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The Predictive Analytics Market Size was valued at USD 15.55 Billion in 2023 and is expected to reach USD 92.40 Billion by 2032 and grow at a CAGR of 21.90% over the forecast period 2024-2032.
In the calculative approach of predictive analytics, past as well as future behavior and patterns are examined. Several techniques, including automated machine learning algorithms and statistical analysis, are used to administrate these analytics. In order to be prepared to develop predictive models, several procedures are applied. The probability or likelihood of an event occurring may then be calculated (quantitatively) using these models. Predictive analytics software analyses and measures the likelihood of customer, machine, and other behavior using the available factors.
The forecast would allow businesses to prepare in advance for the specific demands of the customers. Using consumer forecasts to create goods that provide different businesses a competitive edge. This technology will completely replace the outdated practice of businesses basing product development on market research before soliciting customer input. Businesses all around the world are well aware of the importance of customer delight in preserving long-term client relationships.
KEY DRIVERS:
Increasing use of big data and associated technologies.
The arrival of artificial intelligence and machine learning.
Cloud-based predictive analytics solutions have lower costs.
RESTRAINTS:
Time-consuming redesign of prediction models due to a change in area data requirements.
concerns about data security.
OPPORTUNITY:
Growing use of linked and integrated technology and expanding internet usage.
Predictive analytics is playing a larger role in attaining industrial excellence.
CHALLENGES:
Data integration from data silos.
ownership and confidentiality of data gathered.
A rush of innovations has been sparked by COVID-19, and technical developments have improved the prognosis for the predictive analytics market globally. Predictive analytics adoption has accelerated because to COVID-19; instead of taking years to deploy, it now happens within months. Stakeholders are making money by tracking COVID-19 immunization rates, for example, using prediction algorithms. Predictive analytics is being impacted by the epidemic because stakeholders are demanding real-time supply chain information. Despite the outbreak's unavoidable difficulties, the healthcare industry has been fast to use big data analytics. The demand for big data in healthcare applications has increased the demand for predictive analytics.
MARKET ESTIMATION:
Professional services and managed services are two further divisions of the services market. These services are handled by solution and service providers and are a necessary step in adopting a predictive analytics system. Due to a growth in clients' individualized needs, there will likely be an increase in the demand for professional services. In order to improve overall performance, customers are requesting customizations for predictive analytics solutions that have previously been implemented. Enhancing real-time insights for precise alert systems, strengthening security precautions, enhancing digital Customer Experience (CX), and having the capacity to get the most out of the growing company data are among the customization needs. It is anticipated that the increasing use of predictive analytics solutions would increase demand for managed and professional services.
According to projections, the on-premises market will rule the whole world. Data security, storage, and privacy issues related to cloud infrastructure might be blamed for the segment's expansion. Additionally, many top firms throughout the world have traditionally chosen to employ predictive analytics systems on-premise. But during the foreseeable period, the cloud category is anticipated to have the greatest CAGR. The cost-effectiveness, efficient resource usage, quicker data processing, and direct IT control benefits attained by cloud models are the main causes of the cloud segment's rapid growth rate. Additionally, enterprises may operate remotely thanks to the implementation of these solutions in the cloud.
In 2021, big businesses ruled the world market. These businesses are employing predictive analytics solutions more frequently to forecast future trends using current historical data. Large businesses are also creating their long-term business plans based on forecasted results. The sector for small and medium-sized businesses is anticipated to have the greatest CAGR between 2022 and 2028. Small- and medium-sized businesses are dramatically boosting their use of cloud computing and predictive analytics, which is boosting the segment's development. These businesses need predictive analytics solutions to improve operational performance while lowering overall operating expenses.
According to estimates, the BFSI industry will significantly contribute to the expansion of the predictive analytics market. Due to improved regulatory compliance procedures, major businesses in the BFSI sector are increasingly adopting advanced financial analytics solutions. Additionally, BFSI organizations are undergoing a digital transformation thanks to the use of predictive analytics technologies. It provides a better customer experience and aids in adjusting to shifting consumer behavior. The worldwide market is expected to develop fastest in the retail and e-commerce segment. Predictive analytics solutions are in high demand in the retail and e-commerce sectors due to consumer preferences for a customized and personalized purchasing experience. In addition, the market is anticipated to rise as a result of developments in technologies like artificial intelligence (AI), augmented reality (AR), and machine learning.
