Predictive Analytics Market Outlook
According to the report by Expert Market Research (EMR), the global predictive analytics market size reached a value of USD 15.70 billion in 2023. Aided by the bolster customer experience and redefine business operations, the market is projected to further grow at a CAGR of 21.7% between 2024 and 2032 to reach a value of USD 91.93 billion by 2032.
Predictive analytics refers to the use of data, statistical algorithms, and machine learning techniques to identify the likelihood of future outcomes based on historical data. It’s a form of advanced analytics that not only offers insights into what might happen in the future but also provides a high degree of precision that can be a game-changer for business strategies.
The predictive analytics market growth is propelled by the digital transformation that has engulfed the global economy. Businesses are inundated with vast amounts of data generated from digital interactions, transactions, and IoT devices. This proliferation of data presents an opportunity to glean insights that can drive smarter, data-driven decisions. Predictive analytics taps into this data goldmine, enabling organisations to forecast trends, understand customer behaviour, optimise operations, and mitigate risks.
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Several key factors influence the predictive analytics market outlook. The advent of big data technologies and cloud computing has democratised access to powerful analytical tools, allowing companies of all sizes to leverage predictive insights. Furthermore, the integration of artificial intelligence (AI) and machine learning (ML) has enhanced the accuracy and capabilities of predictive models, making them more effective in navigating the complexities of modern business landscapes.
As per the predictive analytics market analysis, the applications of predictive analytics are vast and varied, spanning across industries such as finance, healthcare, retail, manufacturing, and more. In finance, it’s used to assess credit risks and detect fraudulent activities. In healthcare, predictive models can forecast patient outcomes and aid in personalised medicine. Retailers utilise predictive analytics for inventory management, demand forecasting, and customer segmentation, while manufacturers leverage it for predictive maintenance and supply chain optimisation.
Looking ahead, the future of predictive analytics shines bright with potential. As businesses increasingly recognise the value of being proactive rather than reactive, the demand for predictive analytics is set to soar. The next frontier involves the convergence of predictive analytics with emerging technologies such as edge computing and blockchain, which could further enhance its impact and applicability.
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Predictive Analytics Market Segmentation
The 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 EMR 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 by Expert Market Research 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
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