NEW CASTLE, Delaware, Aug. 06, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Predictive Analytics Market by Component (Solutions and Services), Enterprise Size (Large Enterprises and Small and Medium-sized Enterprises), Deployment Type (On-premise and Cloud), and Industry Vertical (BFSI, Retail, IT & Telecom, Healthcare, Government, Manufacturing and Others): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the predictive analytics market was valued at $10.2 billion in 2023, and is estimated to reach $63.3 billion by 2032, growing at a CAGR of 22.4% from 2024 to 2032.
Prime Determinants of Growth
The global predictive analytics market is growing due to several factors such the widespread adoption of big data and other related technologies, growing use of predictive modeling tools, and increase in adoption of digital solutions. However, modifications to regional data laws necessitating a time-consuming redesign of prediction models act as restraints for the predictive analytics market. In addition, the growing use of linked and integrated technology and increased internet usage and increase in adoption of the cloud are expected to provide ample opportunities for the market growth during the forecast period.
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Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2024–2032 |
| Base Year | 2023 |
| Market Size in 2023 | $10.2 Billion |
| Market Size in 2032 | $63.3 Billion |
| CAGR | 22.4% |
| No. of Pages in Report | 350 |
| Segments Covered | Component, Enterprise Size, Deployment Type, Industry Vertical, and Region |
| Drivers |
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| Opportunities |
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| Restraint |
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The solution segment held the highest market share in 2023.
By component, the solution segment held the highest market share in 2023, owing to rise in usage of various risk analytics tools for predicting threats and implementing safeguards. In addition, the need for data integration, growing emphasis on creating sophisticated risk strategies, and growing data volume all work together to support sector growth.
The large enterprises segment held the highest market share in 2023.
By enterprise size, the large enterprises segment held the highest market share in 2023. Large businesses are also creating long-term business plans based on forecasted results. In addition, the predictive analysis of enormous historical data gives businesses a competitive edge and aids in improving their overall performance.
The on-premise segment held the highest market share in 2023.
By deployment type, the on-premise segment held the highest market share in 2023. On-premise deployment allows companies to keep sensitive information within their IT infrastructure, reducing the risk of data breaches and ensuring compliance with stringent data protection regulations.
The BFSI segment held the highest market share in 2023.
By industry vertical, the BFSI segment held the highest market share in 2023. Due to improved regulatory compliance procedures, major businesses in the BFSI sector are increasingly adopting advanced financial analytics solutions. The demand for predictive analytics products from the BFSI vertical is expected to increase during the forecast period as a result of the global regulatory environment becoming more complicated.
North America to maintain its dominance by 2032.
Based on region, North America held the highest market share in terms of revenue in 2023, owing to developments in technology and the prominence of market participants, notably in the U.S. In addition, venture capitalists' investment of new competitors is expected to lessen competitiveness in the industry.
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Major Industry Players: -
- IBM Corporation
- SAP ERP
- Microsoft Corporation
- Siemens AG
- General Electric Company
- Schneider Electric SE
- NTT Data Corporation
- Oracle Corporation
- SAS Institute, Inc
- Tableau Software, Inc
The report provides a detailed analysis of these key players in the global predictive analytics market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Industry Development:
- In March 2024, Walmart launched Walmart Luminate, a comprehensive data analytics product suite. It helps in optimizing retail strategies from product assortment to product development, leveling the playing field for suppliers of all sizes.
- In March 2024, TransUnion launched a new cloud-based platform to create a unified portal for its suite of data analytics, credit risk, and fraud detection offerings assisted by artificial intelligence.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
