"Smart Strategies, Giving Speed to your Growth Trajectory"

Predictive Analytics Market Size, Share & Industry Analysis, By Deployment (Cloud, and On-premise), By Enterprise Type (Large Enterprises and Small and Medium Enterprises (SMEs)), By Application (Demand Forecasting, Financial Risk Forecasting, Pricing Personalization, Predictive Maintenance, and Others), By End-user (BFSI, Automotive, Telecom/Media, Healthcare, Life Sciences, Retail, Energy & Utility, Government, and Others), and Regional Forecast, 2024 – 2032

Last Updated: May 27, 2024 | Format: PDF | Report ID: FBI105179

 

KEY MARKET INSIGHTS

Play Audio Listen to Audio Version

The global predictive analytics market was valued at USD 14.71 billion in 2023 and is projected to grow from USD 18.02 billion in 2024 and reach USD 95.30 billion by 2032, exhibiting a CAGR of 23.1% during the forecast period (2024-2032). Predictive analytics software is a powerful data analysis tool that utilizes historical and present data to forecast future trends and outcomes. This software employs sophisticated statistical and machine learning algorithms to uncover patterns and relationships within the data, enabling it to make accurate decisions about future events. It has applications in diverse industries, including finance, marketing, healthcare, and manufacturing. It assists businesses in making informed decisions, optimizing processes, and gaining a competitive edge by leveraging the insights derived from their data.


The increasing adoption of predictive modelling tools, increasing investment in big data support initiatives by governments, and growing adoption of big data technologies are some of the key factors driving the growth of the global predictive analytics market. Further, the integration of IoT and AI in predictive analytics and increasing demand for predictive analytics from small and medium-sized enterprises are expected to provide favorable growth opportunities for market expansion during the analysis period. However, the market growth is expected to be restrained due to a lack of skilled IT personnel and high implementation costs.


The COVID-19 pandemic had a notable impact on the market. While the crisis posed challenges for various industries, it also created opportunities and demands for these solutions. The pandemic highlighted the critical role of predictive analytics in enabling businesses and governments to respond effectively to unprecedented challenges. It accelerated the adoption of data-driven strategies and reinforced the importance of leveraging predictive insights for strategic planning and decision-making in the phase of disruptions. Additionally, the lack of skilled IT professionals and highly skilled hackers led to an increased in cybercrime and corporate security breaches. Due to the increased number of data breaches and lack of security within organizations, various companies adopted analytics solutions that exploit loopholes in security systems to prevent unauthorized access to company information. As a result, the increase in data breaches and security breaches in organizations due to the COVID-19 pandemic helped drive the market growth.


Predictive Analytics Market Trends


Integration of Predictive Analytics with Traditional Business Intelligence (BI) Platforms to Aid Market Growth


The incorporation of predictive analytics with traditional business intelligence platforms is driven by the need for a more holistic and actionable approach to data analysis. By combining historical data insights from BI with predictive models, organizations gain a comprehensive view of their data, enabling them to make more informed decisions based on future forecasts. This integration empowers decision-makers with real-time predictions, allowing for proactive responses to changing conditions. Data analysts and business users can easily access and interpret the combined insights with user-friendly interfaces and enhanced data visualization. Continuous learning ensures that predictive models evolve and improve, providing more accurate and valuable information. Ultimately, the trend leads to improved business performance, increased ROI, and a competitive edge in a data-driven world.


Therefore, incorporating this solution with traditional BI tools is set to fuel the predictive analytics market growth over the forecast period.


Request a Free sample to learn more about this report.


Predictive Analytics Market Growth Factors


Rising Need for Data-driven Decision Making to Drive the Market Growth


Companies constantly seek ways to gain a competitive edge and make informed decisions that lead to success, leading to the increasing need for data-driven decision-making. Businesses realize that data is a valuable asset that can provide valuable insights and help them better understand their operations, customers, and market dynamics. It plays a crucial role in this data-driven decision-making process. By leveraging historical data and applying advanced algorithms, the solutions enable organizations to forecast future trends and outcomes with high accuracy. This capability empowers businesses to stay ahead of the curve by anticipating market shifts, customer preferences, and potential challenges. For instance,



  • According to Keboola, a software company, 90% of business professionals and enterprise analytics emphasize the crucial role of data and analytics in driving their organizations’ digital transformation efforts.


