USD 10.5 billion
Predictive Analytics Market Size, Share, Growth Analysis, By Service(Training & Consulting, Deployment/Installation, Support & Maintenance), By Solution(Customer analytics, financial analytics, marketing & sales analytics, network analytics), By Deployment Type(Cloud and On-premise), By Enterprise Size(Small & Medium Enterprises and Large Enterprises), By End-User(Aerospace & Defense, Automotive & Transportation, BFSI, Healthcare), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45A2063 |
Region:
Global |
Published Date: June, 2024
Pages:
157
|Tables:
149
|Figures:
78
Predictive Analytics Market Insights
Global Predictive Analytics Market size was valued at around USD 14.03 billion in 2022 and is projected to grow from USD 17.12 billion in 2023 to USD 84 billion by 2031 at a CAGR of 19.2% over the forecast period (2024–2031).
Predictive analytics is a technique that analyses both historical and forecasted activity. These analytics are administered using a variety of methods, such as automated machine learning algorithms and statistical analysis. Several processes are used to get ready to construct predictive models. These models can then be applied to calculate (quantitatively) the likelihood that an event will occur. The software used for predictive analytics analyses and measures the likelihood of the behavior of machines, consumers, etc. using the available factors. The forecast would allow businesses to prepare in advance for the specific needs of the customers. They gain a competitive edge by forecasting customers and designing products for various enterprises. This technology will completely replace the outdated practice of businesses creating a product based on market research, then gathering user input. Businesses all across the world are aware of how crucial customer delight is to preserve long-term client connections.
Customers now have a better overall buying experience thanks to the eCommerce industry. Customer perception research and targeted online/social media advertising are the main elements boosting businesses' sales. Retailers now concentrate on real-time research of consumer shopping behavior due to the rising popularity of connected gadgets. Real-time analytics results can also be used to create specialized offers that will increase customer retention. The global market will be driven by this. It is additionally anticipated to be employed in Finance and Human Resources with the entrance of Massive Data. The use of this strategy in sales, marketing, operations, and supply chain management has greatly benefited businesses. It is expected that it will be used in additional applications, such as risk management and workforce management, as its advantages and potential become clearer. Also, the volume of data collected has significantly increased as a result of the increasing usage of the internet and the diversity of ways to access it. High-speed internet services have increased and advanced as a result all over the world. These are expected to favorably drive the growth of the global predictive analytics market.
There are some obstacles and restraints that will prevent the market from expanding overall. The market expansion is being constrained by reasons including a lack of highly skilled IT workers and expensive implementation costs. The application of this technology in various end-user verticals, which is expected to experience sluggish growth throughout the projected period, also faces greater challenges related to data integrity. Further potential obstacles to the overall expansion of the global market include high time requirements, the need for a continual trial, and the testing of sophisticated algorithms. However, the development of technologies like artificial intelligence (AI), machine learning, and sophisticated analytics that have untapped potential in developing countries presents growth opportunities.
US Predictive Analytics Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024–2031
Global Market Size
Largest Segment
Deployment/Installation
Fastest Growth
Deployment/Installation
Growth Rate
21.7% CAGR
Global Predictive Analytics Market ($ Bn)
Country Share for North America Region (%)
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Predictive Analytics Market Segmental Analysis
Global predictive analytics market is segmented based on component, deployment type, enterprise size, end-user and region. Based on component the market is segmented into Service (Managed Services and Professional Services [Consulting, Deployment& Installation and Support & Maintenance]), Solution ( Customer analytics [Customer Segmentation & Clustering, Customer Behavior Analysis, Monitoring Customer Loyalty & Satisfaction and Other], Financial Analytics [Fraud detection, Profitability Management, Governance Risk & Compliance Management and Other], Risk Analytics [Cyber risk management, Operational risk management, Credit and market risk management and Other], Marketing Analytics [Predictive Modeling, Yield Management, Product & Service Development Strategies and Other], Sales Analytics [Sales Life Cycle Management, Sales Rep Efficiency Management and Other], Network Analytics[Intelligent Network Optimization, Traffic Management and Other], Supply Chain Analytics [Distribution and logistics optimization, Inventory management, Manufacturing analysis and Other], Web & Social Media Analytics [Social Media Management, Search Engine Optimization, Performance Monitoring and Competitor Benchmarking], and Others). Based on deployment the market is segmented into clouds and on-premises. Based on enterprise size, the market is segmented into small & medium enterprises and large enterprises. Based on end-user, the market is segmented into Government & Defense, Manufacturing, Transportation & Logistics, BFSI, Healthcare & Life science, Travel & Hospitality, Energy & Utilities, IT & Telecommunication, Media & Entertainment, Retail & E-commerce and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Component
The present dominance in the predictive analytics market is of the solutions segment. This is timeless because advanced analytics software and platforms are widely adopted by businesses across a plethora of industries. Predictive analytics solutions, like data mining tools, machine learning, and statistical modeling, help organizations analyze large datasets to arrive at actionable insights. These solutions allow organizations to improve decision-making, optimize operations for effectiveness, and enhance customer experience. This has been further driven by the increasing availability of user-friendly and scalable predictive analytics software solutions, which has made the solutions segment the largest in the market.
