NEWS PROVIDED BYTechnavio
May 17, 2024, 04:09 ET
NEW YORK, May 17, 2024 /PRNewswire/ — The global predictive analytics market size is estimated to grow by USD 21601.17 mn from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of 22.24% during the forecast period.
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| Forecast period | 2023-2027 |
| Base Year | 2022 |
| Historic Data | 2017 – 2021 |
| Segment Covered | End-user (BFSI, Retail and e-commerce, Telecom and IT, Transportation and logistics, and Others), Deployment (Cloud-based and On-premise), and Geography (North America, Europe, APAC, South America, and Middle East and Africa) |
| Region Covered | North America, Europe, APAC, South America, and Middle East and Africa |
| Key companies profiled | Altair Engineering Inc., Alteryx Inc., Amazon.com Inc., Board International SA, Cloudera Inc., Domo Inc., Fair Isaac Corp., Hewlett Packard Enterprise Co., Hitachi Ltd., International Business Machines Corp., KNIME AG, Microsoft Corp., Nippon Telegraph and Telephone Corp., Oracle Corp., QlikTech international AB, Salesforce Inc., SAP SE, SAS Institute Inc., Teradata Corp., and TIBCO Software Inc. |
Key Market Trends Fueling Growth
Predictive analytics is a data-driven approach utilizing advanced technologies such as AI, ML, and IoT, to create models forecasting future events. Key industries, including healthcare, finance, and e-commerce, invest heavily in predictive analytics solutions for superior decision-making, data interpretation, and overall business performance. These technologies, including cloud, big data, and data processing, fuel the growth of predictive analytics markets, encompassing sectors like marketing campaigns, credit risk management, and capital planning.
Market Challenges
- The predictive analytics market faces significant challenges, primarily from the limitations of predictive models. Linear regression models, for instance, assume a linear relationship between predictor and predicted variables, which may not hold true in all scenarios. Non-linear relationships necessitate more complex model implementations. Another challenge is the availability of valid data for predictive transactions. Utilizing diverse data sources such as device log files, images, videos, sensors, and deep learning models can enhance predictive analytics solutions. Additionally, employing advanced techniques like neural networks, prescriptive analytics, and intelligent management solutions can mitigate risks and optimize sales and marketing analytics in cloud-based environments. However, ensuring data security and efficient AIoT operations, as well as managing human-machine interactions and data transmission, are crucial aspects of implementing effective predictive analytics solutions.
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Segment Overview
This predictive analytics market report extensively covers market segmentation by
- End-user
- 1.1 BFSI
- 1.2 Retail and e-commerce
- 1.3 Telecom and IT
- 1.4 Transportation and logistics
- 1.5 Others
- Deployment
- 2.1 Cloud-based
- 2.2 On-premise
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and Africa
1.1 BFSI- Predictive analytics is a dynamic and evolving market, with significant growth observed across various sectors. In 2022, the banking, financial services, and insurance (BFSI) industry held the largest market share, utilizing predictive analytics for consumer behavior prediction and preference identification. However, the market’s scope extends beyond BFSI, with analytics projects in sectors like healthcare, telecommunications, and retail gaining traction. Remote health monitoring, smart payment technologies, and digital infrastructures are key areas where predictive analytics is making a difference. Technology deployments, such as health-related wearable devices and advanced technologies like cloud, IoT, and AI, are driving innovation. The business ecosystem is benefiting from predictive analytics in online services, data interpretation, and overall business performance. Predictive models, software and services, and professional services are essential components of predictive analytics solutions. Data creation through business plans, e-commerce sector growth, and linked gadgets is fueling the demand for big data and data processing technology. Data integrity, algorithm development, and venture finance businesses are also crucial aspects of this market. The digitization of transactions and financial analytics solutions are enhancing credit risk management and capital planning. In-database analytics solutions, multimedia, and AI marketing campaigns are further expanding the market’s reach. Statistical tools and deep-learning algorithms are essential for data scientists working on predictive analytics projects. Overall, predictive analytics is a powerful tool for businesses, enabling them to make informed decisions, respond to market conditions, and identify new opportunities.
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Research Analysis
Predictive Analytics Market: A burgeoning industry driven by advanced technologies and digital infrastructures, encompassing analytics projects in various sectors. Remote health monitoring, e-commerce, and consumer perception analysis are key areas of application. Predictive analytic solutions leverage machine learning, statistical modeling, and big data to deliver accurate predictions. IoT, cloud, and linked gadgets facilitate data creation and ensure data integrity. Big Data and transactional databases serve as the foundation for predictive analytics, while predictive analytics algorithms and machine learning models drive insights. Predictive analytics plays a pivotal role in shaping business plans and strategies, particularly in the tech-driven sectors such as smart payment technologies and the internet. Predictive analytics is revolutionizing industries by enabling predictive maintenance, fraud detection, and demand forecasting.
Market Research Overview
Predictive analytics is a key technology in today’s data-driven business environment. This market involves the use of statistical algorithms and machine learning techniques to identify patterns and trends in data, enabling organizations to make informed decisions and predictions about future outcomes. Predictive analytics solutions are used across various industries, including healthcare, finance, retail, and marketing, to optimize operations, improve customer experience, and reduce risks. The global predictive analytics market is expected to grow significantly in the coming years, driven by the increasing volume and variety of data, the need for real-time insights, and the availability of advanced analytics tools and technologies. Companies are investing in predictive analytics to gain a competitive edge and enhance their business performance. The market is highly competitive, with major players offering a range of solutions and services to cater to the diverse needs of businesses.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- End-user
- BFSI
- Retail And E-commerce
- Telecom And IT
- Transportation And Logistics
- Others
- Deployment
- Cloud-based
- On-premise
- Geography
- North America
- Europe
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
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SOURCE Technavio