Predictive Analytics Market

Market Overview

Global research on predictive analytics implies that solutions are gaining traction in the e-commerce as it offers critical information to retailers such as real-time analysis of consumers purchasing behaviours, which is helping them to increase their sales. Increasing usage of smartphones has accelerated the volumes of data generated. 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. The predictive analytical 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.

Predictive Analytics Market Size

Report	Details
Market Size Value	USD 18.5 billion by 2024
Market Size Value	USD 106.73 billion by 2032
CAGR	CAGR of 21.50%
Forecast Period	2024-2032
Base Year	2023
Historic Data	2020
Segments Covered	Component, Deployment Mode, Organization Size, Application, Industry Vertical
Geographics Covered	North America, Europe, Asia Pacific, and RoW

Key players in predictive market are: such as Google, Domo, Qlik, Happiest Minds, SAP, Oracle, Microsoft, SAS Institute, Salesforce, AWS, HPE, Teradata, Alteryx, FICO, Altair, Hitachi Vantara, Dataiku, RapidMiner, Biofourmis, Symend, Unioncrate, Cyberlabs, Actify Data Labs, Verimos, Aito.Ai  and Others.

Focus on Patient-Centric Care:

The proliferation of the internet and the expanding use of connected technologies are profoundly reshaping patient-centric care in healthcare. Enhanced internet access and the widespread adoption of smart devices are driving the advancement of telemedicine, continuous remote monitoring, and personalized health information delivery, making healthcare more accessible and tailored to individual needs. IoT and AI technologies enable real-time health tracking and predictive analytics, allowing for proactive and customized interventions. Additionally, cloud computing facilitates seamless data sharing among healthcare providers, improving care coordination and efficiency. However, this digital transformation presents challenges, including the need for robust cybersecurity measures to protect sensitive patient data and stringent privacy standards to maintain trust in this increasingly digital healthcare environment.

Market Dynamics:

• Rising adoption of big data and other technologies
• Focus on patient-centric care
• Shift towards home healthcare

Opportunity:

• Technological advancement in healthcare
• Rising internet proliferation and growing usage of connected and integrated technologies

Rising internet proliferation and growing usage of connected and integrated technologies:

The rise of internet proliferation and the growing usage of connected and integrated technologies are transforming society and industry. With more people gaining internet access globally, driven by expanded network infrastructure and affordable smartphones, digital economies are emerging, and e-commerce is booming. The integration of technologies like IoT, AI, cloud computing, and 5G enhances efficiency and enables advanced applications across various sectors, from personalized consumer experiences to industrial automation. However, this digital transformation also brings challenges, including data security, privacy concerns, and environmental impacts, necessitating robust cybersecurity measures and sustainable practices.

North America dominates the market for predictive analytics:

North America dominates the market for predictive analytics, driven by its advanced technological infrastructure, significant investments in big data and AI, and a robust ecosystem of key industry players. The region's healthcare, finance, retail, and manufacturing sectors extensively utilize predictive analytics to enhance decision-making, optimize operations, and improve customer experiences. The presence of leading tech companies and a strong focus on innovation contribute to the widespread adoption of these technologies. Moreover, supportive government policies and initiatives further stimulate market growth, positioning North America as the global leader in predictive analytics.

The Cloud- Based segment is anticipated to hold the largest market share during the forecast period

The cloud-based deployment model currently dominates the market, largely due to its cost efficiency, scalability, and ease of maintenance compared to on-premises solutions. This model significantly reduces the need for substantial upfront investments in hardware and provides the flexibility to scale resources according to demand. The Software as a Service (SaaS) segment, in particular, holds the highest market share because of its lower maintenance costs and easier deployment. The shift towards cloud adoption is driven by various industries, such as IT, telecommunications, and healthcare, which rely heavily on cloud computing for efficient data management and service delivery​.

Major market segments:

• By Type:

• Cloud based
• On-Premises
• Others

• By Components:

• Solutions

• Sales Analytics
• Customer Analytics
• Risk Analytics
• Network Analytics
• Others

• Services

• Professional services
• Managed services
• Others

• By Organization Size:
• Small & Medium-Sized Enterprises
• Large Sized Enterprises
• Others
   
• By Vertical:
• Manufacturing
• Banking and Financial Services, Insurance (BFSI)
• Government & Defence
• Others
   
• By Region:
  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Colombia
    • Chile
    • Peru
    • Rest of Latin America
  • Europe
    • Germany
    • France
    • Italy
    • Spain
    • U.K.
    • BENELUX
    • CIS & Russia
    • Nordics
    • Austria
    • Poland
    • Rest of Europe
  • Asia Pacific
• • China
  • Japan
  • South Korea
  • India
  • Thailand
  • Indonesia
  • Malaysia
  • Vietnam
  • Australia & New Zealand
  • Rest of Asia Pacific

• • Middle East & Africa

• • Saudi Arabia
  • UAE
  • South Africa
  • Nigeria
  • Egypt
  • Israel
  • Turkey
  • Rest of MEA

Recent Developments:

In February 2022, Bharti Airtel, which is leading manufacture of communication products in India, announced that it has deployed Oracle Cloud application to boost digital transformation across its supply chain.

In September 2021, TIBCO Software completed the acquisition of Information Builders Inc. (ibi). Through the acquisition, company will integrate ibi’s data management and analytics capabilities into its connected intelligence platform.

Answers to Following Key Questions:

• What will be the predictive analytics market’s Trends & growth rate? What analysis has been done of the prices, sales, and volume of the top producers in the predictive analytics market?
• What are the main forces behind worldwide predictive analytics market? Which companies dominate predictive analytics market?
• Which companies dominate predictive analytics market? Which business possibilities, dangers, and tactics did they embrace in the market?
• What are the global Insight Engines industry's suppliers' opportunities and dangers in predictive analytics market?
• What is the Insight Engines industry's regional sales, income, and pricing analysis? In the predictive analytics market, who are the distributors, traders, and resellers?
• What are the main geographic areas for various trades that are anticipated to have astounding expansion over the predictive analytics market?
• What are the main geographical areas for various industries that are anticipated to observe astounding expansion for predictive analytics market?
• What are the dominant revenue-generating regions for predictive analytics market, as well as regional growth trends?
• By the end of the forecast period, what will the market size and growth rate be?
• What are the main predictive analytics market trends that are influencing the market's expansion?
• Which key product categories dominate predictive analytics market? What is predictive analytics market’s main applications?
• In the coming years, which predictive analytics market technology will dominate the market?