Predictive Analytics Market

Predictive Analytics Market was valued at USD 12.1 billion in 2022 and is forecast to touch USD 52.5 billion in 2030, and the market is expected to grow at a whopping CAGR of 20.1% from 2023-2030 attributed to surge in the adoption of advanced technologies.

Huge volumes of data are being generated worldwide due to surge in the usage of internet and availability of different sources for accessing internet. As a result, companies are increasingly adopting predictive analytics models to make prediction about future outcomes and trends.

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Major Predictive Analytics Market Drivers

Predictive Analytics Market is primarily driven by increasing adoption of advanced technologies such as Artificial Intelligence (AI), Machine Learning (ML) and Cloud and huge volumes of data generated across the globe. Increasing usage of advanced technologies such as Artificial Intelligence (AI), Internet of Things (IoT) and big data, has transformed the overall business ecosystem. Major companies such as Starbucks, John Deere and Tesla, are already using these technologies for predicting trends. For instance, Starbucks uses AI algorithms to decide in which order should it keep baristas in stores who will brew coffee, based on estimated arrival time and orders placed by customers.

Increasing usage of smartphones has accelerated the volumes of data generated. With increasing availability of high-speed internet services at affordable prices in rural and urban localities and rising economic activities around the world, the amounts of data generated is expected to increase in the coming years. As per our research, over 81% of mobile users across United States have access to internet and this figure is expected to increase at a steady rate in the coming few years, which will create more growth opportunities for Predictive Analytics Market in the country. Moreover, the volumes of data generated by corporate enterprises is expected to increase in the coming years, as these business houses have well maintained teams of scientists and analyst, who can easily gather data by analyzing external and internal data obtained through surveys and other methods.

Predictive Analytics solutions are gaining traction in the e-commerce as it offers critical information to retailers such as real-time analysis of consumers purchasing behaviors, which is helping them to increase their sales. Additionally, retailers are using real-time analytics information to offer customized products to consumers, to accelerate customer retention. Furthermore, different types of analytics software are already available, ranging from simple statistical tools to simple software suites. As the volumes of data is increasing at a rapid pace, demand for inhouse-data base, will increase in forthcoming years. However, Predictive Analytics models are still in the developing phase, the availability of skilled workforce, has emerged to become a major factor, which is restricting the market growth.

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Based on Component, Services segment is projected to grow at a higher CAGR

Demand for professional services is expected to rise in the future, as customers are increasingly demanding customization in already installed predictive analytics solutions to increase overall performance. Some of their customization includes increased security measures and improvements in Customer Experience in their existing analytical models.

Based on Deployment Mode

On-premises deployment of predictive analytics solutions is gaining traction in the market as it offers more data security, privacy and storage as compared to cloud deployment. In addition, increasing use of these deployments in semiconductor industry and coupled with growing need for effective function of data centers, will have positive impact on segment’s growth.

Based on Vertical, BFSI segment is forecast to grow at a fastest rate

Due to changes in regulatory policies in BSFI sector, regulatory requirements such as capital planning and credit risk management, are becoming more critical. Banking companies are increasingly utilizing predictive analytical solutions for improving their loan collection procedures, as these solutions help them to assess applicant’s repayment capability and analyze patterns in previous loans, which is driving the segment’s growth. Additionally, effective utilization of predictive analytics solutions can help enterprises operating in the BSFI vertical to increase customer satisfaction and help them in making decisions as per changing customer behavior.

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North American region is expected to dominate the market

North America Predictive Analytics Market is driven by rising investments by companies in the field of big data analytics and increasing research and development initiatives to support the development of new methods. While the Asia-Pacific Predictive Analytics Market is driven by increasing adoption of advanced technologies across China and Japan and internet penetration rates.

Top Market Players

Some of the notable companies operating in the Predictive Analytics Market includes IBM, Microsoft, SAS Institute Inc., Salesforce.com, Inc., SAP, Google, Oracle, Hewlett Packard Enterprise Development LP, Amazon Web Services, Inc., and Teradata, among others.

