Predictive Analytics Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Predictive Analytics Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Predictive analytics Market

The Predictive analytics market size was valued at USD 14.71 billion in 2023, and the market is now projected to grow from USD 18.02 billion in 2024 to USD 95.30 billion by 2032, exhibiting a CAGR of 23.1% during the forecast period of 2023-2030.

The market for predictive analytics has declined having been affected by COVID-19 pandemic which was characterized by economic instability and companies lacked the enthusiasm to invest. Many enterprises were concentrating on solving urgent business tasks instead of developing long-term analytics projects. The growth of the market is hindered by the supply chain disruptions and the job cuts. Moreover, processing, distribution, and retail sectors, such as manufacturing, retail, experienced a slowdown throughout the pandemic.

The predictive analytics market is growing fast due to the increased amount of data, better machine learning, and general need of analytics in different sectors. Recognition of predictive analytics as a key facet of business helps companies build their efficiency, boost customer focus, and gain the competitive edge. Industries, such as finance, healthcare, retail, and industry are reaping the benefits from these technologies. The present surge in IoT devices and high relevance of big data analytics contribute to the Predictive analytics market growth as well.

There is a growing fast development in the predictive analytics market as the AI and machine learning are improving. Some of the important trends entail the real-time data processing adoption, the increasing use of cloud-based analytics solutions, and the priority of elevating data privacy and security. Sectors such as healthcare, finance, and retail are relying on predictive analytics to do superior decision making and as a result they are targeting specific customers. Additionally, the popularity of the Internet Of Things and big data widens the application of prediction models while the user-friendly analytics platforms make these tools more approachable by a great number of companies.

Comprehensive Analysis of Predictive Analytics Market

The Predictive analytics industry is rising at an exponential rate due to its market segmentation. These segmentations are methodically segregated by deployment, by enterprise type, by application and by end-user. Based on deployment, market is divided into quantum cloud, and on-premise. Based on enterprise type, market is divided into large enterprises and small and medium enterprises (SMEs). Based on application, market is divided into demand forecasting, financial risk forecasting, pricing personalization, predictive maintenance, and others. Based on end-user, market is divided into BFSI, automotive, telecom/media, healthcare, life sciences, retail, energy & utility, government, and others.

The North America holds leading position in predictive analytics market share by benefitting a market size of USD 5.68 billion in 2023. Such dominance results from immense adoption of the most progressive technologies, the vitality of key industry players and massive investments into data-oriented projects. Region’s resilient infrastructure, coupled with steady innovation and R&D, even more boosts the marked and growth rate.

The top players in the market play a crucial role in the industry assuring industrial prospectus growth and setting market standards. These players include, SAP SE (Germany), IBM Corporation (U.S.), TIBCO Software Inc. (U.S.), Amazon Web Services, Inc. (U.S.), Alteryx (Us.S.), Cloudera, Inc. (U.S.), SAS Institute Inc. (U.S.), FICO (U.S.), Accenture (Ireland), AVEVA Group plc (U.K.).

In February 2023, AVEVA, a provider of industrial software, launched its newest software called AVEVA Predictive Analytics.

Segmentation Table

Global Predictive Analytics Market Scope

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 23.1% from 2024 to 2032

Unit Value (USD Billion)

Segmentation By Deployment

Cloud

On-premise

By Enterprise Type

Large Enterprises

Small and Medium Enterprises (SMEs)

By Application

Demand Forecasting

Financial Risk Forecasting

Pricing Personalization

Predictive Maintenance

Others (Churn Prevention)

By End-user

BFSI

Automotive

Telecom/Media

Healthcare

Life Sciences

Retail

Energy & Utility

Government

Others (Manufacturing, Education)

By Region

North America (By Deployment, By Enterprise Type, By Application, By End-user, and By Country)

- U.S. (By End-user)

- Canada (By End-user)

- Mexico (By End-user)

South America (By Deployment, By Enterprise Type, By Application, By End-user, and By Country)

- Brazil (By End-user)

- Argentina (By End-user)

- Rest of South America

Europe (By Deployment, By Enterprise Type, By Application, By End-user, and By Country)

- U.K. (By End-user)

- Germany (By End-user)

- France (By End-user)

- Italy (By End-user)

- Spain (By End-user)

- Russia (By End-user)

- Benelux (By End-user)

- Nordics (By End-user)

- Rest of Europe

Middle East & Africa (By Deployment, By Enterprise Type, By Application, By End-user, and By Country)Turkey (By End-user)

- Israel (By End-user)

- GCC (By End-user)

- North Africa (By End-user)

- South Africa (By End-user)

- Rest of the Middle East & Africa

Asia Pacific (By Deployment, By Enterprise Type, By Application, By End-user, and By Country)

- China (By End-user)

- Japan (By End-user)

- India (By End-user)

- South Korea (By End-user)

- ASEAN (By End-user)

- Oceania (By End-user)

- Rest of Asia Pacific


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