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Predictive Analytics Market Report and Forecast 2024-2032

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    Report

  • 176 Pages
  • July 2024
  • Region: Global
  • Expert Market Research
  • ID: 5990183
According to the report, the global predictive analytics market size attained approximately USD 15.70 billion in 2023. Aided by the growing significance of predictive analytics in a data-driven world, the market is estimated to grow at a CAGR of 21.7% in the forecast period of 2024-2032, reaching a value of around USD 91.93 billion by 2032.

The global predictive analytics market encompasses a suite of statistical techniques and models that predict future outcomes based on historical and current data. This domain leverages everything from data mining, statistics, and machine learning to analyse current facts to make predictions about future events. In the business context, predictive analytics is primarily used to forecast consumer behaviour, identify potential risks, and enhance decision-making processes across various industries, including finance, healthcare, marketing, retail, and more.

Recent predictive analytics market trends reflect its growing significance in a data-driven world. As businesses increasingly rely on data to drive strategic decisions, the demand for advanced analytics solutions has soared. One of the foremost trends is the integration of artificial intelligence (AI) and machine learning (ML) with predictive analytics. These technologies enhance the ability of predictive models to learn from data iteratively, thereby improving the accuracy of predictions over time without explicit programming. This integration is particularly prevalent in sectors like retail and healthcare, where dynamic consumer behaviour and patient outcomes can be predicted with greater precision.

Another significant trend aiding the predictive analytics market growth is the increasing adoption of cloud-based predictive analytics solutions. The scalability, flexibility, and cost-efficiency of cloud services make them ideal for handling large datasets and complex computational processes required for predictive modelling. This shift is facilitated by concerns over data security and privacy, which are being addressed through improved security protocols and regulations like the GDPR in Europe and CCPA in California, ensuring that data handling practices meet stringent compliance standards.

The expansion of the Internet of Things (IoT) has also propelled the predictive analytics market expansion. IoT devices generate a vast amount of real-time data that can be used to forecast equipment failures, optimise manufacturing processes, and enhance supply chain management. Predictive maintenance, for instance, uses data from sensors embedded in equipment to predict failures before they occur, significantly reducing downtime and maintenance costs.

Big data technologies continue to evolve, providing the necessary tools and frameworks to process and analyse the enormous volumes of data required for effective predictive analytics. Technologies such as Hadoop and Spark allow businesses to manage big data sets efficiently, while tools like R and Python offer robust data analysis capabilities that help in building sophisticated predictive models.

Furthermore, the predictive analytics market is witnessing a shift towards the democratisation of data analytics, where predictive tools are being designed for use not just by data scientists but also by business analysts and other non-technical users. This trend is supported by the development of user-friendly software with graphical interfaces and automated features that simplify the process of data analysis, making predictive tools more accessible to a broader audience.

In terms of regional growth, the North America predictive analytics market currently leads, driven by advanced technological infrastructure and the presence of major players in the analytics space. However, the Asia Pacific is expected to grow at the fastest rate due to rising technological adoption and digitalisation across major economies such as China and India, coupled with improvements in regulatory frameworks for data protection.

Privacy concerns and data security are pivotal challenges in the global predictive analytics market development. As predictive models often require access to sensitive information, ensuring the privacy and security of this data is paramount. Advanced encryption techniques and stringent data governance policies are critical in mitigating these risks.

Market Segmentation

The global predictive analytics market can be divided based on component, organisation size, deployment, end use, and region.

Market Breakup by Component

  • Solutions
  • Services

Market Breakup by Organisation Size

  • Small and Medium Sized Enterprises (SMEs)
  • Large Size Enterprises

Market Breakup by Deployment

  • Cloud
  • On-premise

Market Breakup by End Use

  • BFSI
  • Healthcare and Life Sciences
  • Manufacturing
  • Retail and E-commerce
  • Government
  • Transportation and Logistics
  • IT and Telecom
  • Others

Market Breakup by Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global predictive analytics market. Some of the major players explored in the report are as follows:
  • IBM Corporation
  • Microsoft Corporation
  • Amazon Web Services, Inc.
  • Google LLC
  • Hewlett Packard Enterprise Development LP
  • Oracle Corporation
  • SAS Institute Inc.
  • SAP SE
  • TIBCO Software Inc.
  • Alteryx, Inc.
  • Others

