Predictive Analytics Market Growth Forecast: Exploring Trends and Opportunities for the Next Decade
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How has the predictive analytics market grown over the years?
In the past few years, the predictive analytics market size has experienced rapid incremental growth. By 2025, it is expected to expand from a valuation of $17.07 billion in 2024 to an impressive $20.77 billion, given a compound annual growth rate (CAGR) of 21.6%. This significant growth trajectory in the previous period could be traced back to factors such as optimization of business process, intensified competition and fluctuating market dynamics, attention toward customer relationship management, enhancements in healthcare outcomes, and focus on risk management as well as fraud detection.
What Is the forecasted market size and growth rate for the predictive analytics market?
Over the upcoming years, the predictive analytics market size is projected to undergo rapid expansion, with growth forecasted to reach $52.91 billion by 2029, at a compound annual growth rate (CAGR) of 26.3%. Factors contributing to the growth during this forecasted period encompass customization and scalability, energy consumption optimization, automated regulatory compliance, continuous scrutiny of model performance, and human resource as well as talent analytics. Key trends expected over these years are an increase in industry-wide adoption, focus on superior machine learning models, a spike in big data, advocacy for transparent AI, improved fraud detection and cybersecurity, as well as ethical and responsible AI practices.
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What are the major factors driving growth in the predictive analytics market?
The predictive analytics market is slated for growth, propelled by the increasing utilization of big data and related technologies. Big data is a data management approach designed to handle and process large data sets. Its use is burgeoning across various sectors, paving the way for innovative tech developments. Some innovative technologies widely employed in predictive analytics include edge computing, streaming analytics, artificial intelligence, in-memory databases, data lakes, and blockchain. For instance, the Ministry of Foreign Affairs, a Netherlands-based organization, reported in April 2024 according to CBI that the European market for big data was estimated to be worth EUR 73.37 billion in 2022. The report also projected that the European big data market would register a compound annual growth rate (CAGR) of 7.7% from 2023-2029. Hence, the booming adoption of big data and related technologies is anticipated to fuel the growth of the predictive analytics market.
What key areas define the segmentation of the global predictive analytics Market?
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
Subsegments:
1) By Solutions: Predictive Modeling Tools, Data Mining Tools, Statistical Analysis Software, Machine Learning Platforms, Visualization Tools
2) By Services: Consulting Services, Implementation Services, Training And Support Services, Maintenance And Optimization Services
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What are the top market players propelling the growth of the predictive analytics industry?
Major companies operating in the predictive analytics market include IBM Corporation, Microsoft Corporation, Oracle Corporation,SAP SE,SAS Institute 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., Opera Solutions India Private Limited, SymphonyAI Group,Exago Ventures S. A.,Rapid7 Inc.,Stratifyd Inc.,Thoughtspot India Private Limited,Ayasdi
What are the key trends shaping the future of the predictive analytics market?
The predictive analytics market is experiencing a significant trend towards the widespread adoption of cloud technology. Businesses are leveraging cloud adoption as a strategic initiative to not only curb costs and manage risks, but also to amplify their database capabilities. Cloud adoption is becoming ubiquitous in the corporate sphere, serving as a pivotal conduit for digital empowerment, which, in turn, triggers innovation and fosters growth. By provisioning a platform that doubles as a storage hub while also carrying out computations, cloud strategies are proving invaluable. Google LLC, an American IT firm, noted in January 2023 that there was a substantial rise of 56% in public cloud usage in 2022 from the previous year, with more than 76% of individuals availing its services.
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What regions are dominating the predictive analytics market growth?
North America was the largest region in the predictive analytics market in 2024. 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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