Predictive Analytics Market to Exceed US$44.3 Billion By 2030, In-Depth Analysis By Reports Insights
REPORTSINSIGHTS CONSULTING PVT LTD
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REPORTSINSIGHTS CONSULTING PVT LTD
The global predictive analytics market is projected to expand at a compound annual growth rate (CAGR) of 18.5% between 2023 and 2030, driven by the widespread implementation of advanced analytics and big data technologies in key industries including healthcare, finance, manufacturing, and retail. This growth trend reflects the increasing demand for predictive insights and data-driven decision-making, as well as the growing availability of powerful analytical tools and platforms.
New York, March 19, 2023 (GLOBE NEWSWIRE) -- The Predictive Analytics Market report by Reports Insights reveals that the market generated a revenue of USD 13.5 billion in 2022 and is anticipated to achieve USD 44.3 billion by 2030, displaying a CAGR of 18.5%. The report highlights the surging deployment of predictive analytics solutions across diverse industries and the mounting requirement for data-driven decision-making approaches.
Predictive Analytics Market Size, Share & Trends Analysis, By Solutions (Solution and Services), Deployment Type (On-Premise and Cloud), Enterprise Size (Small & Medium Enterprises, Large Enterprises), End-Use (Aerospace & Defense, Automotive & Transportation, BFSI, Healthcare, IT & Telecommunication, Media & Entertainment, Retail & E-commerce, Others), By Region and Segment, Forecast Period 2023 – 2030.
ReportsInsights Consulting Pvt. Ltd. has provided a detailed research report on the predictive analytics market, which takes into account various aspects such as market trends, value and supply chain, size, and regulatory environment. The report also analyzes the latest developments and growth opportunities in significant segments, including component, deployment type, enterprise size, end-use, and region. These factors are critical for market players to strengthen their competitiveness through mergers and acquisitions, strategic partnerships, and innovative product launches to bolster their market standing and keep up with evolving advancements in technologies.
The increasing demand for data-driven decision-making, the emerging adoption of big data, and the growing adoption of machine learning and artificial intelligence technologies among businesses to push revenue streams fueled the market statistics.
The rising need for real-time analytics and the increased popularity of cloud-based predictive analytics solutions also drives the market growth.
Growing improvements in Artificial Intelligence and Machine Learning algorithms to analyze large datasets and make predictions with high accuracy accelerates the demand for predictive analytics to understand complex analytics and make effective business decisions.
Restraints
The concern for data privacy and security due to analysis of large amounts of sensitive and confidential data limits the sharing of data, hindering the market adoption due to compromised accuracy of predictions.
The high costs of predictive analytics solutions and services hampers the market growth due to reduced adoption among small and medium sized businesses.
Competitive Landscape
As per the research, the major players in the predictive analytics market include IBM Corporation, Oracle Corporation, SAP SE, SAS Institute, Inc., Microsoft Corporation, Cloud Software Group, Inc., and Siemens. These companies offer various predictive analytics solutions, such as data mining, machine learning, and forecasting, and others to cater to the increasing demand for predictive analytics tools. The market is divided into two categories: pure-play vendors and full-suite vendors. Pure-play vendors specialize in predictive analytics and offer solutions that are specifically designed for this purpose. However, full-suite vendors provide a range of analytics solutions, including predictive analytics, as part of a larger suite of products.
Recent Developments:
In October 2022, Informatica, a frontrunner in enterprise cloud data management, was announced as one of the initial partners of Microsoft Intelligent Data Platform Partner Ecosystem. The introduction of such ecosystem was revealed by Microsoft at Microsoft Ignite 2022 event, and reflects the commitment of both companies towards supporting businesses in effectively leveraging AI with secure and well-managed data.
In October 2022, Google announced a range of innovations in AI and ML, data analytics and security at Google Cloud Next ‘2022. Google's objective was to offer a data cloud that is highly adaptable, accessible, and resilient that enables businesses to utilize their data from various sources, storage formats, and analytics techniques across different cloud providers and platforms that suit their preferences.
Cloud Software Group, Inc., Microsoft Corporation, Google Cloud, Augury Inc., CFD Research Corporation, Oracle, SAS Institute Inc., Siemens, IBM, ALTERYX, INC., Axtria
By Component
Solutions and Services
By Deployment Type
On-Premise and Cloud
By Enterprise Size
Small & Medium Enterprises, Large Enterprises
By End Use
Aerospace & Defense, Automotive & Transportation, BFSI, Healthcare, IT & Telecommunication, Media & Entertainment, Retail & E-commerce, Others
Report Coverage
Company Ranking and Market Share, Regional Competitive Landscape, Growth Factors, Total Revenue Forecast, Business Strategies, and more.
By Geography
North America [United States, Canada, Mexico]
Asia-Pacific [China, Japan, India, Southeast Asia, Korea, Western Asia]
South America [Brazil, Argentina, Columbia, Chile, Peru]
Europe [Germany, UK, Turkey, Spain, France, Italy, Russia, Netherlands, Switzerland]
Middle East & Africa [GCC, North Africa, South Africa]
Governments are also promoting the adoption of predictive analytics in various industries. For instance, the US government launched several initiatives to promote the use of big data and advanced analytics in healthcare and other sectors. This is expected to drive the demand for predictive analytics solutions in the coming years.
Growing adoption of cloud-based data warehouses for predictive analytics will push the market statistics in upcoming years. For instance, two of the world’s largest cloud service providers (Amazon and Google) offer a minimum up-time of more than 99.95%. Amazon for EC2 Servers and Google for Cloud Storage and BigQuery.
The vast amounts of data generated by digital technologies, social media, and the internet of things (IoT) will also create large pools of data that is used to train predictive models.
Rising usage of predictive analytics in new and innovative ways such as fraud detection, supply chain optimization, and predictive maintenance will create favorable opportunities for the demand for such technologies.
Increased importance of real-time for organizations to make quick decisions based on rapidly changing data will push the statistics of predictive analytics solutions and services to respond and address rapid changes in business environment.
The availability of powerful computing resources, and big data analytics tools even as open-source software and cloud-based analytics platforms will create lucrative opportunities for market growth in terms of more accessibility and affordability for predictive analytics.
Key Market Takeaways
North America is anticipated to propel the statistics of predictive analytics market in terms of value and volume. The large presence of established market players as well as increased expenditures on technology advancements to bring in business optimization due to high amounts of data are factors that will create favorable circumstances for market growth in North American region.
As businesses in Asia Pacific face increased competition, the adoption of predictive analytics among such businesses to gain a competitive advantage will witness a sudden surge. By using data to make better decisions and optimize operations, businesses have the opportunity to improve their bottom line and stay ahead of the competition.
Based on component, the solution segment contributed highest shares to the market growth in 2022.
By deployment type, the cloud segment accounted for largest shares contribution to the market growth in 2022.
Based on enterprise size, the large enterprises segment contributed highest shares over 61.7% in 2022.
In the context of end use, the BFSI segment is expected to witness the fastest CAGR of around 15.8% during the forecast period.
Key Questions Covered in the Predictive Analytics Market Report
What is the current size of predictive analytics market?
What is the expected CAGR of global market of predictive analytics from 2023 to 2030?
What factors drive the predictive analytics market growth?
Which region is expected to boost the market statistics in terms of value and volume?
Which major players function in the current market circumstances?
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