forecast to 2028 (US$ Million)
Figure 33. North America: Predictive Analytics Market - Revenue and Forecast to 2028 (US$ Million)
Figure 34. North America: Predictive Analytics Market, by Country, 2021 & 2028 (%)
Figure 35. US: Predictive Analytics Market - Revenue and Forecast to 2028 (US$ Million)
Figure 36. Canada: Predictive Analytics Market - Revenue and Forecast to 2028 (US$ Million)
Figure 37. Mexico: Predictive Analytics Market - Revenue and Forecast to 2028 (US$ Million)
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