Predictive Analytics Market size was valued at around USD 14.03 billion in 2022 and is projected to grow from USD 17.12 billion in 2023 to USD 84 billion by 2031 at a CAGR of 19.2% over the forecast period (2024–2031).
Predictive analytics is a technique that looks at both past and future activity. These analytics are administered using a variety of methods, such as automated machine learning algorithms and statistical analysis. As organizations seek ways to remain ahead of the competition and make informed decisions that will lead to success, data-driven decision-making is becoming more and more crucial. Organizations are constantly trying to remain ahead of the competition. They are making informed decisions that will lead to success, data-driven decision-making. Companies are aware that data is a valuable resource. It can aid them in understanding their operations, customers, and market dynamics and provide them with insightful information in a better way. It is necessary for this process of making judgments based on data. The technologies enable businesses to precisely forecast future trends and outcomes by leveraging past data and complex algorithms.
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Top Player’s Company Profiles
- IBM (US)
- Microsoft (US)
- Oracle (US)
- SAP (Germany)
- SAS Institute (US)
- Google (US)
- Salesforce (US)
- Amazon Web Services (AWS) (US)
- Hewlett Packard Enterprise (HPE) (US)
- Teradata (US)
- Alteryx (US)
- FICO (US)
- Altair (US)
- Domo (US)
- Cloudera (US)
- Board International (Switzerland)
- Hitachi Vantara (US)
- Qlik (US)
- Happiest Minds (India)
- Dataiku (US)
- Biofourmis (US)
- In-med Prognostics (India)
- Aito.Ai (Finland)
- Symend (US)
- Onward Health (India)
- Unioncrate (US)
- CyberLabs (Brazil)
- Actify Data Labs (India)
- Amlgo Labs (India)
- Verimos (US)
Role of Strategic Adoption of Cloud Technology in Scaling and Innovating Predictive Analytics
One important trend that is becoming more and more popular in the predictive analytics business is the increasing use of cloud computing. Businesses must adopt cloud computing as a vital step toward cost savings, risk reduction, and database scalability. Cloud adoption is widespread in businesses. It is a key factor that influence the growth of the company, innovation, and digital empowerment.
For instance, the American publishing company O’Reilly stated that, 90% of businesses utilized cloud computing in November 2021. In the study of the previous year, 75% of participants who worked for the company reported using the cloud, with 88% of participants reporting use. However, more than 50% of the respondents stated that they wanted to shift their applications to the cloud, and 20% said they wanted to move every app to the cloud.
Strategic Industry Partnerships and Their Effect on Predictive Analytics Market Growth
Predictive analytics and market expansion are expected to be fueled by rising strategic collaborations among top industry players over the forecast period. To provide novel solutions, major players in the industry strategically partner with other businesses and research institutions. These industry-wide strategic collaborations are expected to encourage market expansion soon.
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Segments covered
Component
Service (Managed Services and Professional Services [Consulting, Deployment& Installation and Support & Maintenance]), Solution ( Customer Analytics [Customer Segmentation & Clustering, Customer Behavior Analysis, Monitoring Customer Loyalty & Satisfaction and Other], Financial Analytics [Fraud detection, Profitability Management, Governance Risk & Compliance Management and Other], Risk Analytics [Cyber risk management, Operational risk management, Credit and market risk management and Other], Marketing Analytics [Predictive Modeling, Yield Management, Product & Service Development Strategies and Other], Sales Analytics [Sales Life Cycle Management, Sales Rep Efficiency Management and Other], Network Analytics[Intelligent Network Optimization, Traffic Management and Other], Supply Chain Analytics [Distribution and logistics optimization, Inventory management, Manufacturing analysis and Other], Web & Social Media Analytics [Social Media Management, Search Engine Optimization, Performance Monitoring and Competitor Benchmarking], and Others)
Deployment Type
Cloud and On-premise
Enterprise Size
Small & Medium Enterprises and Large Enterprises
End-User
Government & Defense, Manufacturing, Transportation & Logistics, BFSI, Healthcare & Life science, Travel & Hospitality, Energy & Utilities, IT & Telecommunication, Media & Entertainment, Retail & E-commerce and Others
Expanding Product Portfolios: Shaping the Future of Product Offerings
Major businesses in the sector are constantly creating innovative solutions to satisfy customer needs. They are emphasizing expanding their product line. This is to offer them customizable options with unique features. Furthermore, these businesses are seeking to collaborate, acquire, and form partnerships to broaden their product offerings.
Innovations Lead by Key Players
- May 2024: One of the leading companies in the healthcare industry to introduce conversational AI and digital engagement solutions, mPulse announced. The introduction of integrated predictive analytics product capabilities and omnichannel engagement allowed them to offer novel and innovative products in the digital health sector.
- February 2024: Wipro Enterprise AI-Ready Platform is launched by Wipro Limited. This tool helps customers in building enterprise-grade AI environments that are completely integrated and customizable. Wipro Enterprise AI-Ready Platform provides dynamic resource management based on predictive analytics and adaptable to changing workloads.
- May 2023: SAS intended to allocate an additional $1 Billion toward artificial intelligence and advanced analytics. The company wanted to improve its predictive analytics skills so that it could give its clients smart information and let them make decisions based on data-driven projections. This was the primary goal of the investment.
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A Vision Toward Predictive Analytics
The growth of the predictive analytics market is driven by rise in the acceptance of predictive modeling tools, increase in government investment in big data support initiatives, and surge in the use of big data technologies. Furthermore, increase in demand for predictive analytics from small and medium-sized organizations and incorporation of IoT and AI into predictive analytics would create favorable prospective opportunities for market expansion during the forecast period.
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