Therefore, the increasing demand for data-driven decision-making by organizations is estimated to drive the market growth.


RESTRAINING FACTORS


High Implementing Costs and Lack of Data Accuracy May Hamper Market Expansion


Implementing this solution can be costly, especially for smaller businesses with limited budgets. The complexity of integrating predictive models into existing infrastructures and workflows can also be a barrier, requiring skilled data scientists and analysts to set up and maintain these systems effectively. Moreover, it heavily relies on high-quality, clean, and relevant data. Organizations often struggle to maintain data accuracy, consistency, and accessibility across different systems and departments. Poor data quality can lead to inaccurate predictions and unreliable insights, limiting the effectiveness of predictive analytics solutions. Thus, the implementation costs and poor data quality may restrain the predictive analytics market share expansion.


Predictive Analytics Market Segmentation Analysis


By Deployment Analysis


Advantages Offered by Cloud-based Solutions to Drive the Segmental Growth


By deployment, the market is fragmented into cloud and on-premise. The cloud segment dominated the market and is expected to grow at the highest CAGR throughout the projected period. This is on account of its several advantages, including scalability, flexibility, accessibility, cost efficiency, and efficient way for organizations to harness the power of data and gain valuable insights for informed decision-making and improved business outcomes.


By Enterprise Type Analysis


Large Enterprises to Dominate Supported by Increased Product Demand for Making Informed Decisions


Based on enterprise type, the market is bifurcated into large enterprises and small & medium enterprises. The large enterprises segment is expected to dominate the market as this software empowers them to unlock their data's full potential, optimize various business processes, make informed decisions, and gain a competitive advantage in a data-driven business environment.


The SMEs segment is projected to experience an average growth rate in software adoption. This growth can be attributed to increasing SMEs in developing regions such as Asia Pacific, the Middle East & Africa, and South America. These regions are exhibiting an extensive adoption of Artificial Intelligence (AI) technologies. Furthermore, SMEs recognize the benefits of using this solution to enhance their product offerings to their clients, further fueling segment growth.


By Application Analysis


Growing Need for Predictive Maintenance across Industries to Drive the Segment Growth


By application, the market is segmented into demand forecasting, financial risk forecasting, pricing personalization, predictive maintenance, and others. The predictive maintenance segment holds the highest share in the global market as every industry uses it. It enables them to optimize maintenance practices, reduce costs, enhance equipment reliability, and improve operational efficiency.


The financial risk forecasting segment is projected to grow at the highest CAGR as it has become vital for businesses and financial institutions to proactively identify, assess, and manage risks. It provides critical insights that support strategic decision-making, enhance financial stability, and ensure regulatory compliance.


By End-user Analysis


To know how our report can help streamline your business, Speak to Analyst


Growing Product Usage in BFSI to Fuel the Segment Expansion


Based on end-user, the market is subdivided into BFSI, automotive, telecom/media, healthcare, life sciences, retail, energy & utility, government, and others. The BFSI segment holds the largest share in the global market. The products help harness data for better decision-making, enhance customer experience, manage risks effectively, ensure compliance with regulations, and drive operational efficiency.


The healthcare segment is expected to grow at the highest CAGR over the study period. This comes as the solution is deployed in the industry for a wide range of applications due to its ability to leverage data and advanced algorithms to make informed predictions and improve patient care.


REGIONAL INSIGHTS


Based on region, the market has been studied across five regions, North America, South America, Europe, the Middle East & Africa, and Asia Pacific. These regions are further categorized into countries.