Key Developments: 

• • In February 2022, Bharti Airtel, which is leading manufacturer of communication products in India, announced that it has deployed Oracle Cloud Application to boost digital transformation across its supply chain.
  • In September 2021, Teradata, a software company, based out of United States cooperated with Tesco PLC by incorporating Vintage into its data platform. As a part of this collaboration, Tesco can use Vantage to eradicate silos and query all their data in real time.
  • In January 2021, TIBCO Software completed the acquisition of Information Builders Inc. (ibi). Through this acquisition, company will integrate ibi’s data management and analytics capabilities into its connected intelligence platform.
  • In June 2020, Hewlett Packard Enterprise Development LP announced the launch of its new software HPE Ezmeral, which is developed to help to assists enterprises in their digital transformation journey. HPE Ezmeral software portfolio includes AI/ML and data analytics, cost control, including container orchestration and management, which will help organizations to increase their agility and efficiency.
  • In September 2019 Oracle introduced its Oracle analytics for the applications offering. This solution is developed for the Fusion Cloud enterprise resource planning applications, Oracle ERP Cloud, which the companies can utilize to run financial processes.

Segments Covered in the Report:

The global predictive analytics market has been segmented on the basis of component, deployment mode, organization size, vertical, and regions. Based on the component, the market is segmented into solutions and services. The solutions segment is further categorized into risk analytics, financial analytics, sales analytics, marketing analytics, web & social media analytics, customer analytics, network analytics, supply chain analytics, and others. The services segment is further segmented into professional services and managed services. Based on deployment mode, the market is segmented into on-premises and cloud. Based on organization size, the market is segmented into small & medium-sized enterprises and large enterprises. Based on vertical, the market is segmented into IT & Telecommunications, BFSI, healthcare & life sciences, retail & ecommerce, government & defense, manufacturing, transportation & logistics, energy & utilities, and others. 

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Market Segmentation

Global Predictive Analytics Market by Component

• • Solutions
    • Risk Analytics
    • Financial Analytics
    • Sales Analytics
    • Marketing Analytics
    • Web & Social Media Analytics
    • Customer Analytics
    • Network Analytics
    • Supply Chain Analytics
    • Others
  • Services
    • Professional Services
    • Managed Services

Global Predictive Analytic Market by Deployment Mode

• • On-Premises
  • Cloud

Global Predictive Analytics Market by Organization Size

• • Small & Medium-Sized Enterprises
  • Large Enterprises

Global Predictive Analytics Market by Vertical

• • IT & Telecommunications
  • BFSI
  • Healthcare & Life Sciences
  • Retail & Ecommerce
  • Government & Defense
  • Manufacturing
  • Transportation & Logistics
  • Energy & Utilities
  • Others

Global Predictive Analytics Market by Region

• • North America Predictive Analytics Market (Option 1: As a part of the free 25% customization)

    • By Component
    • By Deployment Mode
    • By Organization Size
    • By Vertical
    • US Market All-Up
    • Canada Market All-Up

  • Europe Predictive Analytics Market (Option 2: As a part of the free 25% customization)

    • By Component
    • By Deployment Mode
    • By Organization Size
    • By Vertical
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Predictive Analytics Market (Option 3: As a part of the free 25% customization)

    • By Component
    • By Deployment Mode
    • By Organization Size
    • By Vertical
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Predictive Analytics Market (Option 4: As a part of the free 25% customization)

    • By Component
    • By Deployment Mode
    • By Organization Size
    • By Vertical
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Predictive Analytics Market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • IBM
  • Microsoft
  • SAS Institute Inc.
  • com, Inc.
  • SAP
  • Google
  • Oracle
  • Hewlett Packard Enterprise Development LP
  • Amazon Web Services, Inc.
  • Teradata