New York, July 03, 2023 (GLOBE NEWSWIRE) -- According to Market.us, The Predictive Analytics Market By Component (Solution and Services), By Deployment Mode (Cloud and On-Premise), By Enterprise Size (Large Enterprises and SME’s), By End-User, By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032; The market size is projected to grow from USD 9.5 billion in 2022 to USD 61.9 billion by 2032; it is estimated to grow at a CAGR of 21.2% from 2022 to 2032.
Predictive models are also useful for businesses to benefit them in managing inventory, forecast sales, and marketing strategies. The market is increasing as companies become more conscious about the huge amount of information produced and how to utilize predictive analysis solutions to predict upcoming results. Human resources utilize predictive analytics to improve several processes, such as skill requirements, and analyze employee data to identify factors that contribute to high rates.
To Get Additional Highlights On Major Revenue-Generating Segments, Request a Predictive Analytics Market Sample Report At: https://market.us/report/predictive-analytics-market/request-sample/
Key Takeaway:
- By Component, the solution segment has generated a revenue share of 62% in 2022.
- By Deployment Mode, the on-premise segment held a prominent share of the global predictive analytics market revenue share from 2023 to 2032.
- By Enterprise Size, the large enterprise segment held the highest market revenue share in 2022.
- By End-User, the BFSI segment has dominated the market with a revenue share, and it is growing at the highest CAGR from 2023 to 2032.
- In 2022, North America dominated the market with the highest revenue share of 46.8%.
- Europe held a significant revenue share of 26% in 2022.
Predictive analytics is a branch of progressive analytics that makes forecasts about future results by using historical data joined with statistical modeling, data mining, and machine learning techniques.
Factors Affecting the Growth of the Predictive Analytics Market
There are several factors that can affect the growth of the predictive analytics market. Some of these factors include:
- Increasing Internet Utilization: Increasing internet use and the accessibility of various methods for obtaining its high speed have raised the demand across the world, driving market growth.
- Rising the Supply Chain Management: Rising the supply chain management aids upcoming behaviors and accelerates supply chain visibility propelling market growth.
- Growing Consumer Demand: Growing consumer demand for digital information is anticipated to fuel the market growth of various sectors such as retail and manufacturing.
Top Trends in Global Predictive Analytics Market
The rising trend for AI is propelling market growth in the predictive analytics market. The use of the cloud is widespread in business and helps as a major channel for digital authorization. Market revenue can be propelled by the trend for big data in healthcare applications. Achieving traction in the predictive analytics industry is a significant trend in the market.
Market Growth
Increasing advanced technologies such as social media, cloud and mobility drive market growth. Digital transformation has been used to improve the customer's experience in predictive analytics, which propel market growth. Vast data dependence and developed technologies are anticipated to fuel market growth.
Regional Analysis
The predictive analytics market accounted for the highest revenue share of 46.8% in North America, during the forecast period, due to the strong presence of market players across the North American region. Increasing innovations in procedures and techniques, including predictive analytical development, are anticipated to offer major opportunities for market players. The high spending on Big Data analytics and early approval of new technologies in AI and loT in this region drive the market growth.
Europe is estimated to hold the second-largest revenue share during the forecast period. Owing to the increased importance and awareness regarding predictive analytics, models offer a significant requirement for solutions across the European region.
The Asia-Pacific is projected to hold the maximum revenue share during the forecast period. The rapid implementation and usage of developed predictive analytics solutions are responsible for the region’s market growth.
Competitive Landscape
The market is highly competitive and shows the presence of well-established vendors. Major market players used strategies like expanding their geographical presence and product development to increase their market share. Some of the major market players include
- Microsoft Corporation
- International Business Machines Corporation
- Oracle Corporation
- SAS Institute Inc.
- TIBCO Software Inc.
- Alteryx, Inc.
- Allscripts Healthcare Solutions Inc.
