Predictive Analytics Global Market Report 2024

Predictive analytics involves the use of statistics and modeling techniques based on current and historical data to make predictions about future performance and outcomes. This methodology is applied to determine customer responses, identify cross-sell opportunities, and predict future purchases.

The main components of the predictive analytics market include solutions and services. Predictive analytics solutions encompass elements that empower data scientists and event managers to conduct and analyze forecasts and predictions. These solutions cover various domains such as financial analytics, risk analytics, marketing analytics, sales analytics, customer analytics, web and social media analytics, supply chain analytics, and network analytics. Predictive analytics can be deployed both in the cloud and on-premises, catering to the needs of both large enterprises and small and medium-sized enterprises (SMEs). It finds applications in verticals such as BFSI (Banking, Financial Services, and Insurance), manufacturing, retail and e-commerce, government and defense, healthcare and life sciences, energy and utilities, telecommunications and IT, transportation and logistics, media and entertainment, as well as travel and hospitality.

The predictive analytics market research report is one of a series of new reports that provides predictive analytics market statistics, including predictive analytics industry global market size, regional shares, competitors with a predictive analytics market share, detailed predictive analytics market segments, market trends and opportunities, and any further data you may need to thrive in the predictive analytics industry. This predictive analytics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The predictive analytics market size has grown exponentially in recent years. It will grow from $14.19 billion in 2023 to $17.42 billion in 2024 at a compound annual growth rate (CAGR) of 22.8%. The growth observed in the historical period can be attributed to several factors, including business process optimization, increased competition and market dynamics, a focus on customer relationship management, efforts to improve healthcare outcomes, and the implementation of risk management and fraud detection measures.

The predictive analytics market size is expected to see exponential growth in the next few years. It will grow to $41.44 billion in 2028 at a compound annual growth rate (CAGR) of 24.2%. The anticipated growth in the forecast period can be attributed to factors such as customization and scalability of predictive analytics solutions, optimization of energy consumption, automation of regulatory compliance, continuous monitoring of model performance, and the application of predictive analytics in human resources and talent analytics. Major trends expected during this period include increased adoption across various industries, a focus on advanced machine learning models, the exponential growth of big data, the incorporation of explainable AI for transparency, enhanced capabilities in fraud detection and cybersecurity, and an emphasis on ethical and responsible AI practices.

The predictive analytics market is poised for growth, driven by the increasing adoption of big data and related technologies. Big data, a data management system used in processing large datasets, has seen rising adoption in various industries, fostering the development of innovative technologies. Predictive analytics benefits from these advancements, incorporating technologies such as edge computing, streaming analytics, artificial intelligence, in-memory databases, data lakes, and blockchain. Notably, over 53% of companies are embracing big data analytics, according to a 2022 study by Dresner Advisory Services. This surge in the adoption of big data and related technologies is anticipated to propel the growth of the predictive analytics market.

The predictive analytics market is expected to receive a significant boost from the growth of artificial intelligence (AI). AI, simulating human intelligence processes performed by machines, enhances predictive analytics capabilities by analyzing historical data, identifying patterns, and predicting future trends. The AI market in the UK, surpassing $21 billion in 2022, is projected to contribute approximately $1 trillion to the UK economy by 2035, as reported by the International Trade Administration. The expansion of artificial intelligence is a key driver for the growth of the predictive analytics market.

A notable trend in the predictive analytics market is the increasing adoption of cloud computing. Organizations are strategically adopting cloud services to reduce costs, mitigate risks, and achieve scalable database capabilities. Cloud adoption has become pervasive in the business world, acting as a crucial driver of digital empowerment and innovation. A survey reported by O'Reilly in November 2021 revealed that 90% of organizations have embraced cloud computing, signaling its widespread adoption across industries.

Major companies in the predictive analytics market are introducing new software solutions to offer more efficient and effective solutions for industrial operators. AVEVA, a UK-based corporate payment specialist, launched the AVEVA Predictive Analytics software in February 2023. This software facilitates predictive monitoring of industrial assets in sectors like oil and gas, power, chemicals, mining, and manufacturing. AVEVA Predictive Analytics incorporates automated model building for faster and more consistent deployment of predictive maintenance solutions, contributing to improved asset reliability, performance, sustainability, and workforce productivity. Additionally, the software allows data science teams to integrate their AI algorithms through a 'bring your own algorithm' capability.

In January 2021, TIBCO Software Inc., an American business intelligence software company, acquired Information Builders, Inc., a US-based software company specializing in business intelligence, data integration, and data quality solutions. This acquisition positions TIBCO to expand its customer base and global partner networks in the predictive analytics market.

Major companies operating in the in the predictive analytics market report are IBM Corporation, Microsoft Corporation, Oracle Corporation,SAP SE,SAS Institute Inc.,Salesforce Inc.,Alteryx Inc.,RapidMiner Inc.,DataRobot Inc.,Domo Inc.,TIBCO Software Inc.,KNIME Inc.,Sisense Inc.,FICO,GoodData,Angoss Software Co., QlikTech Inc.,Rapid Insight Inc.,TARGIT Inc.,Predixion Software Inc.,Information Builders Inc.,Salesforce,Indix Internet India Private Limited, Opera Solutions India Private Limited, SymphonyAI Group,Exago Ventures S. A.,Rapid7 Inc.,Stratifyd Inc.,Thoughtspot India Private Limited,Ayasdi

North America was the largest region in the predictive analytics market in 2023. The regions covered in the predictive analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the predictive analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The predictive analytics market includes revenues earned by entities by providing predictive models, descriptive models, and decision models. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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