North America Predictive Analytics Market Size, 2023 (USD Billion)

To get more information on the regional analysis of this market, Request a Free sample


North America holds the largest market share, primarily driven by the rising demand for automated processes and the widespread adoption of advanced technologies across various industries in Canada and the U.S. The region has the presence of key players and depicts the rising automation of various processes to enhance efficiency and productivity by leveraging predictive analytics.


To know how our report can help streamline your business, Speak to Analyst


The Asia Pacific market is expected to grow at the highest CAGR over the forecast period. This is owing to the increased adoption and utilization of advanced predictive analytics solutions across various countries and industries. The growing importance of data-driven decision-making among businesses is encouraging them to adopt the solution to extract valuable insights from their data, enabling them to anticipate trends, identify opportunities, and mitigate risks effectively. For instance,



  • In February 2023, Afterpay, a ‘Buy Now, Pay Later,’ chose the Cloudera Data Platform (CDP) from Cloudera to power their real-time fraud detection system. The solution enables Afterpay to run advanced machine learning and streaming analytics algorithms to detect and prevent real-time fraudulent activities. This would ensure a secure and trustworthy experience for their customers.


Europe is expected to witness steady growth over the study period. This is attributed to increasing data volumes, advancements in technology, growing awareness about the benefits offered by the solution, and the need for businesses to optimize operations and enhance customer experiences.


The Middle East & Africa and South America are expected to grow steadily over the forecast period. Major players are expanding their presence in the regions to cater to the growing product demand. Further, local startups and technology companies have also been developing these solutions tailored to the regions’ needs.


List of Key Companies in Predictive Analytics Market


Key Players Launch New Products to Strengthen Market Position


Prominent market players actively create advanced solutions to cater to customer demands. They also focus on enhancing their existing product portfolio to deliver flexible solutions with unique attributes. Furthermore, these organizations proactively pursue collaborations, acquisitions, and partnerships to bolster their product offerings.


List of Key Companies Profiled:



KEY INDUSTRY DEVELOPMENTS:



  • February 2024: Wipro Limited launched Wipro Enterprise Artificial Intelligence (AI)-Ready Platform, a service that enables customers to build fully integrated and customized enterprise-grade AI environments. Wipro Enterprise AI-Ready Platform provides dynamic resource management that uses predictive analytics to adapt to different workloads.

  • June 2023: Accenture acquired Nextira, an AWS Premier Partner specializing in cloud-native innovation and predictive analytics. With this acquisition, Accenture aims to provide clients with actionable insights and predictive outcomes, enabling them to develop new applications, enhance customer and employee experiences, and drive product growth in the future.

  • May 2023: Teradata and FICO collaborated to introduce integrated advanced analytics solutions for real-time payments fraud, insurance claims, and supply chain optimization. The companies aimed to streamline solution development for various industries by combining data, analytics, and insights in a unified environment.

  • May 2023: SAS planned to invest an additional USD 1 billion in advanced analytics and AI. With the investment, the company aimed to enhance its capabilities in predictive analytics, enabling its clients to gain valuable insights and make informed decisions based on data-driven predictions.

  • February 2023: AVEVA, an industrial software provider, introduced its latest AVEVA Predictive Analytics software. The new release is specifically designed for predictive monitoring of assets in various industries such as mining and materials, power, oil and gas, chemicals, and manufacturing. By utilizing this software, industrial operators can enhance asset performance and reliability, leading to increased sustainability and improved workforce productivity.


REPORT COVERAGE


An Infographic Representation of Predictive Analytics Market

To get information on various segments, share your queries with us



The report provides detailed market analysis and focuses on key aspects such as leading companies, product/service types, and leading product applications. Besides, the report offers insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that contributed to the market growth in recent years.


