The global Predictive Analytics market size was valued at USD 14.71 billion in 2023 and is projected to expand at a compound annual growth rate (CAGR) of 24.4% during the forecast period, reaching a value of USD 67.66 billion by 2030.
Predictive Analytics market research report by Future Data Stats, offers a comprehensive view of the market's historical data from 2019 to 2022, capturing trends, growth patterns, and key drivers. It establishes 2023 as the base year, analyzing the market landscape, consumer behavior, competition, and regulations. Additionally, the report presents a well-researched forecast period from 2024 to 2032, leveraging data analysis techniques to project the market's growth trajectory, emerging opportunities, and anticipated challenges.
MARKET OVERVIEW:
Predictive Analytics is a powerful data analysis technique that leverages historical and current data to forecast future trends, behaviors, and outcomes. At its core, it involves utilizing various statistical algorithms and machine learning models to identify patterns within large datasets, allowing organizations to make informed decisions and predictions. By uncovering hidden insights and relationships in data, Predictive Analytics empowers businesses to anticipate potential opportunities and challenges, optimizing strategic planning and resource allocation.
In practical terms, Predictive Analytics finds applications across diverse industries, ranging from finance and healthcare to marketing and manufacturing. For example, in finance, it can be employed to assess credit risk and predict market trends, while in healthcare, it aids in patient outcome predictions and preventive care strategies. Through the extraction of actionable insights from data, Predictive Analytics serves as a valuable tool for organizations seeking to enhance efficiency, mitigate risks, and gain a competitive edge in an increasingly data-driven world.
MARKET DYNAMICS:
Organizations are recognizing the potential of predictive analytics to transform raw data into valuable insights, aiding in forecasting trends and making informed decisions. Additionally, the surge in the volume of big data generated by businesses has created a demand for sophisticated analytics tools, further driving the growth of the Predictive Analytics market. The ability of these tools to uncover patterns, identify risks, and optimize operational processes positions them as essential assets in the evolving landscape of data-centric decision-making.
Despite the positive momentum, the Predictive Analytics market faces certain restraints that impact its widespread adoption. Concerns related to data privacy and security remain a significant challenge, as businesses grapple with the responsibility of safeguarding sensitive information. The shortage of skilled professionals capable of harnessing the full potential of predictive analytics tools also poses a restraint, highlighting the need for comprehensive training and education in this rapidly evolving field. As the market navigates these challenges, it simultaneously presents opportunities for innovation and growth.
PREDICTIVE ANALYTICS MARKET SEGMENTAL ANALYSIS
BY TYPE:
Statistical predictive analytics stands out as a foundational pillar, leveraging mathematical models and analytical techniques to derive insights from historical data. This type empowers businesses to make informed decisions by identifying patterns and trends, offering a solid basis for strategic planning and risk management.
Machine learning predictive analytics takes the forefront in embracing advanced algorithms and computational models. This sophisticated approach enables systems to learn and adapt autonomously, enhancing the accuracy and efficiency of predictions. By analyzing vast datasets and recognizing intricate patterns, machine learning predictive analytics empowers organizations to stay agile and responsive in the face of evolving market dynamics.
Data mining predictive analytics, another crucial facet, focuses on uncovering hidden patterns within vast datasets. By employing various techniques such as clustering and association rule mining, organizations can extract valuable knowledge and insights.
BY APPLICATION:
Customer analytics stands as a pivotal force, providing businesses with valuable insights into consumer behavior. By harnessing predictive models, companies can tailor their strategies to meet customer expectations, enhance satisfaction, and drive overall business success.
Fraud detection emerges as a critical application in the Predictive Analytics landscape, employing advanced algorithms to identify anomalous patterns indicative of fraudulent activities. This proactive approach enables organizations to safeguard their assets and maintain the integrity of their operations. Risk assessment, another dominant factor, leverages predictive analytics to evaluate potential risks and uncertainties, empowering businesses to make informed decisions and mitigate potential threats.
Financial forecasting plays a key role in guiding fiscal strategies through the application of predictive analytics. By analyzing historical data and market trends, organizations can anticipate future financial scenarios, facilitating prudent investment and resource allocation. In healthcare analytics, predictive models contribute to personalized medicine, disease prediction, and treatment optimization, fostering advancements in patient care.
BY DEPLOYMENT MODEL:
On-premise deployment involves installing and running the predictive analytics software on the client's hardware and servers. This model provides organizations with greater control over their data and analytics infrastructure, ensuring that sensitive information is handled within the confines of their own premises. It is particularly favored by industries with stringent security and compliance requirements, allowing them to maintain a high level of data governance.
Cloud-based deployment, on the other hand, has gained widespread popularity due to its scalability, flexibility, and cost-effectiveness. In this model, predictive analytics solutions are hosted on cloud platforms, allowing users to access them remotely through the internet. The cloud-based approach eliminates the need for extensive hardware investments and enables organizations to quickly scale their analytics capabilities based on evolving business needs. It offers enhanced agility and collaboration, making it an attractive option for businesses seeking to harness the power of predictive analytics without the complexities of managing on-premise infrastructure.
