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.
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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. Hexanikaโs 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.
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IBM Corporation
Microsoft Corporation
Oracle Corporation
SAP SE
Google LLC
SAS Institute Inc.
Amazon Web Services
Hewlett Packard Enterprise
Development LP (HPE)
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