Report Scope & Segmentation










































ATTRIBUTE



DETAILS



Study Period



2019-2032



Base Year



2023



Estimated Year



2024



Forecast Period



2024-2032



Historical Period



2019-2022



Growth Rate



CAGR of 23.1% from 2024 to 2032



Unit



Value (USD Billion)



 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


Segmentation



By Deployment



  • Cloud

  • On-premise


By Enterprise Type



  • Large Enterprises

  • Small and Medium Enterprises (SMEs)


By Application



  • Demand Forecasting

  • Financial Risk Forecasting

  • Pricing Personalization

  • Predictive Maintenance

  • Others (Churn Prevention)


By End-user



  • BFSI

  • Automotive

  • Telecom/Media

  • Healthcare

  • Life Sciences

  • Retail

  • Energy & Utility

  • Government

  • Others (Manufacturing, Education)


By Region



  • North America (By Deployment, By Enterprise Type, By Application, By End-user, and By Country)

    • U.S. (By End-user)

    • Canada (By End-user)

    • Mexico (By End-user)



  • South America (By Deployment, By Enterprise Type, By Application, By End-user, and By Country)

    • Brazil (By End-user)

    • Argentina (By End-user)

    • Rest of South America



  • Europe (By Deployment, By Enterprise Type, By Application, By End-user, and By Country)

    • U.K. (By End-user)

    • Germany (By End-user)

    • France (By End-user)

    • Italy (By End-user)

    • Spain (By End-user)

    • Russia (By End-user)

    • Benelux (By End-user)

    • Nordics (By End-user)

    • Rest of Europe



  • Middle East & Africa (By Deployment, By Enterprise Type, By Application, By End-user, and By Country)Turkey (By End-user)

    • Israel (By End-user)

    • GCC (By End-user)

    • North Africa (By End-user)

    • South Africa (By End-user)

    • Rest of the Middle East & Africa



  • Asia Pacific (By Deployment, By Enterprise Type, By Application, By End-user, and By Country)

    • China (By End-user)

    • Japan (By End-user)

    • India (By End-user)

    • South Korea (By End-user)

    • ASEAN (By End-user)

    • Oceania (By End-user)

    • Rest of Asia Pacific








Frequently Asked Questions

According to Fortune Business Insights, the market is projected to reach USD 95.30 billion by 2032.

In 2023, the market was valued at USD 14.71 billion.

The market is projected to grow at a CAGR of 23.1% during the forecast period.

Based on application, the predictive maintenance segment is expected to lead the market.

The rising need for data-driven decision making is a key factor propelling the market growth.

SAP SE, IBM Corporation, TIBCO Software Inc., Amazon Web Services, Inc., Alteryx, Cloudera, Inc., SAS Institute Inc., FICO, Accenture, and AVEVA Group plc are the top players in the market.

North America is expected to hold the highest market share.

By end-user, the healthcare segment is expected to grow with a remarkable CAGR during the forecast period.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts

Speak to an Expert
  • 2019-2032
  • 2023
  • 2019-2022
  • 160

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Client Testimonials

“We are quite happy with the methodology you outlined. We really appreciate the time your team has spent on this project, and the efforts of your team to answer our questions.”

- One of the largest & renowned medical research centers based in the U.S. on a report on the U.S. NIPT Market.

“Thanks a million. The report looks great!”

- Feedback from a consultant on a report on the U.S. Beef Market.

“Thanks for the excellent report and the insights regarding the lactose market.”

- Brazil based company specializing in production of protein ingredients.

“I liked the report; would it be possible to send me the PPT version as I want to use a few slides in an internal presentation that I am preparing.”

- Global Digital Services Agency on a report on the Global Luxury Goods Market.

“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”

- U.S.-based biotechnology company focussing on treatment of chronic pain.

“Kudos to your team. Thank you very much for your support and agility to answer our questions.”

- Europe-based provider of solutions to automate data centre operations.

“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”

- India-based manufacturer of industrial and specialty intermediates with a strong global presence.

“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”

- One of the largest cosmetics company in the world.

“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”

- U.S. based startup operating in the cultivated meat market.

“We received the below report on the U.S. market from you. We were very satisfied with the report.”

- Global hearing aids manufacturer.

“I just finished my first pass-through of the report. Great work! Thank you!”

- U.S. based solar racking solutions provider.

“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”

- World’s leading advisory firm.

“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”

- Germany based machine construction company.

“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”

- Japanese manufacturing company of stationery products.

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X