NEW
YORK, May 17, 2024 /PRNewswire/ -- The
global predictive analytics market size is
estimated to grow by USD 21601.17 mn
from 2023-2027, according to Technavio. The market is estimated to
grow at a CAGR of 22.24% during the forecast
period.
For more insights on the forecast market size and
historic data (2017 - 2021) - Download
Free sample report in a minutes
Forecast
period
|
2023-2027
|
Base Year
|
2022
|
Historic
Data
|
2017 - 2021
|
Segment
Covered
|
End-user (BFSI, Retail
and e-commerce, Telecom and IT, Transportation and logistics, and
Others), Deployment (Cloud-based and On-premise), and Geography
(North America, Europe, APAC, South America, and Middle East and
Africa)
|
Region
Covered
|
North America, Europe,
APAC, South America, and Middle East and Africa
|
Key companies
profiled
|
Altair Engineering
Inc., Alteryx Inc., Amazon.com Inc., Board International SA,
Cloudera Inc., Domo Inc., Fair Isaac Corp., Hewlett Packard
Enterprise Co., Hitachi Ltd., International Business Machines
Corp., KNIME AG, Microsoft Corp., Nippon Telegraph and Telephone
Corp., Oracle Corp., QlikTech international AB, Salesforce Inc.,
SAP SE, SAS Institute Inc., Teradata Corp., and TIBCO Software
Inc.
|
Key Market Trends Fueling Growth
Predictive analytics is a data-driven approach utilizing
advanced technologies such as AI, ML, and IoT, to create models
forecasting future events. Key industries, including healthcare,
finance, and e-commerce, invest heavily in predictive analytics
solutions for superior decision-making, data interpretation, and
overall business performance. These technologies, including cloud,
big data, and data processing, fuel the growth of predictive
analytics markets, encompassing sectors like marketing campaigns,
credit risk management, and capital planning.
Market Challenges
- The predictive analytics market faces significant challenges,
primarily from the limitations of predictive models. Linear
regression models, for instance, assume a linear relationship
between predictor and predicted variables, which may not hold true
in all scenarios. Non-linear relationships necessitate more complex
model implementations. Another challenge is the availability of
valid data for predictive transactions. Utilizing diverse data
sources such as device log files, images, videos, sensors, and deep
learning models can enhance predictive analytics solutions.
Additionally, employing advanced techniques like neural networks,
prescriptive analytics, and intelligent management solutions can
mitigate risks and optimize sales and marketing analytics in
cloud-based environments. However, ensuring data security and
efficient AIoT operations, as well as managing human-machine
interactions and data transmission, are crucial aspects of
implementing effective predictive analytics solutions.
Research report provides comprehensive data on
impact of trend, driver and challenges - Buy
Report
Segment Overview
This predictive analytics market report extensively covers
market segmentation by
- End-user
- 1.1 BFSI
- 1.2 Retail and e-commerce
- 1.3 Telecom and IT
- 1.4 Transportation and logistics
- 1.5 Others
- Deployment
- 2.1 Cloud-based
- 2.2 On-premise
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 BFSI- Predictive analytics is a dynamic and
evolving market, with significant growth observed across various
sectors. In 2022, the banking, financial services, and insurance
(BFSI) industry held the largest market share, utilizing predictive
analytics for consumer behavior prediction and preference
identification. However, the market's scope extends beyond BFSI,
with analytics projects in sectors like healthcare,
telecommunications, and retail gaining traction. Remote health
monitoring, smart payment technologies, and digital infrastructures
are key areas where predictive analytics is making a difference.
Technology deployments, such as health-related wearable devices and
advanced technologies like cloud, IoT, and AI, are driving
innovation. The business ecosystem is benefiting from predictive
analytics in online services, data interpretation, and overall
business performance. Predictive models, software and services, and
professional services are essential components of predictive
analytics solutions. Data creation through business plans,
e-commerce sector growth, and linked gadgets is fueling the demand
for big data and data processing technology. Data integrity,
algorithm development, and venture finance businesses are also
crucial aspects of this market. The digitization of transactions
and financial analytics solutions are enhancing credit risk
management and capital planning. In-database analytics solutions,
multimedia, and AI marketing campaigns are further expanding the
market's reach. Statistical tools and deep-learning algorithms are
essential for data scientists working on predictive analytics
projects. Overall, predictive analytics is a powerful tool for
businesses, enabling them to make informed decisions, respond to
market conditions, and identify new opportunities.
For more information on market segmentation with
geographical analysis including forecast (2023-2027) and historic
data (2017 - 2021) - Download a Sample Report
Research Analysis
Predictive Analytics Market: A burgeoning industry driven by
advanced technologies and digital infrastructures, encompassing
analytics projects in various sectors. Remote health monitoring,
e-commerce, and consumer perception analysis are key areas of
application. Predictive analytic solutions leverage machine
learning, statistical modeling, and big data to deliver accurate
predictions. IoT, cloud, and linked gadgets facilitate data
creation and ensure data integrity. Big Data and transactional
databases serve as the foundation for predictive analytics, while
predictive analytics algorithms and machine learning models drive
insights. Predictive analytics plays a pivotal role in shaping
business plans and strategies, particularly in the tech-driven
sectors such as smart payment technologies and the internet.
Predictive analytics is revolutionizing industries by enabling
predictive maintenance, fraud detection, and demand
forecasting.
Market Research Overview
Predictive analytics is a key technology in today's data-driven
business environment. This market involves the use of statistical
algorithms and machine learning techniques to identify patterns and
trends in data, enabling organizations to make informed decisions
and predictions about future outcomes. Predictive analytics
solutions are used across various industries, including healthcare,
finance, retail, and marketing, to optimize operations, improve
customer experience, and reduce risks. The global predictive
analytics market is expected to grow significantly in the coming
years, driven by the increasing volume and variety of data, the
need for real-time insights, and the availability of advanced
analytics tools and technologies. Companies are investing in
predictive analytics to gain a competitive edge and enhance their
business performance. The market is highly competitive, with major
players offering a range of solutions and services to cater to the
diverse needs of businesses.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- End-user
-
- BFSI
- Retail And E-commerce
- Telecom And IT
- Transportation And Logistics
- Others
- Deployment
-
- Geography
-
- North America
- Europe
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
View original content to download
multimedia:https://www.prnewswire.com/news-releases/predictive-analytics-market-size-is-set-to-grow-by-usd-21601-17-mn-from-2023-2027--increasing-data-generation-and-advent-of-big-data-to-boost-the-market-growth-technavio-302147906.html
SOURCE Technavio