The dynamic interplay between on-premise and cloud-based deployment models underscores the versatility of Predictive Analytics solutions, accommodating the diverse needs and preferences of different industries.
BY VERTICAL:
The Banking, Financial Services, and Insurance (BFSI) sector stand out as a major player, leveraging predictive analytics to enhance risk management, fraud detection, and customer engagement. By harnessing data-driven insights, the BFSI vertical optimizes decision-making processes, ensuring a secure and efficient financial environment.
In the realm of Retail and eCommerce, predictive analytics revolutionizes customer experiences. This application helps businesses understand consumer preferences, optimize pricing strategies, and forecast demand, creating a personalized and responsive shopping environment. The healthcare sector adopts predictive analytics for disease prediction, patient outcomes, and resource optimization, thereby advancing medical research and patient care.
The Manufacturing industry embraces predictive analytics to streamline operations and boost efficiency. By predicting equipment failures and optimizing supply chain processes, manufacturers can minimize downtime and enhance overall productivity. Governments leverage predictive analytics for data-driven policy decisions and public service optimization.
REGIONAL ANALYSIS:
North America emerges as a prominent player in the landscape, driven by the technological prowess of the United States and a robust ecosystem for innovation. The region witnesses a substantial adoption of predictive analytics across diverse industries, including finance, healthcare, and technology. The dynamic business landscape, coupled with a strong emphasis on data-driven decision-making, propels the growth of the Predictive Analytics market in North America.
In Europe, a similar trend unfolds as businesses across various sectors leverage predictive analytics to gain a competitive edge. The region's focus on digital transformation and the integration of advanced analytics solutions into business processes contribute to the expanding footprint of predictive analytics. Meanwhile, the Asia Pacific region experiences a surge in predictive analytics adoption, fueled by rapid economic growth, increasing awareness of analytics benefits, and a burgeoning tech-savvy population.
COVID-19 IMPACT:
As businesses grapple with disruptions in supply chains, demand fluctuations, and changing consumer behaviors, predictive analytics has become a critical tool for forecasting and scenario planning. The ability of predictive analytics to analyze historical data and extrapolate trends assists businesses in making data-driven decisions to mitigate risks and adapt to the evolving landscape.
Moreover, the healthcare sector has witnessed a surge in the application of predictive analytics to model and predict the spread of the virus, optimize resource allocation, and enhance patient care.
INDUSTRY ANALYSIS:
M&A:
- Microsoft's acquisition of Nuance Communications in 2022, Accenture's acquisition of Stratodyne in 2023, and Google's acquisition of Looker in 2019 are all examples of strategic acquisitions aimed at expanding capabilities and offerings.
New Launches:
- IBM's launch of Maximo Asset Management with AI and Machine Learning features, Salesforce's Einstein Discovery platform for automated insights, and SAS's Viya 4 platform with enhanced cloud capabilities are examples of new products focused on accessibility, specific applications, and emerging technologies.
KEY MARKET PLAYERS:
- IBM Corporation
- SAS Institute Inc.
- Oracle Corporation
- SAP SE
- Microsoft Corporation
- TIBCO Software Inc.
- RapidMiner Inc.
- KNIME AG
- Alteryx, Inc.
- Fair Isaac Corporation (FICO)
- Tableau Software
- Qlik Technologies Inc.
- Sisense Inc.
- Domo, Inc.
- Dataiku
- Information Builders Inc.
- H2O.ai
- Angoss Software Corporation
- Predixion Software
- Exago Inc.
- IBM Watson Analytics
- MicroStrategy Incorporated
- Fuzzy Logix LLC
- GoodData Corporation
- Rapid Insight Inc.