- Health Catalyst
- Siemens AG
- General Electric Company
- SAP SE
- Other Key Players
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Scope of Report
| Report Attribute | Details |
| Market Value (2022) | US$ 9.5 Bn |
| Market Size (2032) | US$ 61.9 Bn |
| CAGR (from 2023 to 2032) | 21.2% |
| North America Revenue Share | 46.8% |
| Europe Revenue Share | 26% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
Increasing requirements for businesses having analytics abilities are anticipated to drive market growth. Development of smart organization projects would have been expected to quicken the need for 5G service demand. The usage of developed technologies, such as loT, Cloud, and analytics, has led to innovation and transformation, thus driving market expansion. The increasing popularity of the Internet of Thing-based applications, including distant monitoring, can effectively drive market growth.
Market Restraints
Altering regional governments' information rules leading to the time-consuming restriction of analytical models, is hampering the approval. The idea of predictive analytics is still in its beginning; lacked of labor supply is another factor hampering the market growth. High implementation cost and a lack of IT-skilled staff is the major factor hindering the growth of the predictive analytics market.
Market Opportunities
Artificial Intelligence in predictive analytics and the increase in demand for predictive analytics by SME’s are projected to offer significant opportunities for market growth. Globalization and economic growth are also providing significant opportunities for the market. An increase in the demand for collecting data to understand customer behavior offers opportunities for market growth.
Report Segmentation of the Predictive Analytics Market
Component Insight
The solution segment dominated the predictive analytics market, holding the most significant revenue share of 62%. Due to the requirement for analyzing generating a huge volume of customer data through various sources such as e-commerce sites and touchpoints. Attributable to the advantages of predictive analytical solutions such as consumer behavior insights, historical data, and fraud prevention.Deployment Mode Insight
The on-premise segment dominated the highest market revenue share of 64% in 2022. The present technologies are beneficial in small corporations, but when scale-up, they can make data management interesting and laborers if the safe workings with a substantial dataset. This might require significant financial spending for data storage and security. The preference over the cloud-based infrastructure is to provide enhanced data security, privacy, and storage.
Enterprise Size Insight
In 2022, the large enterprise segment holds the highest market revenue share in the global predictive analytics market. Large enterprises can discover novel chances to develop their businesses with the usage of predictive analytics, which drives the segments' growth. Large organizations can also manage risk by seeing possible dangers before they materialize. This business is retaining predictive analytics solutions more commonly. Large enterprises are also creating long-term business plans based on forecast results.
End-User Insight
The BFSI segment accounted for the maximum market revenue share in 2022. The regulatory framework has become more complex across the globe. BFSI services financial analytics, insurance risk management, capital planning, and insurance risk management, which further propel the segment's growth. The BFSI segment is predicted to enhance considerably by increasing government support and securing sensitive national security and personal data, and escalating the need for advanced financial analytics solutions.
To Get Additional Highlights On Major Revenue-Generating Segments, Request a Predictive Analytics Market Sample Report At: https://market.us/report/predictive-analytics-market/request-sample/
Market Segmentation
By Component
- Solution
- Services
By Deployment Mode
- Cloud
- On-Premise
By Enterprise Size
- Large Enterprises
- SME's
By End-User
- Government
- Healthcare
- BFSI
- IT & Telecom
- Manufacturing
- Other End-Users
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Recent Development of the Predictive Analytics Market
- In April 2022, SAS Institute Inc. and North Carolina- base Cleveland Clinic produced inventive COVID-19 predictive models that benefit hospitals in estimating ventilator accessibility, patient capacity, and bed capacity.
- In August 2020, SAP SE collaborated with HPE to offer SAP HANA Initiative Cloud by HPE GreenLake Cloud Services. This collaboration will allow consumers to have their SAP software scenery and information on-premise.
- In January 2021, TIBCO Software Inc., an American base business intelligence software company, achieved Information Builders, Inc., for an unidentified amount. With this achievement, TIBCO will focus on support to enhance its customer base and global partner networks.
Browse More Related Reports
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- Healthcare Analytics Market accounted for USD 29.2 Bn in 2022 and is expected to grow to around USD 249.3 Bn in 2032, highest CAGR of 24.6%.
- Life Science Analytics Market was valued at US$ 9 billion. Between 2023 & 2032, this market is estimated to register a CAGR of 8%.
- Retail Analytics Market size is expected to be worth around USD 39.6 Billion by 2032 from USD 5.7 Billion in 2022, growing at a CAGR of 22% during the forecast period from 2023 to 2032.
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