Market Size –
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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Scope Of Predictive Analytics Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Market Drivers –
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.
Market Trends –
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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
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Regional Insights –
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
Key Companies –
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
Table of Contents
1. Executive Summary
2. Predictive Analytics Market Report Structure
3. Predictive Analytics Market Trends And Strategies
4. Predictive Analytics Market – Macro Economic Scenario
5. Predictive Analytics Market Size And Growth
…..
27. Predictive Analytics Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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