USD 10.5 billion
Predictive Analytics Market Size, Share, Growth Analysis, By Component(Service (Managed Services and Professional Services [Consulting, Deployment& Installation and Support & Maintenance]), Solution ( Customer Analytics [Customer Segmentation & Clustering, Customer Behavior Analysis), By Deployment Type(Cloud and On-premise), By Enterprise Size(Small & Medium Enterprises and Large Enterprises), By End-User(Government & Defense, Manufacturing, Transportation & Logistics, BFSI), By Service(Training and Consulting, Service), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45A2063 |
Region:
Global |
Published Date: July, 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).
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.
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- 2021 (%)
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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 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.
Global Predictive Analytics Market Size By Component (%)
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Predictive Analytics Market Regional Insights
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.
Global Predictive Analytics Market Size By Region
- Largest
- Fastest
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Predictive Analytics Market Dynamics
Predictive Analytics Market Drivers
Growing Data Volumes
- The exponential growth of data generated by businesses across industries is driving the demand for predictive analytics. Organizations are using big data to predict trends, improve operations and make informed decisions, fueling the growth of the predictive analytics market.
Advances in Machine Learning and AI
- Technological advances in machine learning and artificial intelligence are making predictive analytics more accurate and efficient. These innovations enable more sophisticated modeling and design, improve predictive capabilities, and market expansion.
Restraints
Increased Cost of Implementation
- The initial investment required to implement a predictive analytics solution can be significant. The cost of technology acquisition, systems integration, and employee training can be a barrier, especially for SMEs.
Data Privacy and Compliance Challenges
- Managing sensitive information poses the significant challenges to ensure compliance with data privacy laws. Data security and regulatory compliance concerns may restrict the adoption of predictive analytics solutions and influence market growth.
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Predictive Analytics Market Competitive Landscape
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
- 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
- January 2024: Wipro Ltd launched Wipro Enterprise Artificial Intelligence (AI)-Ready Platform, a service that enables customers to create fully integrated and customized enterprise-grade AI environments. Wipro Enterprise AI-Ready Platform uses resources as it is dynamic that uses predictive analytics to adapt for different tasks.
- June 2023: Accenture acquired Nextira, an AWS partner specializing in cloud-native innovation and predictive analytics. With this acquisition, Accenture aims to provide actionable insights and predictable results for customers, enabling new application development, improving customer and employee experiences, and enhancing future products.
- May 2023: Teradata partnered with FICO to deliver advanced integrated analytics solutions for real-time payment fraud, insurance claim and supply chain optimization. The companies aimed to streamline solution development for businesses by bringing together data, analytics and insights in an integrated environment.
Predictive Analytics Key Market Trends
- Integrating Predictive Analytics with Traditional Business Intelligence (BI) Systems to Support Market Growth: Integrating predictive analytics with traditional business intelligence approaches stems from the need for a holistic and actionable approach to data analysis. By combining historical data insights from BI and predictive modeling, organizations gain focusing on their data enabling, leading to proactive responses to changing circumstances. Data analysts and business users can easily access and interpret integrated insights through user-friendly interfaces and advanced data visualization. Ongoing learning ensures that predictive models are developed and improved, providing more accurate and valuable information. Ultimately, the trend leads to improved productivity, increased ROI, and a competitive edge in a data-driven world.
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 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 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.
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