Dublin, June 11, 2024 (GLOBE NEWSWIRE) -- The "Predictive Analytics Market Report 2024-2034" has been added to ResearchAndMarkets.com's offering.
World revenue for the Predictive Analytics Market will surpass US$16.6 billion in 2024, with strong revenue growth through to 2034.
Advancements in Machine Learning Algorithms: Revolutionising Predictive Analytics
Continuous improvements in machine learning algorithms are significantly enhancing the accuracy and efficiency of predictive analytics. Machine learning, a subset of artificial intelligence, enables systems to learn from data, identify patterns, and make decisions with minimal human intervention. For instance, the development of deep learning algorithms has revolutionised image and speech recognition, leading to more precise predictive models. Companies like Google and Amazon use advanced machine learning techniques to predict customer behaviour, optimise supply chains, and personalise user experiences.
These innovations allow businesses to process vast amounts of data quickly and generate actionable insights, thus improving their decision-making processes and operational efficiencies. The ongoing research and development in this field promise even more sophisticated algorithms that will further boost the capabilities of predictive analytics.
Ownership and Privacy of Collected Data Hinder the Market Growth
The ownership and privacy of collected data pose significant challenges that hinder the growth of the predictive analytics market. One of the primary concerns revolves around data ownership, as organizations often grapple with determining who owns the data collected through predictive analytics processes. This issue becomes particularly complex in cases where data is sourced from multiple sources or generated through collaborations with third parties. The lack of clarity regarding data ownership can lead to disputes and legal complications, creating barriers to the effective utilization of data for predictive analytics purposes.
Key Questions Answered
- How is the predictive analytics market evolving?
- What is driving and restraining the predictive analytics market?
- How will each predictive analytics submarket segment grow over the forecast period and how much revenue will these submarkets account for in 2034?
- How will the market shares for each predictive analytics submarket develop from 2024 to 2034?
- What will be the main driver for the overall market from 2024 to 2034?
- Will leading predictive analytics markets broadly follow the macroeconomic dynamics, or will individual national markets outperform others?
- How will the market shares of the national markets change by 2034 and which geographical region will lead the market in 2034?
- Who are the leading players and what are their prospects over the forecast period?
- What are the predictive analytics projects for these leading companies?
- How will the industry evolve during the period between 2024 and 2034? What are the implications of predictive analytics projects taking place now and over the next 10 years?
- Is there a greater need for product commercialisation to further scale the predictive analytics market?
- Where is the predictive analytics market heading and how can you ensure you are at the forefront of the market?
- What are the best investment options for new product and service lines?
- What are the key prospects for moving companies into a new growth path and C-suite?
Key Market Dynamics
Market Driving Factors
- Rising Adoption of Predictive Analysis in Industrial Verticals Driving the Market Growth
- Emergence of Modern Technologies Such as IoT, ML and AI
- Modernizing Financial Planning With SAP Analytics Cloud
Market Restraining Factors
- Ownership and Privacy of Collected Data Hinder the Market Growth
- Limited Awareness and Education Hinder the Market Growth
- Lack of Skilled Professionals Hinder the Market Growth
Market Opportunities
- Increase in Adoption of Predictive Modeling Tools Opportunities for the Market
- Collaboration and Partnership Between Market Players Opportunities for the Market
- Investment in Predictive Analysis and its Technologies Opportunities for the Market
Segments Covered in the Report
Market Segment by Organization Size
- Small & Medium Enterprises (SMEs)
- Large Enterprises
Market Segment by Deployment Mode
- On-Premises
- Cloud-Based
- Hybrid Mode
Market Segment by Industry Vertical
- Banking, Financial Services, and Insurance (BFSI)
- Healthcare
- Retail & E-commerce
- Other Verticals
Market Segment by Solution Type
- Predictive Modelling
- Data Mining
- Machine Learning Algorithms
- Natural Language Processing (NLP)
- Neural Networks
Market Segment by Application
- Customer Relationship Management (CRM)
- Sales & Marketing Forecasting
- Risk Management & Fraud Detection
- Operations Optimization
- Supply Chain Management
- Financial Forecasting & Planning
In addition to the revenue predictions for the overall world market and segments, you will also find revenue forecasts for four regional and 20 leading national markets.
The report also includes profiles and for some of the leading companies in the Predictive Analytics Market, 2024 to 2034, with a focus on this segment of these companies' operations.
Leading companies profiled in the report
- Alteryx, Inc.
- Domo, Inc.
- Fair Isaac Corporation
- H2O.ai
- International Business Machines Corporation
- KNIME
- Microsoft Corporation
- MicroStrategy Incorporated
- Oracle Corporation
- Salesforce.com, Inc.
- SAP SE
- SAS Institute Inc.
- Teradata Corporation
- The MathWorks, Inc.
In summary, the report provides you with the following knowledge:
- Revenue forecasts to 2034 for the Predictive Analytics Market, with forecasts for organization size, deployment mode, industry vertical, solution type and application, each forecast at a global and regional level - discover the industry's prospects, finding the most lucrative places for investments and revenues.
- Revenue forecasts to 2034 for four regional and 20 key national markets.
- Prospects for established firms and those seeking to enter the market - including company profiles for 15 of the major companies involved in the Predictive Analytics Market.
For more information about this report visit https://www.researchandmarkets.com/r/trjsxw
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