Predictive Analytics Market Size and Share Overview 2031
The predictive analytics market size is projected to reach US$ 66370.54 million by 2031 from US$ 14825.53 million in 2023. The market is expected to register a CAGR of 20.6% during 2023–2031. The expansion of endpoint protection is likely to remain a key trend in the market.
Predictive Analytics Market Analysis
With the widespread adoption of sophisticated predictive analytics tools, businesses now use big data to proactively detect possibilities and hazards. Predictive analytics is now more accessible than ever due to modern technology. A corporation needs to identify a business purpose before it can use predictive analytics, be it to boost sales, streamline processes, or enhance customer satisfaction. Subsequently, with the right tools, that organization may create predictive analytics models, produce actionable insights, and sift through enormous amounts of heterogeneous data in order to achieve that objective.
Predictive Analytics Market Overview
Predictive analytics is a subfield of advanced analytics that uses historical data along with statistical modeling, data mining, and machine learning to forecast future events. Businesses use predictive analytics to look for trends in this data to pinpoint possibilities and dangers. Predictive analytics is frequently linked to data science and big data. Companies are currently overloaded with data, which is stored in various data repositories throughout the company and includes log files, photos, and video. Data scientists employ machine learning and deep learning algorithms to identify trends in the data and forecast future occurrences in order to extract valuable insights. Neural networks, decision trees, logistic and linear regression models, and other statistical techniques are some of these. Certain modeling strategies leverage preliminary prediction insights to get more predictive insights.
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Predictive Analytics Market: Strategic Insights
Market Size Value in US$ 12,492.94 Million in 2022 Market Size Value by US$ 38,038.83 Million by 2028 Growth rate CAGR of 20.4% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2022
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Predictive Analytics Market: Strategic Insights
| Market Size Value in | US$ 12,492.94 Million in 2022 |
| Market Size Value by | US$ 38,038.83 Million by 2028 |
| Growth rate | CAGR of 20.4% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
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Predictive Analytics Market Drivers and Opportunities
Emergence of AIoT Technologies
The Internet of Things (IoT) infrastructure and artificial intelligence (AI) technologies come together to form the artificial intelligence of things (AIoT). AIoT seeks to increase data management and analysis, human-machine interactions, and IoT operations efficiency. Artificial Intelligence (AI) is widely utilized in speech recognition, machine vision, and natural language processing. AI is the emulation of human intelligence processes by computers, notably computer systems. The Internet of Things (IoT) is a system of interconnected computing devices, digital and mechanical machinery, or items that may communicate data over a network without a human-to-human or human-to-computer interface. AIoT is revolutionary and advantageous to both kinds of technology, as AI improves decision-making and adds value to IoT through machine learning capabilities.
The increasing proliferation of internet
The penetration of the internet is growing globally. Thus, the increasing adoption of environmental tunnel system lighting alternatives is creating more opportunities for the market. At the beginning of April 2024, there were 5.44 billion internet users worldwide, or 67.1 percent of the world's entire population. This astounding number indicates that there are now more than twice as many internet users as non-users, making internet users a "supermajority." The number of people using the internet is also increasing; according to the most recent figures, 178 million more people worldwide became connected in the year ending in April 2024. Therefore, the increasing internet proliferation is creasting various opportunities for the predictive analytics market.
Predictive Analytics Market Report Segmentation Analysis
Key segments that contributed to the derivation of the predictive analytics market analysis are component, deployment mode, organization size, and industry vertical.
- Based on the component, the predictive analytics market is divided into solution (risk analytics, marketing analytics, sales analytics, customer analytics, and others) and services. The solutions segment held a larger market share in 2023.
- By deployment mode, the market is segmented into on-premise and cloud-based. The cloud segment held a larger market share in 2023.
- By organization size, the market is segmented into small and medium enterprises (SMEs) and large enterprises.
- By industry vertical, the market is segmented into IT & Telecom, BFSI, energy & utilities, government and defence, retail and e-commerce, manufacturing, and others.
Predictive Analytics Market Share Analysis by Geography
The geographic scope of the predictive analytics market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
APAC dominates the predictive analytics market. The predictive analytics market in this region is growing due to various factors, such as increasing internet usage and technological advancements. Businesses in the region are investing more money and energy into identifying intelligent management solutions tailored to managing security threats associated with work-from-home models. Thus, the predictive analytics market is estimated to experience substantial growth in the next few years.
Predictive Analytics Market Report Scope
Predictive Analytics Market News and Recent Developments
The predictive analytics market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the predictive analytics market are listed below:
- mPulse, a leader in conversational AI and digital engagement solutions for the healthcare industry, announced strong momentum in Q1 2024 over Q1 2023 with growth across all business segments. The company also announced the launch of its integrated predictive analytics and omnichannel engagement product capabilities, establishing a new category within the digital health ecosystem. (Source: mPulse, Press Release, May 2024)
- AVEVA, a global leader in industrial software, driving innovation and sustainability, announced the launch of its latest AVEVA Predictive Analytics software release, purpose-built for predictive monitoring of industrial assets in oil and gas, power, chemicals, mining and minerals, and manufacturing. The software helps industrial operators achieve the highest possible levels of reliability and performance of industrial assets while improving sustainability and increasing workforce productivity. (Source: AVEVA, Press Release, February 2023)
Predictive Analytics Market Report Coverage and Deliverables
The “Predictive Analytics Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Predictive analytics market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Predictive analytics market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- predictive analytics market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the predictive analytics market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component, Deployment Mode, Organization Size, and Industry Vertical
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The expected CAGR of the global predictive analytics market is 20.6%.
The global predictive analytics market is expected to reach US$ 66370.54 million by 2031.
The expansion of endpoint protection is anticipated to play a significant role in the global predictive analytics market in the coming years.
The key players holding majority shares in the global predictive analytics market are IBM Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, Google LLC, SAS Institute Inc., Salesforce.com, inc., Amazon Web Services, Hewlett Packard Enterprise Development LP (HPE), and NTT DATA Corporation.
The increasing need for road safety and the increasing adoption of environmental tunnel system lighting alternatives are the major factors that propel the global predictive analytics market.
APAC dominates the predictive analytics market.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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