Predictive Analytics Market Size & Share, by Solution (Financial Analytics, Risk Analytics, Marketing Analytics, Web & Social Media Analytics, Consumer Analytics); End-User (BFSI, Retail, IT & Telecom, Healthcare, Government, Manufacturing); Enterprise Size (Large, Small & Medium Enterprises); Services (Deployment/ Installation, Support & Maintenance, Training & Consulting); Deployment Type (On-Premise, Cloud) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 3926
  • Published Date: Jan 12, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Predictive Analytics Market size is poised to reach USD 120 Billion by the end of 2036, growing at a CAGR of 25% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of predictive analytics was USD 15 Billion. The reason behind the growth is impelled by the increasing amount of data generation across the globe. The sheer volume of data that is being created daily is astounding and is driven by the proliferation of data-generating devices, such as wearable electronics, and smartphones, the widespread use of cloud computing, and the Internet of Things.

For instance, it is anticipated that the amount of data created globally will surpass over 170 zettabytes in 2025, after five more years of growth.

The growing mergers and acquisitions are believed to fuel the predictive analytics market growth. For instance, in March 2023 Accenture acquired Flutura to help customers reach their net zero targets more quickly while also improving the efficiency of factories, refineries, and supply chains, and offering Flutura's functionalities to customers in the mining, chemicals, energy, metals, and pharmaceutical sectors by strengthening its AI offerings.


Predictive Analytics Market
Get more information on this report: Request Free Sample PDF


Predictive Analytics Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

~25%

Base Year Market Size (2023)

~ USD 15 Billion

Forecast Year Market Size (2036)

~ USD 120 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
Get more information on this report: Request Free Sample PDF

Predictive Analytics Sector: Growth Drivers and Challenges

Market-Growth-Drivers

Growth Drivers

  • Growing Popularity of Artificial Intelligence and Machine Learning - The field of predictive analytics involves the application of machine learning and artificial intelligence, to forecast future events based on both recent and historical data. In addition, predictive analytics using machine learning can assist sellers in creating products that will both draw in new business and keep their current clientele and also aid in the identification of fraudulent activity in the financial industry.For instance, in 2023, more than 34% of businesses utilized artificial intelligence.
  • Surging Need for Cloud-Based Predictive Analytics - The most recent AI innovation that is poised to improve digital experiences with advanced analytics capabilities is cloud-based predictive analytics, which involves analyzing data sets to make predictions about upcoming events and outcomes using predictive models and algorithms. Organizations may learn more about how well their cloud infrastructure, apps, and services are doing by utilizing the cloud's capabilities and can develop a better understanding of their surroundings. Furthermore, by merging systems and processing power in the cloud, cloud-based predictive analytics also addresses the problem of divergent data sets.
  • Increasing Importance of Data-Driven Decision-Making- Predictive analytics is a cutting-edge method to generate insightful insights for better decision-making in the future and is expected to become increasingly more crucial in forming strategies, streamlining operations, and gaining a competitive edge as businesses continue to embrace data-driven decision-making. 
  • Rising Internet Accessibility Across the Globe- Many people use the Internet often all over the world owing to the increasing impact on individual consumers and the presence of major economies. According to estimates, there were more than 5 billion internet users globally in 2023.
  • Predictive Analytics in Insurance - Predictive analytics is transforming the insurance sector by helping businesses solve challenges, forecast the possibility of property damage and loss, allow insurance companies to enhance customer satisfaction while cutting down on the time and expense associated with processing claims, and get rid of scams.

Challenges

  • Risk of Data Privacy and Security - One of the main things that is expected to hinder the market's growth is the possibility of data theft as predictive analytics works with vast amounts of sensitive data that are attractive to hackers, which increases the possibility of personal data being exploited. Moreover, predictive analytics can make it possible to gather, analyze, and use a lot of personal data that often represents a danger to privacy rights.
  • Exorbitant Implementation Costs Including Software Pricing, Hardware and Hosting Requirements, and Engineering Costs
  • Usage of Inaccurate, Erroneous, and Inconsistent Data May Result in Flawed Predictions


Predictive Analytics Segmentation

End-User (BFSI, Retail, IT & Telecom, Healthcare, Government, Manufacturing)

The BFSI segment in the predictive analytics market is estimated to gain a robust revenue share of 40% in the coming years owing to the growing adoption of digital payments. In recent times, digital payments have gained significant importance across the globe owing to the swift growth of e-banking and payment systems, as well as the proliferation of digital wallets and mobile payments. For instance, it is anticipated that the digital payments market will reach a total transaction value of more than USD 2361 billion by 2024. This is the exact moment when predictive analytics takes the stage since it has a wide range of applications, including credit risk management, cash flow forecasting, and client payment forecasts. Moreover, AI can evaluate transaction data and offer clients personalized services by utilizing predictive analytics, and banks use it to assess prospective borrowers' creditworthiness.

