Overview and Scope
Predictive analytics refers to the use of statistics and modelling techniques based on current and historical data to determine future performance and make predictions about future outcomes. Predictive analytics are used to determine customer response to promote cross-sell opportunities and purchases.
Sizing and Forecast
The predictive analytics market size has grown exponentially in recent years. It will grow from $14.19 billion in 2023 to $17.42 billion in 2024 at a compound annual growth rate (CAGR) of 22.8%. The growth in the historic period can be attributed to business process optimization, growing competition and market dynamics, focus on customer relationship management, healthcare outcome improvement, risk management and fraud detection..
The predictive analytics market size is expected to see exponential growth in the next few years. It will grow to $41.44 billion in 2028 at a compound annual growth rate (CAGR) of 24.2%. The growth in the forecast period can be attributed to customization and scalability, energy consumption optimization, regulatory compliance automation, continuous monitoring of model performance, human resources and talent analytics.. Major trends in the forecast period include increased adoption across industries, focus on advanced machine learning models, exponential growth of big data, explainable ai for transparency, enhanced fraud detection and cybersecurity, ethical and responsible ai practices..
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Segmentation & Regional Insights
The predictive analytics market covered in this report is segmented –
1) By Component: Solutions, Services
2) By Deployment Mode: Cloud, On-Premises
3) By Organization Size: Large Enterprises, Small And Medium-Sized Enterprises (SMEs)
4) By Vertical: BFSI, Manufacturing, Retail And Ecommerce, Government And Defense, Healthcare And Life Sciences, Energy And Utilities, Telecommunications And IT, Transportation And Logistics, Media And Entertainment, Travel And Hospitality
North America was the largest region in the predictive analytics market in 2023. The regions covered in the predictive analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The rising adoption of big data and other related technologies is expected to drive the growth of the predictive analytics market. Big data refers to the data management system that is used to input more data during the processing of large data sets. The rise in the adoption of big data-related technologies in many industries leads to the innovation of new technology. Some of the new technologies used in predictive analytics are edge computing, streaming analytics, artificial intelligence, in-memory databases, data lakes, and blockchain. For instance, in March 2021, according to Fusion Alliance, a US-based website designer, in every passing moment, the pace of data creation continues to compound, with more than 200 million emails sent, millions of dollars in e-commerce transacted, 50 hours of YouTube videos uploaded, millions of Google searches launched, tens of millions of photos shared. Also, nearly 53% of the companies are adopting big data analytics according to a study by Dresner Advisory Services in 2022. Therefore, the rising adoption of big data and other related technologies is expected to drive the predictive analytics market growth.
Key Industry Players
Major companies operating in the predictive analytics market report are IBM Corporation, Microsoft Corporation, Oracle Corporation,SAP SE,SAS Institute Inc.,Salesforce Inc.,Alteryx Inc.,RapidMiner Inc.,DataRobot Inc.,Domo Inc.,TIBCO Software Inc.,KNIME Inc.,Sisense Inc.,FICO,GoodData,Angoss Software Co., QlikTech Inc.,Rapid Insight Inc.,TARGIT Inc.,Predixion Software Inc.,Information Builders Inc.,Salesforce,Indix Internet India Private Limited, Opera Solutions India Private Limited, SymphonyAI Group,Exago Ventures S. A.,Rapid7 Inc.,Stratifyd Inc.,Thoughtspot India Private Limited,Ayasdi
The predictive analytics market report table of contents includes:
1. Executive Summary
- Predictive Analytics Market Characteristics
- Predictive Analytics Market Trends And Strategies
- Predictive Analytics Market – Macro Economic Scenario
- Global Predictive Analytics Market Size and Growth
. - Global Predictive Analytics Market Competitive Benchmarking
- Global Predictive Analytics Market Competitive Dashboard
- Key Mergers And Acquisitions In The Predictive Analytics Market
- Predictive Analytics Market Future Outlook and Potential Analysis
- Appendix
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