Overview and Scope
Predictive analytics refers to the use of statistics and modelling techniques
based on current and historical data to determine future performance and make
predictions about future outcomes. Predictive analytics are used to determine
customer response to promote cross-sell opportunities and purchases.
Sizing and Forecast
The predictive analytics market size has grown exponentially in recent years.
It will grow from $14.19 billion in 2023 to $17.42 billion in 2024 at a
compound annual growth rate (CAGR) of 22.8%.
The growth in the historic period
can be attributed to business process optimization, growing competition and
market dynamics, focus on customer relationship management, healthcare outcome
improvement, risk management and fraud detection..
The predictive analytics market size is expected to see exponential growth in
the next few years. It will grow to $41.44 billion in 2028 at a compound annual
growth rate (CAGR) of 24.2%. The growth
in the forecast period can be attributed to customization and scalability,
energy consumption optimization, regulatory compliance automation, continuous
monitoring of model performance, human resources and talent analytics.. Major
trends in the forecast period include increased adoption across industries,
focus on advanced machine learning models, exponential growth of big data,
explainable ai for transparency, enhanced fraud detection and cybersecurity,
ethical and responsible ai practices..
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https://www.thebusinessresearchcompany.com/report/predictive-analytics-global-market-report
Segmentation & Regional Insights
The predictive analytics market covered in this report is segmented –
1) By Component: Solutions, Services
2) By Deployment Mode: Cloud, On-Premises
3) By Organization Size: Large Enterprises, Small And Medium-Sized Enterprises
(SMEs)
4) By Vertical: BFSI, Manufacturing, Retail And Ecommerce, Government And
Defense, Healthcare And Life Sciences, Energy And Utilities, Telecommunications
And IT, Transportation And Logistics, Media And Entertainment, Travel And
Hospitality
North America was the largest region in the predictive analytics market in
2023. The regions covered in the predictive analytics market report are
Asia-Pacific, Western Europe, Eastern Europe, North America, South America,
Middle East, Africa
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Major Driver Impacting Market Growth
The rising adoption of big data and other related technologies is expected to
drive the growth of the predictive analytics market. Big data refers to the
data management system that is used to input more data during the processing of
large data sets. The rise in the adoption of big data-related technologies in
many industries leads to the innovation of new technology. Some of the new
technologies used in predictive analytics are edge computing, streaming
analytics, artificial intelligence, in-memory databases, data lakes, and
blockchain. For instance, in March 2021, according to Fusion Alliance, a
US-based website designer, in every passing moment, the pace of data creation
continues to compound, with more than 200 million emails sent, millions of
dollars in e-commerce transacted, 50 hours of YouTube videos uploaded, millions
of Google searches launched, tens of millions of photos shared. Also, nearly
53% of the companies are adopting big data analytics according to a study by
Dresner Advisory Services in 2022. Therefore, the rising adoption of big data
and other related technologies is expected to drive the predictive analytics
market growth.
Key Industry Players
Major companies operating in the predictive analytics market report are IBM
Corporation, Microsoft Corporation, Oracle Corporation,SAP SE,SAS Institute
Inc.,Salesforce Inc.,Alteryx Inc.,RapidMiner Inc.,DataRobot Inc.,Domo
Inc.,TIBCO Software Inc.,KNIME Inc.,Sisense Inc.,FICO,GoodData,Angoss Software
Co., QlikTech Inc.,Rapid Insight Inc.,TARGIT Inc.,Predixion Software
Inc.,Information Builders Inc.,Salesforce,Indix Internet India Private Limited,
Opera Solutions India Private Limited, SymphonyAI Group,Exago Ventures S.
A.,Rapid7 Inc.,Stratifyd Inc.,Thoughtspot India Private Limited,Ayasdi
The predictive analytics market report table of contents includes:
1. Executive Summary
2.
Predictive Analytics Market Characteristics
3.
Predictive Analytics Market Trends And Strategies
4.
Predictive Analytics Market - Macro Economic Scenario
5. Global
Predictive Analytics Market Size and Growth
.
31. Global Predictive Analytics Market Competitive Benchmarking
32. Global
Predictive Analytics Market Competitive Dashboard
33. Key
Mergers And Acquisitions In The Predictive Analytics Market
34.
Predictive Analytics Market Future Outlook and Potential Analysis
35.
Appendix
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