Additionally, as predictive analytics become more widespread, it may aid the BFSI industry in several ways, including fraud detection, targeted marketing, and collections management, amongst others. Banks use predictive analytics to identify potential frauds and take necessary action to stop them from happening by analyzing transaction patterns and client behavior. Besides this, predictive analytics can be used by banks to find potential new business possibilities and make better choices regarding credit and investment products.

Solution (Financial Analytics, Risk Analytics, Marketing Analytics, Web & Social Media Analytics, Consumer Analytics)

Predictive analytics market from the consumer analytics segment is set to garner a notable share shortly. The demand for consumer predictive analytics has expanded as a result of consumers producing vast amounts of data from many sources, including social media platforms and e-commerce websites. Predictive analytics is the key to the consumer experience of the future since it helps in analyzing customers' past behavior and projecting their future behavior by making use of statistical algorithms, machine learning, and historical data. Moreover, predictive analytics helps businesses meet customer demand without overstocking warehouses by using previously obtained data and trends to forecast customers wants, desires, and potential difficulties.

Our in-depth analysis of the global predictive analytics market includes the following segments:

         Solution

  • Financial Analytics
  • Risk Analytics
  • Marketing Analytics
  • Web & Social Media Analytics
  • Consumer Analytics

          End-User

  • BFSI
  • Retail
  •  IT & Telecom
  •  Healthcare
  •  Government
  •  Manufacturing

          Enterprise Size

  • Large
  • Small
  • Medium Enterprises

          Services

  • Deployment/ Installation
  • Support & Maintenance
  •  Training & Consulting

          Deployment Type

  • On-Premise
  • Cloud

Want to customize this research report as per your requirements? Our research team will cover the information you require to help you take effective business decisions.

Customize this Report

Predictive Analytics Industry - Regional Synopsis

North American Market Forecast

Predictive analytics market in North America is predicted to account for the largest share of 48% by 2036 impelled by the emergence of new ventures and startups in the United States and Canada. More and more people are investing in startups and other initiatives since the region has access to finance from a variety of sources, including angel investors, venture capitalists, and crowdfunding platforms. As a result, there is a rising need for predictive analytics in the field so that a company can better prepare for the changing tides, plan for demand fluctuations, and forecast future results using data from the past. For instance, more than 330000 new firms were established in the US in the first quarter of 2023.

APAC Market Statistics

The Asia Pacific predictive analytics market is estimated to be the second largest, during the forecast timeframe led by the increasing popularity of data analytics. In the past few years, data analytics in India has grown owing to an exponential increase in internet users. As a result, of this, the importance of data-driven decision-making has grown in the area, which has expanded the use of predictive analytics to help organizations make informed choices. According to estimates, the enormous data analytics market in India is anticipated to reach over USD 118 by 2026. For instance, the banking sector in India spent more than 15% of its total budget on big data and analytics in 2021.

Research Nester
Predictive Analytics Market Size
Get more information on this report: Request Free Sample PDF

Companies Dominating the Predictive Analytics Landscape

top-features-companies
    • IBM Corporation
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Biofourmis Inc.
    • Oracle Corporation
    • SAP SE
    • SAS Institute
    • Microsoft Corporation
    • ALTERYX, Inc.
    • CyberLabs
    • Verimos, Inc.
    • MicroStrategy Incorporated

In-the-news

In The News

  • IBM Corporation introduced new software IBM Business Analytics Enterprise to give companies the instruments they need to support data-driven decision-making by removing data and analytics silos and enabling clients to execute analytics anywhere. Further, it has algorithms that can suggest role-based material to assist users in finding new stories, and it is made to let users access planning and analytics dashboards from numerous suppliers.
  • ALTERYX, Inc. acquired Trifacta to identify new possibilities to target new data and cloud transformation efforts that serve the needs of the whole organization, from data analytics teams and IT/technology teams to line-of-business users.

Author Credits:  Abhishek Verma, Hetal Singh


  • Report ID: 3926
  • Published Date: Jan 12, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing amount of data generation across the globe and the growing mergers and acquisitions are the major factors driving the growth of the market.

The market size of predictive analytics is anticipated to attain a CAGR of 25% over the forecast period, i.e., 2024-2036.

The major players in the market are Biofourmis Inc., Oracle Corporation, SAP SE, SAS Institute, Microsoft Corporation, ALTERYX, Inc., CyberLabs, Verimos, Inc., and others.

The BFSI segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the North America region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Predictive Analytics Market Report Scope
  GET A FREE SAMPLE

FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.

 Request Free Sample Copy

Have questions before ordering this report?

Inquiry Before Buying