What is the Historic and Current Scenario of the Predictive Analytics Market?
The predictive analytics market has seen considerable growth due to a variety of factors.
• There has been a significant expansion in the size of the predictive analytics market in the previous years. The market, which was valued at $17.07 billion in 2024, is projected to reach $20.77 billion in 2025, with a compound annual growth rate (CAGR) of 21.6%.
The increase in the historical timeframe can be associated with several factors such as optimization of business processes, escalating competition and evolving market conditions, a focus on managing customer relationships, enhancement in healthcare outcomes, and emphasis on risk management and detecting fraud.
What are the Forecasted Growth and Key Factors of the Predictive Analytics Market?
The predictive analytics market is expected to maintain its strong growth trajectory in upcoming years.
• Anticipations are high for the predictive analytics market to experience considerable growth in the coming years. Its size is forecasted to hit $52.91 billion by 2029, growing at a compound annual growth rate (CAGR) of 26.3%.
Certain factors, such as customization and scalability, optimization of energy consumption, regulatory compliance automation, regular monitoring of model performance, and human resources and talent analytics, contribute to this expected upswing. The principal emerging trends within the forecast period incorporate rising industry-wide acceptance, emphasis on superior machine learning models, the rapid expansion of big data, explainable AI for improved transparency, strengthened fraud detection and cybersecurity, and ethical and responsibly-implemented AI practices.
What Main Forces Are Fueling Expansion In The Predictive Analytics Market?
The surge in the use of big data and associated technologies is anticipated to fuel the expansion of the predictive analytics market. Big data is a data management system designed to handle more data during the processing of massive data sets. The increase in the use of big data-centric technologies across a variety of sectors results in the creation of new technology. Edge computing, streaming analytics, artificial intelligence, in-memory databases, data lakes, and blockchain are some of these cutting-edge technologies applied to predictive analytics. For instance, the Ministry of Foreign affairs, a Netherland-based organization, reported in April 2024 that the big data market in Europe was estimated to be worth EUR 73.37 billion in 2022. Additionally, the European big data market is projected to undergo a compound annual growth rate (CAGR) of 7.7% from 2023 to 2029. Consequently, the burgeoning use of big data and other associated technologies is anticipated to propel the predictive analytics market expansion.
What Are The Primary Segments In The Global Predictive Analytics Market?
The predictive analytics market covered in this report is segmented –
1) By Component: Solutions, Services
2) By Deployment Mode: Cloud, On-Premises
3) By Organization Size: Large Enterprises, Small And Medium-Sized Enterprises (SMEs)
4) By Vertical: BFSI, Manufacturing, Retail And Ecommerce, Government And Defense, Healthcare And Life Sciences, Energy And Utilities, Telecommunications And IT, Transportation And Logistics, Media And Entertainment, Travel And Hospitality
Subsegments:
1) By Solutions: Predictive Modeling Tools, Data Mining Tools, Statistical Analysis Software, Machine Learning Platforms, Visualization Tools
2) By Services: Consulting Services, Implementation Services, Training And Support Services, Maintenance And Optimization Services
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Which Key Trends Are Driving Changes In The Predictive Analytics Market?
The escalated utilization of cloud technology is a prominent trend emerging in the predictive analytics market. Cloud adoption is a pivotal step for organizations aiming to reduce costs, alleviate risks, and scale database capabilities. It has become ubiquitous in the corporate world, serving as a key conduit for digital empowerment, fostering innovation, and business growth. Cloud strategies serve as a storage hub and provide computational delivery. For example, Google LLC, a leading U.S information technology firm, noted in January 2023 that public cloud usage surged to 76% in 2022, marking a significant increase of 56% compared to 2021.
Who Are the Key Players in the Predictive Analytics Market?
Major companies operating in the predictive analytics market include:
• IBM Corporation
• Microsoft Corporation
• Oracle Corporation
•SAP SE
•SAS Institute Inc.
• Alteryx Inc.
•RapidMiner Inc.
•DataRobot Inc.
•Domo Inc.
•TIBCO Software Inc.
•KNIME Inc.
•Sisense Inc.
•FICO
•GoodData
•Angoss Software Co.
• QlikTech Inc.
•Rapid Insight Inc.
•TARGIT Inc.
• Opera Solutions India Private Limited
• SymphonyAI Group
•Exago Ventures S. A.
•Rapid7 Inc.
•Stratifyd Inc.
•Thoughtspot India Private Limited
•Ayasdi
What Is The Most Dominant Region In The Predictive Analytics Market?
North America was the largest region in the predictive analytics market in 2024. The regions covered in the predictive analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