Amongst the predictive analytics market, services are the fastest-growing segment. This is because there is ever-increasing demand related to specialized expertise and support in the implementation and management of predictive analytics solutions. Services falling under this category include consulting, system integration, and managed services for the proper deployment of its predictive analytics tool and utilizing it effectively. Firms are striving to wring maximum value from their data and work through problems related to bad data quality, integration, and analysis issues with its help; thus, the need is increasingly felt for expert guidance and ongoing support. The outsourcing of analytics functions to third-party service providers is also on the increase, thereby further accelerating the growth of the services segment.
Analysis by Deployment
Currently, the cloud deployment segment holds a dominant share in the predictive analytics market. This is vested by numerous advantages linked with cloud-based solutions such as flexibility, scalability, and cost-efficiency. With this, every business size can get access to advanced predictive analytics tools without much heavy up-front investment in hardware and infrastructure. Cloud solutions also allow greater collaboration and sharing of data across locations and departments for enhanced efficiency and effectiveness of any predictive analytics initiative. Moreover, the recent acceleration in the development of cloud technologies has been further accelerated due to the availability of robust security measures, thus accelerating the adoption of cloud-based predictive analytics.
The fastest-growing segment for the predictive analytics market is cloud deployment. This steep increase is brought about by the heavy digital transformation being initiated within corporations and the increase in dependence on cloud technologies. For instance, organizations are increasingly growing their dependency on cloud services. Specifically, SaaS applications (31%), cloud storage (30%), and cloud management infrastructure (26%) are commonly used cloud services. The shift to remote work, coupled with the resultant need for real-time data analysis, put the demand for cloud-based solutions in an overdrive. Therefore, organizations seeking to leverage the benefits of the cloud for agility and advanced analytics, the cloud deployment segment has seen substantial and continuing growth.
Global Predictive Analytics Market By Service
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Predictive Analytics Market Regional Insights
In terms of market share, North America dominated the global market. This can be linked to developments in technology and the prominence of market participants, particularly in the United States. Also, venture capitalists' investment in new competitors is expected to lessen competitiveness in the market. Growing developments in the methods and procedures used to develop predictive analytics solutions are expected to provide important commercial opportunities to existing enterprises. Furthermore, there is a high demand for these solutions due to growing knowledge of predictive analytics techniques and their significance.
Asia Pacific is expected to have the highest CAGR during the forecast period. The regional market has grown quickly due to the quick adoption and deployment of advanced predictive analytics technologies. Also, the Asia Pacific market's greater potential encourages solutions and service providers to increase their presence there. Also, it is expected that the market in the region will be driven by rising attention to and investments in emerging technologies like artificial intelligence, IoT, and machine learning.
Global Predictive Analytics Market By Region
- Largest
- Fastest
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Predictive Analytics Market Dynamics
Predictive Analytics Market Drivers
Increased strategic collaboration between industrial players
- Market growth is expected to be fueled by rising strategic collaborations among top industry players for the advancement of predictive analytics throughout the forecast period. To create novel solutions, major market players strategically work with other businesses and research institutions. Such market-wide strategic alliances are anticipated to encourage market expansion soon. For instance, in August 2021 Altair announced the acquisition of S-FRAME Software, a structural analysis platform that engineers use all over the world to assess a structure's capacity to withstand external stressors (such as wind, water, and snow) while conforming to design code standards.
