USD 10.5 billion
Report ID: SQMIG45A2063 | Region: Global | Published Date: February, 2024 | Pages: 157 | Tables: 149 | Figures: 78
Predictive Analytics Market size was valued at USD 10.5 billion in 2021 and is poised to grow from USD 12.78 billion in 2022 to USD 61.49 billion by 2030, growing at a CAGR of 21.7% in the forecast period (2023-2030).
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 This technology will completely replace the outdated practice of businesses creating a product based on marketing research, then gathering user input. Businesses all across the world are aware of how crucial customer delight is to preserving 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 positive growth opportunities.
US Predictive Analytics Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 10.5 billion
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Global predictive analytics market is segmented on the basis of service, solution, deployment type, enterprise size, end-user and region. By service, the market is segmented into Training & Consulting, Deployment/Installation, and Support & Maintenance. By solution, market is segmented into customer analytics, financial analytics, marketing & sales analytics, network analytics, risk analytics, supply chain analytics, web & social media analytics, and others. By deployment type, market is segmented into cloud and on-premise. By enterprise size, market is segmented into small & medium enterprises and large enterprises. By end-user, market is segmented into aerospace & defense, automotive & transportation, BFSI, healthcare, IT & telecommunication, media & entertainment, retail & e-commerce and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Predictive Analytics Market Analysis by Service
The service segment is expected to grow at a rapid pace throughout the forecast period. The increasing deployment of predictive analytics solutions in various industrial verticals is driving the expansion of the service segment, which is expected to drive higher demand for pre- and post-deployment services. The market has been divided into three service segments: support and maintenance, training and consulting, and deployment/installation services. During the projection period, the deployment/installation services segment is predicted to increase rapidly. This is a result of the growing use of predictive analytics technologies on cloud platforms.
During the forecast period, the training and consulting segment is expected to have significant market growth. Transferring sufficient knowledge about how the solution works to employees is facilitated by training and consulting services. It helps businesses in overcoming the difficulty of finding skilled workers. As a result, these services assist companies in improving both their overall performance and revenue production, driving the segment's growth over the forecast period.
Predictive Analytics Market Analysis by Solution
Predictive risk analytics solutions are significant to market growth. During the forecast period, the risk analytics segment dominated the global market. The increased use of various risk analytics systems for predicting dangers and taking precautions can be credited with the segment's growth. Additionally, segment growth is supported by rising data quantities, the need for data integration, and the increased focus on creating sophisticated risk management techniques.
The customer analytics segment is expected to grow at the fastest rate over the forecast period. Customer intelligence is a systematic and sophisticated analytical method that businesses are increasingly using to understand customer behavior. Businesses utilize this information to improve their total income creation and make critical business decisions. Additionally, customer analytics, which includes methods like predictive modeling and data visualization, aids businesses in boosting customer lifetime value (CLV), winning over new clients, and keeping hold of current ones.
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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.
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Predictive Analytics Market Drivers
Increased strategic collaboration between industrial players
Predictive Analytics Market Restraints
Lack of available experts with sufficient knowledge of how predictive analytics solutions work
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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
SAS Institute Inc.
Fair Isaac Corporation (FICO)
Angoss Software Corporation
TIBCO Software Inc.
Tableau Software, LLC
Information Builders Inc.
IBM Watson Health
Predictive Analytics Market Recent Developments
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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.
|Market size value in 2021
|USD 10.5 billion
|Market size value in 2030
|USD 61.49 billion
|Forecast Unit (Value)
|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)
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global 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 Global 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.
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