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Predictive Analytics Market size was valued at USD 10.5 billion in 2019 and is poised to grow from USD 12.78 billion in 2023 to USD 61.49 billion by 2031, growing at a CAGR of 21.7% in the forecast period (2024-2031).

The 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. 'Microsoft', 'Oracle ', ' IBM Corporation ', ' SAP SE ', ' SAS Institute Inc. ', ' Fair Isaac Corporation (FICO) ', ' Alteryx, Inc. ', ' Angoss Software Corporation ', ' RapidMiner, Inc. ', ' KNIME AG ', ' TIBCO Software Inc. ', ' Teradata Corporation ', ' MicroStrategy Incorporated ', ' Tableau Software, LLC ', ' Information Builders Inc. ', ' Dataiku SAS ', ' IBM Watson Health ', ' Ayasdi, Inc. ', ' Dell Inc. ', ' Minitab, Inc. '

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.

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.

In terms of market share, North America dominated the 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.

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Global Predictive Analytics Market

Product ID: SQMIG45A2063