USD 10.5 billion
Report ID:
SQMIG45A2063 |
Region:
Global |
Published Date: July, 2024
Pages:
157
|Tables:
149
|Figures:
78
Predictive Analytics Market size was valued at USD 17.12 Billion in 2023 and is poised to grow from USD 20.41 Billion in 2024 to USD 100.13 Billion by 2032, growing at a CAGR of 19.2% during the forecast period (2025-2032).
Increasing use of predictive tools, increasing investment in big data support infrastructure, adoption of big data technologies is some of the major factors driving the growth of the global predictive analytics market. Furthermore, Integration of IoT and AI in predictive analytics. However, market growth is expected to be restrained due to lack of skilled IT professionals and the high implementation costs.
Customers now have a better overall buying experience in the eCommerce industry. Customer perception research and targeted online/social media advertising are the main elements boosting businesses' sales. 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.
US Predictive Analytics Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 10.5 billion
Largest Segment
Deployment/Installation
Fastest Growth
Deployment/Installation
Growth Rate
21.7% CAGR
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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 Services, the market is segmented into Training and Consulting, Service. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Services
The services segment is expected to witness the highest CAGR during the forecast period. The growth in the service segment was primarily driven by using predictive analytics solutions across industries, which is likely to increase the demand for pre- and post-implementation services. The deployment/installation services segment is expected to register the highest CAGR during the forecast period. This can be attributed to the increasing use of predictive analytics solutions on cloud platforms.
The training and consulting industry is expected to witness a remarkable growth in the market during the forecast period. Training and consulting services are important in providing sufficient knowledge to employees on the solution's application. It helps organizations overcome the challenge of shortage of skilled workers. This function therefore helps organizations to improve their overall performance and revenue and drives the growth of the segment over the forecast period.
Analysis by End-Use
The BFSI segment is estimated to be a key contributor to the growth of the predictive analytics market. This can be attributed to advanced investment analysis solutions being increasingly adopted by leading organizations operating in BFSI verticals due to improved compliance programs The regulatory framework has become more complex on globally, as a result, demand for predictive analytics solutions from BFSI vertical is expected. Furthermore, credit risk management, capital management and insurance risk management among others are becoming increasingly important due to regulatory requirements a coupled with certified predictive analytics solutions enable BFSIs to undertake digital transformation. It provides an enhanced customer experience and helps cater to changing consumer behaviour.
The retail and e-commerce segments are predicted to register the highest growth in the global market. Customer demand for a customized and personalized shopping experience is expected to play a key role in the demand for predictive analytics solutions in the retail e-commerce segment. As well as advances in technology such as artificial intelligence (AI), augmented reality (AR), and machine learning. Furthermore, the rapid adoption of social media, increased internet penetration and widespread use of data-intensive platforms have accelerated the demand for predictive analytics technology.
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North America holds the largest market share, primarily due to growing demand for automation and widespread adoption of advanced technologies across industries in Canada and the US. 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 in the market is expected to grow at the highest CAGR during the forecast period. This is due to the widespread adoption and deployment of advanced predictive analytics solutions across countries and industries. The growing need for data-driven decision-making in businesses is encouraging them to adopt solutions to extract valuable insights from their data, enabling them to monitor trends, identify opportunities and mitigate risks well.
The solution enables advanced machine learning and streaming analytics algorithms that detect and prevent fraudulent activity in real time.
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Predictive Analytics Market Drivers
Growing Data Volumes
Advances in Machine Learning and AI
Restraints
Increased Cost of Implementation
Data Privacy and Compliance Challenges
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The predictive analytics market is highly competitive, with a variety of key players offering advanced solutions and services in various industries. The key players in the market are IBM, SAS Institute, Oracle, Microsoft, and SAP. These companies leverage their breadth of expertise and technology to deliver complete predictive analytics solutions that meet business needs from forecasting and risk management to customer insights and operational efficiencies. IBM’s Watson delivers advanced predictive analytics capabilities powered by artificial intelligence and machine learning. IBM focuses on integrating its solutions with other enterprise software to improve business processes and decision-making.
Predictive Analytics Market Top Player’s Company Profiles
Predictive Analytics Market Recent Developments
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 SkyQuest 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 2023 | USD 17.12 Billion |
Market size value in 2032 | USD 100.13 Billion |
Growth Rate | 19.2% |
Base year | 2024 |
Forecast period | 2025-2032 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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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 |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
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.
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.
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Report ID: SQMIG45A2063
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