Table of Contents

1 Preface2 Report Coverage - Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Predictive Analytics Market Analysis
8.1 Key Industry Highlights
8.2 Global Predictive Analytics Historical Market (2018-2023)
8.3 Global Predictive Analytics Market Forecast (2024-2032)
8.4 Global Predictive Analytics Market by Component
8.4.1 Solutions
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Services
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.5 Global Predictive Analytics Market by Organisation Size
8.5.1 Small and Medium Sized Enterprises (SMEs)
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Large Size Enterprises
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.6 Global Predictive Analytics Market by Deployment
8.6.1 Cloud
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 On-premise
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.7 Global Predictive Analytics Market by End Use
8.7.1 BFSI
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Healthcare and Life Sciences
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Manufacturing
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Retail and E-commerce
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Government
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
8.7.6 Transportation and Logistics
8.7.6.1 Historical Trend (2018-2023)
8.7.6.2 Forecast Trend (2024-2032)
8.7.7 IT and Telecom
8.7.7.1 Historical Trend (2018-2023)
8.7.7.2 Forecast Trend (2024-2032)
8.7.8 Others
8.8 Global Predictive Analytics Market by Region
8.8.1 North America
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 Europe
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.8.3 Asia Pacific
8.8.3.1 Historical Trend (2018-2023)
8.8.3.2 Forecast Trend (2024-2032)
8.8.4 Latin America
8.8.4.1 Historical Trend (2018-2023)
8.8.4.2 Forecast Trend (2024-2032)
8.8.5 Middle East and Africa
8.8.5.1 Historical Trend (2018-2023)
8.8.5.2 Forecast Trend (2024-2032)
9 North America Predictive Analytics Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Predictive Analytics Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Predictive Analytics Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Predictive Analytics Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Predictive Analytics Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 IBM Corporation
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Microsoft Corporation
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Amazon Web Services, Inc.
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Google LLC
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Hewlett Packard Enterprise Development LP
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Oracle Corporation
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 SAS Institute Inc.
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 SAP SE
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 TIBCO Software Inc.
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Alteryx, Inc.
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Predictive Analytics Market: Key Industry Highlights, 2018 and 2032
2. Global Predictive Analytics Historical Market: Breakup by Component (USD Billion), 2018-2023
3. Global Predictive Analytics Market Forecast: Breakup by Component (USD Billion), 2024-2032
4. Global Predictive Analytics Historical Market: Breakup by Organisation Size (USD Billion), 2018-2023
5. Global Predictive Analytics Market Forecast: Breakup by Organisation Size (USD Billion), 2024-2032
6. Global Predictive Analytics Historical Market: Breakup by Deployment (USD Billion), 2018-2023
7. Global Predictive Analytics Market Forecast: Breakup by Deployment (USD Billion), 2024-2032
8. Global Predictive Analytics Historical Market: Breakup by End Use (USD Billion), 2018-2023
9. Global Predictive Analytics Market Forecast: Breakup by End Use (USD Billion), 2024-2032
10. Global Predictive Analytics Historical Market: Breakup by Region (USD Billion), 2018-2023
11. Global Predictive Analytics Market Forecast: Breakup by Region (USD Billion), 2024-2032
12. North America Predictive Analytics Historical Market: Breakup by Country (USD Billion), 2018-2023
13. North America Predictive Analytics Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Europe Predictive Analytics Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Europe Predictive Analytics Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Asia Pacific Predictive Analytics Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Asia Pacific Predictive Analytics Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Latin America Predictive Analytics Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Latin America Predictive Analytics Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Middle East and Africa Predictive Analytics Historical Market: Breakup by Country (USD Billion), 2018-2023
21. Middle East and Africa Predictive Analytics Market Forecast: Breakup by Country (USD Billion), 2024-2032
22. Global Predictive Analytics Market Structure

Companies Mentioned

  • IBM Corporation
  • Microsoft Corporation
  • Amazon Web Services, Inc.
  • Google LLC
  • Hewlett Packard Enterprise Development LP
  • Oracle Corporation
  • SAS Institute Inc.
  • SAP SE
  • TIBCO Software Inc.
  • Alteryx, Inc.

Methodology

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Table Information