Predictive Analytics Market Restraints
Lack of available experts with sufficient knowledge of how predictive analytics solutions work
- A lack of qualified workers who are familiar with the operation of predictive analytics systems exists in the industry. This worries a lot of businesses in the market because qualified people are needed to implement and run these systems correctly. People must possess the necessary analytical skills to interpret anticipated facts and take appropriate action in light of the results. Therefore, in order to address the aforementioned issue, services like training and consulting have experienced significant market growth.
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Predictive Analytics Market Competitive Landscape
The global predictive analytics market is fragmented and highly competitive. To increase their market share globally, these players have used a variety of organic and inorganic growth tactics, including product launches, mergers, acquisitions, collaborations, and partnerships.
Predictive Analytics Market Top Player’s Company Profiles
- IBM (US)
- Microsoft (US)
- Oracle (US)
- SAP (Germany)
- SAS Institute (US)
- Google (US)
- Salesforce (US)
- Amazon Web Services (AWS) (US)
- Hewlett Packard Enterprise (HPE) (US)
- Teradata (US)
- Alteryx (US)
- FICO (US)
- Altair (US)
- Domo (US)
- Cloudera (US)
- Board International (Switzerland)
- Hitachi Vantara (US)
- Qlik (US)
- Happiest Minds (India)
- Dataiku (US)
- Biofourmis (US)
- In-med Prognostics (India)
- Aito.Ai (Finland)
- Symend (US)
- Onward Health (India)
- Unioncrate (US)
- CyberLabs (Brazil)
- Actify Data Labs (India)
- Amlgo Labs (India)
- Verimos (US)
Predictive Analytics Market Recent Developments
- In May 2024, mPulse, a leader in conversational AI and digital engagement solutions for the healthcare industry, announced the launch of its integrated predictive analytics and omnichannel engagement product capabilities, establishing a new category within the digital health ecosystem.
- In May 2024, Walmart announced the expansion of Walmart Luminate on an international level. Walmart Luminate is a reporting system for Walmart US suppliers that provides sales data as well as customer shopping insights. Three years after its launch in the US, Walmart Luminate, the retailer’s insights solution, is being rolled out worldwide.
- In July 2024, Ocelot, a leader in AI-driven student lifecycle engagement, has strengthened its platform by acquiring Nuro Retention's predictive analytics technology. This strategic move empowers educational institutions to proactively engage students, enhance well-being, and deepen institutional connections through advanced data analysis.
Predictive Analytics Key Market Trends
- A key trend that is becoming increasingly popular in the predictive analytics market is the expansion of cloud adoption. Adopting the cloud is a crucial step that businesses should take to cut costs, reduce risk, and achieve database scalability. Cloud adoption is pervasive in business and serves as a key conduit for digital empowerment, fostering innovation and corporate progress. Cloud methods offer a platform that can serve as a storage hub and deliver computing. For instance, according to O'Reilly, an American publishing company, 90% of the organization will be using cloud computing in November 2021. In the survey from the previous year, 88% of respondents said they used cloud, and 75% of those who worked for the organization said they did as well. However, more than 50% of respondents said they wanted to switch their applications to cloud computing, and 20% said they planned to migrate all of their applications.
Predictive Analytics Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global predictive analytics market analysis, by service, the deployment/installation services segment is expected to grow at a rapid pace during the forecast period. This is due to the increasing use of these tools on cloud platforms. By solution, the predictive risk analytics solutions segment dominated the global market. North America dominated the market and this can be linked to developments in technology and the prominence of market participants, particularly in the United States. Asia Pacific is expected to have the highest CAGR during the forecast period. The rapid deployment and use of advanced predictive analytics solutions are responsible for the regional market's rapid expansion. The expansion of cloud adoption is a major trend that is gaining popularity in the market.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 14.03 billion |
| Market size value in 2031 | USD 84 billion |
| Growth Rate | 19.2% |
| Base year | 2023 |
| Forecast period | 2024–2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Predictive Analytics Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Predictive Analytics Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Predictive Analytics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Predictive Analytics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Predictive Analytics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Predictive Analytics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Predictive Analytics Market Report Snapshots
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