On The Basis of Component
Solution
Services
On The Basis of Deployment
On-premise
Cloud
On The Basis of Enterprise Size
Large Enterprises
Small & Medium Enterprises
On The Basis of Industry Vertical
BFSI
Retail
IT & Telecom
Healthcare
Government
Manufacturing
Others
It has been noted that the predictive market has acquired a certain significant rise throughout the predictive analytics market projection term. North America, some of Europe, Asia Pacific, and a few more places across the world have all been added to the market's geographic reach. The North American continent has been noted for dominating the whole planet. According to the latest technical advancements, several of the market's rivals are attempting to introduce specific solutions. Where genuine government support has been placed on certain small businesses, the Asia Pacific area has been identified as the fastest growing marketing category.
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REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
The major key players are Alteryx, Inc., Fair Isaac Corporation, Information Builders, International Business Machines Corporation, KNIME, Microsoft Corporation, Oracle Corporation, SAP SE, SAS Institute Inc., TIBCO Software Inc.and Other Players
| Report Attributes | Details |
| Market Size in 2023 | US$ 15.55 Bn |
| Market Size by 2032 | US$ 92.40 Bn |
| CAGR | CAGR of 21.90% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Component (Solution and Services) • By Deployment (On-premise and Cloud) • By Enterprise Size (Large Enterprises and Small & Medium Enterprises) • By Industry Vertical (BFSI, Retail, IT & Telecom, Healthcare, Government, Manufacturing, Others) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Company Profiles | Alteryx, Inc., Fair Isaac Corporation, Information Builders, International Business Machines Corporation, KNIME, Microsoft Corporation, Oracle Corporation, SAP SE, SAS Institute Inc., and TIBCO Software Inc. |
| Key Drivers | • Increasing use of big data and associated technologies • The arrival of artificial intelligence and machine learning |
| Market Challenges | • Data integration from data silos • Ownership and confidentiality of data gathered |
Ans: - The Predictive Analytics market size was valued at USD 15.55 Bn in 2023.
Ans: - Increasing use of big data and associated technologies and the arrival of artificial intelligence and machine learning.
Ans: - The North American continent has been noted for dominating the whole planet.
Ans: - The major key players are Alteryx, Inc., Fair Isaac Corporation, Information Builders, International Business Machines Corporation, KNIME, Microsoft Corporation, Oracle Corporation, SAP SE, SAS Institute Inc., and TIBCO Software Inc.
Ans: - Key Stakeholders Considered in the study are Raw material vendors, Regulatory authorities, including government agencies and NGOs, Commercial research, and development (R&D) institutions, Importers and exporters, etc.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Predictive Analytics Market Segmentation, by Component
8.1 Solution
8.2 Services
9. Predictive AnalyticsMarket Segmentation, by Deployment
9.1 On-premise
9.2 Cloud
10. Predictive AnalyticsMarket Segmentation, by Enterprise Size
10.1 Large Enterprises
10.2 Small & Medium Enterprises
11. Predictive Analytics Market Segmentation, by Industry Vertical
11.1 BFSI
11.2 Retail
11.3 IT & Telecom
11.4 Healthcare
11.5 Government
11.6 Manufacturing
11.7 Others
12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 USA
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Germany
12.3.2 UK
12.3.3 France
12.3.4 Italy
12.3.5 Spain
12.3.6 The Netherlands
12.3.7 Rest of Europe
12.4 Asia-Pacific
12.4.1 Japan
12.4.2 South Korea
12.4.3 China
12.4.4 India
12.4.5 Australia
12.4.6 Rest of Asia-Pacific
12.5 The Middle East & Africa
12.5.1 Israel
12.5.2 UAE
12.5.3 South Africa
12.5.4 Rest
12.6 Latin America
12.6.1 Brazil
12.6.2 Argentina
12.6.3 Rest of Latin America
13. Company Profiles
13.1 Alteryx, Inc.
13.1.1 Financial
13.1.2 Products/ Services Offered
13.1.3 SWOT Analysis
13.1.4 The SNS view
13.2 Fair Isaac Corporation
13.3 Information Builders
13.4 International Business Machines Corporation
13.5 KNIME
13.6 Microsoft Corporation
13.7 Oracle Corporation
13.8 SAP SE
13.9 SAS Institute Inc
13.10 TIBCO Software Inc.
14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share Analysis
14.3 Recent Developments
15. Conclusion
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