Table of Contents
Introduction
1.1 Background
1.2 Objectives
1.3 Scope of the Report
Executive Summary
Market Overview
3.1 Definition of Predictive Analytics
3.2 Evolution of Predictive Analytics
3.3 Market Segmentation
3.3.1 By Component
3.3.2 By Deployment Mode
3.3.3 By Industry Vertical
3.3.4 By Region
Key Trends in Predictive Analytics
4.1 Technological Advancements
4.2 Industry-Specific Trends
4.3 Regulatory Landscape
Market Dynamics
5.1 Drivers
5.1.1 Growing Big Data Adoption
5.1.2 Increasing Demand for Business Intelligence
5.2 Restraints
5.2.1 Data Privacy and Security Concerns
5.2.2 Lack of Skilled Professionals
5.3 Opportunities
5.3.1 Emergence of Industry-Specific Solutions
5.3.2 Integration of AI and Machine Learning
Market Analysis
6.1 Porter's Five Forces Analysis
6.2 SWOT Analysis
Competitive Landscape
7.1 Key Players Overview
7.2 Market Share Analysis
7.3 Mergers and Acquisitions
Deployment Mode Analysis
8.1 On-Premises
8.2 Cloud-Based
Industry Vertical Analysis
9.1 Healthcare
9.2 Financial Services
9.3 Retail
9.4 Manufacturing
9.5 Others
Regional Analysis
10.1 North America
10.2 Europe
10.3 Asia-Pacific
10.4 Latin America
10.5 Middle East and Africa
Future Outlook
Conclusion
References
Predictive Analytics Market Segmentation:
By Type:
- Statistical predictive analytics
- Machine learning predictive analytics
- Data mining predictive analytics
By Application:
- Customer analytics
- Fraud detection
- Risk assessment
- Financial forecasting
- Healthcare analytics
- Supply chain optimization
- Marketing analytics
- Human resources analytics
- Others
By Deployment Model:
- On-premise
- Cloud-based
By Vertical:
- BFSI
- Retail and eCommerce
- Healthcare
- Manufacturing
- Government
- Telecommunications and IT
- Others
By Geography:
- North America (USA, Canada, Mexico)
- Europe (Germany, UK, France, Russia, Italy, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific)
- South America (Brazil, Argentina, Columbia, Rest of South America)
- Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, South Africa, Rest of MEA)
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RESEARCH METHODOLOGY
With a collective industry experience of about 70 years of analysts and experts, Future Data Stats encompasses the most infallible research methodology for its market intelligence and industry analysis. Not only does the company dig deep into the innermost levels of the market, but also examines the minutest details for its market estimates and forecasts.
This approach helps build a greater market-specific view of size, shape, and industry trends within each industry segment. Various industry trends and real-time developments are factored into identifying key growth factors and the future course of the market. The research proceeds are the results of high-quality data, expert views & analysis, and valuable independent opinions. The research process is designed to deliver a balanced view of the global markets and allows stakeholders to make informed decisions, to attain their highest growth objectives.
Future Data Stats offers its clients exhaustive research and analysis, based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models distill the data & statistics and enhance the accuracy of our recommendations and advice.
With Future Data Stats calibrated research process and 360° data-evaluation methodology, the clients receive:
- Consistent, valuable, robust, and actionable data & analysis that can easily be referenced for strategic business planning
- Technologically sophisticated and reliable insights through a well-audited and veracious research methodology
- Sovereign research proceeds that present a tangible depiction of the marketplace
With this strong methodology, Future Data Stats ensures that its research and analysis is most reliable and guarantees sound business planning.
The research methodology of the global market involves extensive primary and secondary research. Primary research includes about 24 hours of interviews and discussions with a wide range of stakeholders that include upstream and downstream participants. Primary research typically is a bulk of our research efforts, coherently supported by extensive secondary research. Over 3000 product literature, industry releases, annual reports, and other such documents of key industry participants have been reviewed to obtain a better market understanding and gain enhanced competitive intelligence. In addition, authentic industry journals, trade associations’ releases, and government websites have also been reviewed to generate high-value industry insights.
Primary Research:
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Primary Research
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Desk Research
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Company Analysis
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• Identify key opinion leaders • Questionnaire design • In-depth Interviews • Coverage across the value chain
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• Company Website • Company Annual Reports • Paid Databases • Financial Reports
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• Market Participants • Key Strengths • Product Portfolio • Mapping as per Value Chain • Key focus segment
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Primary research efforts include reaching out to participants through emails, telephonic conversations, referrals, and professional corporate relations with various companies that make way for greater flexibility in reaching out to industry participants and commentators for interviews and discussions.
The aforementioned helps to:
- Validate and improve data quality and strengthen the research proceeds
- Develop a market understanding and expertise
- Supply authentic information about the market size, share, growth, and forecasts
The primary research interview and discussion panels comprise experienced industry personnel.
These participants include, but are not limited to:
- Chief executives and VPs of leading corporations specific to an industry
- Product and sales managers or country heads; channel partners & top-level distributors; banking, investments, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research:
A broad array of industry sources for the secondary research typically includes, but is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for a competitive scenario and shape of the industry
- Patent and regulatory databases to understand technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles, web-casts, and other related releases to evaluate the market
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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PRIMARY SOURCES |
DATA SOURCES |
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• Top executives of end-use industries • C-level executives of the leading Parenteral Nutrition companies • Sales manager and regional sales manager of the Parenteral Nutrition companies • Industry Consultants • Distributors/Suppliers
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• Annual Reports • Presentations • Company Websites • Press Releases • News Articles • Government Agencies’ Publications • Industry Publications • Paid Databases
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Analyst Tools and Models:
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BOTTOM-UP APPROACH |
TOP-DOWN APPROACH |
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· Arriving at · Arriving at · Market Share · Key Market Players |
· Key Market Players · Market Share · Arriving at · Arriving at |
