The global predictive analytics market is projected to reach close to USD 36.01 billion by 2028 with an annual growth rate of 24.9%. Advances in next-gen technology such as machine learning and artificial intelligence are further helping create growth opportunities in the global predictive analytics market. Additionally, enterprises gaining competitive advantages, organizations learning risk management, business value, and predictive analytics helping in attaining strategic objectives across business functions are some key influencers of the growth of the global predictive analytics market.
However, there are strategic pitfalls that businesses encounter using predictive analytics such as lack of resources like budget and skills, inaccurate results, lack of awareness of how to implement predictive analytics to business problems are likely to hamper the global predictive analytics market.
Furthermore, data visibility, implementation of scalable deployment approaches, predictive analytics leading to better understand client’s needs, market potential, risks, and opportunities, and technical assistance provided to better deploy predictive analytics are anticipated to offer growth opportunities for the global predictive analytics market.
Predictive analytics (PA) is the process to deliver advanced analytics across businesses based on historical data to unravel future possibilities in predictive analytics. PA (predictive analytics) predicts the future by analyzing current and historical data. For example, in manufacturing, predictive analytics is used to increase efficiency and revenue. PA is in manufacturing is applied for forecasting the location and frequency of machine failures, predicting production delays, etc.
Thus, it facilitates future demand projections, reduces material waste, etc. Companies are looking to invest in predictive analytics as it is coming out as an important area for business efficiency. Market players include start-ups, and established players are investing in predictive analytics seeing its potential to generate high returns for their businesses as well as the clients.
Predictive analytics companies which have made a mark in the industry are Oracle, IBM, SAS Institute, NTT Data, Microsoft, SAP SE, Fair Isaac, Angoss Software, Rapidminer, Tableau, and Tibco, among others. These companies are taking the partnership route to provide tailored solutions to clients across multiple industries. The companies, along with acquisitions and investments, are collaborating with global big data software vendors to leverage big data capabilities.
Predictive Analytics Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 36.01 billion|
|Growth Rate||CAGR of 24.9% during 2021-2028|
|Segment Covered||Deployment, Component, Component, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Oracle, IBM, SAS Institute, NTT Data, Microsoft, SAP SE, Fair Isaac, Angoss Software, Rapidminer, Tableau, and Tibco, among others.|
Key Segments of the Global Predictive Analytics Market
Deployment Overview, 2018-2028 (USD Billion)
Component Overview, 2018-2028 (USD Billion)
Component Overview, 2018-2028 (USD Billion)
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia-Pacific
- Rest of South America
Middle East and Africa
Reasons for the study
- To gauge the ideal market conditions of the global predictive analytics industry across regional and local markets
- To identify core growth influencers and their overall impact on growth transformation and industry maturation
- To identify potential barriers and opportunities that play decisive roles in growth inducement
What does the report include?
- Techniques to improve sales performance and customer retention practices
- All the significant factors fueling high-revenue investment returns in the global predictive analytics market
- Thorough evaluation of the global opportunities ideal for new market participants, as well as disruptive technologies suitable for established players
- A summary of high-end deals coined by leading players in the global predictive analytics space
- A thorough vendor mapping of the front line, tier I and II players, along with their asset valuation, global positioning, and chief growth fostering practices.
Who should buy this report?
- This report is an ideal investment for entrepreneurs, chief executive officers, directors of businesses across industries who are actively looking out for vestment opportunities and appropriate guidelines.
- The report is overtly desirable for researchers, students, management graduates, and industry experts looking out for innovative breakthroughs and entry-level strategies in the global predictive analytics market.
Businesses in the recent years have been seen using predictive analytics explosively to gain better business insights of their customer’s needs and wants. Predictive analytics is helping in reduction of risks. This allows businesses to leverage wise business discretion to initiate improved customer journey. Moreover, predictive analytics is offering substantial business benefits.
SME’s are largely investing in providing innovative solutions to the customers. Companies have established strong relationships with clients satisfying the client objective. The companies are providing definitive solutions which are helping derive multiple benefits. Thus, predictive analytics is acting as a game changer across multiple companies to serve clients. This is anticipated being a growth opportunity to the global predictive analytics market. Incorporating predictive analytics with Big data, Artificial intelligence, Machine learning, and IoT are offering maximum returns on investment in the global predictive analytics market.
Depending on different segments, the market is classified into deployment segments, namely on-premise and on-cloud. The on-premise segment has emerged successfully as the most lucrative segment in the global predictive analytics market. Organizations save huge costs than those required for data servers or expensive hardware. Also, security and in-hand data due to on-premise PA for gaining valuable insight are the key factors driving the growth of the on-premise PA segment.
Depending on different segments, the market is classified into component segments, namely on-solutions and services. The solutions segment gathered the largest market share as it allows detecting fraud, reducing risks, optimizing market strategies, and others.
Depending on different segments, the market is classified into application segments, namely healthcare, manufacturing, BFSI, e-commerce, others. The BFSI segment is leading the market. PA helps detect fraudulent customers and transactions, minimizes credit risks, retains and attracts valuable customers, and forecasts return on investment, and more. These factors are driving BFSI segment in the market.
North America is the largest shareholder in terms of innovation, investment, adoption of predictive analytics for driving businesses. In addition, North America has the presence of large technology giants focused on providing PA solutions and foreign companies. APAC is also the next dominant region in the predictive analytics market due to increasing awareness of the benefits of PA and rising public and private investments.