Enjoy complimentary customisation on priority with our Enterprise License!
The predictive analytics market size is forecast to increase by USD 38.65 billion at a CAGR of 28.97% between 2023 and 2028.
The predictive analytics industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The bfsi segment is estimated to witness significant growth during the forecast period. Predictive analytics plays a pivotal role in various sectors, with the banking, financial services, and insurance (BFSI) industry leading the market in 2023. This technology enables businesses to analyze historical data and make informed predictions about consumer behavior and market trends. For instance, In the BFSI sector, predictive analytics helps institutions understand customer patterns, preferences, and risks, allowing them to make data-driven decisions and prioritize customer interests. Advanced technologies such as artificial intelligence (AI), deep-learning algorithms, and machine learning are integral to predictive analytics solutions. These technologies facilitate data interpretation, risk assessment, and overall business performance improvement. Predictive models based on statistical tools and in-database analytics solutions are used to analyze data from various sources, including transactional databases, device log files, images, videos, sensors, and more.
Predictive analytics is also utilized in sectors like e-commerce, healthcare, and technology deployments, including remote health monitoring, smart payment technologies, digital infrastructures, and IoT. Predictive analytics solutions are offered as software and services, with cloud-based options becoming increasingly popular. Data creation, business plans, and marketing campaigns are some of the areas where predictive analytics adds value. By leveraging predictive analytics, businesses can optimize operations, reduce risks, and identify new opportunities.
Get a glance at the market report of various segments Request Free Sample
The BFSI segment was valued at USD 1.73 billion in 2018 and showed a gradual increase during the forecast period.
North America is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
For more insights on the market size of various regions, Request Free Sample
Predictive analytics is a critical business tool in North America, where the market holds the largest share due to early adoption and intensive data generation. Advanced analytics is essential for making sense of vast datasets and discovering intelligent relationships and insights. The region's tech maturity and fully developed industrial sector facilitate the adoption of sophisticated software solutions to boost efficiency and productivity. Rapid technology advancements, including AI, machine learning, virtualization, and cloud computing, create numerous use cases for predictive analytics in North America. Key applications include remote health monitoring, smart payment technologies, digital infrastructures, technology deployments, health-related wearable devices, and various business ecosystems.
Predictive analytics solutions enable online services, data interpretation, overall business performance, predictive models, software and services, and data processing technology to optimize operations in various sectors, including financial services, marketing, sales, supply chain, and manufacturing. Data creation from various sources, such as device log files, images, videos, sensors, and deep learning algorithms, fuels the growth of predictive analytics. Additionally, predictive analytics plays a crucial role in risk management, financial operations, planning operations, and security threats, leveraging AI, IoT, and statistical modeling.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing data generation and advent of big data is the key driver of the market.The market is experiencing significant growth due to the increasing generation and availability of big data. With approximately 50 zettabytes of data produced worldwide in 2020, organizations face the challenge of managing and deriving insights from this vast amount of data. Predictive analytics, as a data-driven solution, plays a crucial role in helping businesses make informed decisions by analyzing historical data and identifying patterns to predict future outcomes. Data is generated from various sources, including online communication and collaboration, advanced sensors, and surveillance tools, with most of it being unstructured and originating from text, images, sounds, PDFs, PPTs, videos, social media posts, web content, blog content, and more.
This data is stored across diverse enterprise systems, databases, files, and repositories. Advanced technologies, such as artificial intelligence (AI), deep-learning algorithms, and machine learning, are being increasingly adopted to process and analyze this data. Predictive models are developed using software and services, including data interpretation tools, statistical modeling, and prescriptive analytics solutions. These models are applied to various business areas, such as marketing campaigns, financial analytics solutions, credit risk management, capital planning, insurance risk management, digital payment systems, and cryptocurrencies, to improve overall business performance. Moreover, the integration of predictive analytics with IoT, cloud, and digital infrastructures is enabling efficient IoT operations, humanâmachine interactions, and risk analytics.
Predictive analytics solutions are also being used to address security threats, ensuring data integrity and preventing financial scams and counterfeit transactions. In conclusion, the market is driven by the need to make informed decisions based on data and the increasing adoption of advanced technologies to process and analyze vast amounts of data. Predictive analytics is transforming various business sectors, including e-commerce, supply chain operations, financial operations, and planning operations, by providing insights that can improve overall performance and competitiveness.
Proliferation of advanced technologies, AI, and IoT is the upcoming market trend.Predictive analytics solutions utilize data, algorithms, and models to anticipate future events, enhancing business decision-making through data-driven insights. The expanding acceptance of advanced technologies, such as artificial intelligence (AI), machine learning (ML), blockchain, cloud computing, big data, Internet of Things (IoT), virtual assistants, automated vehicles, and augmented and virtual reality, is fueling the adoption of predictive analytics. These technologies are transforming industries and businesses, leading to significant investments in research and development. Predictive analytics plays a crucial role in various sectors, including health-related wearable devices, smart payment technologies, digital infrastructures, and online services. Predictive models, software, and services are essential for businesses to optimize overall performance in areas like marketing campaigns, financial analytics solutions, credit risk management, capital planning, insurance risk management, digital payment systems, and cryptocurrencies.
Predictive analytics is also instrumental in managing risks, improving financial operations, planning operations, and optimizing supply chain operations through advanced analytics, statistical modeling, machine learning, and data science. Predictive analytics solutions process data from various sources, including transactional databases, device log files, images, videos, sensors, and deep learning algorithms like linear regression, non-linear regression, neural networks, and prescriptive analytics. These solutions offer intelligent management solutions, addressing security threats, and enabling efficient AIoT operations, human-machine interactions, data management, and natural language processing.
Need for data assumptions in predictive models is a key challenge affecting the industry growth.Predictive analytics is a vital component of advanced technologies, such as AI and IoT, transforming various business ecosystems. The market's growth is driven by the increasing adoption of predictive analytics solutions in digital infrastructures, technology deployments, and online services. Industries like e-commerce, financial services, and healthcare are leveraging predictive analytics for business plans and risk management. Health-related wearable devices and smart payment technologies are key data sources. Predictive models, powered by statistical tools and machine learning algorithms, interpret data from these sources to provide insights for overall business performance. Predictive analytics software and services, including in-database analytics solutions and AI, enable businesses to make informed decisions.
However, predictive analytics faces challenges. Linear regression, a common predictive modeling technique, relies on assumptions that may not hold in all situations. Non-linear relationships require more complex model implementation. Data creation, data integrity, and data transmission are also critical issues. Ensuring data's validity and appropriateness for predictive transactions is essential for delivering accurate insights. Despite these challenges, predictive analytics continues to gain traction. It's used in marketing campaigns, financial analytics solutions, credit risk management, capital planning, insurance risk management, and digital payment systems. Predictive analytics is also applied to financial scams, counterfeit transactions, and risk analytics systems. In the future, predictive analytics will play a significant role in planning operations, supply chain operations, and intelligent management solutions.
The predictive analytics market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the predictive analytics market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, predictive analytics market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence In the industry.
International Business Machines Corp. -The company offers predictive analytics such as IBM Watson studio, IBM SPSS statistics, and IBM SPSS modeler.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Predictive analytics has emerged as a critical driver of business growth and innovation in various sectors, particularly In the realm of remote health monitoring and smart payment technologies. This advanced form of data analysis leverages statistical models, machine learning algorithms, and artificial intelligence (AI) to identify patterns, trends, and insights from historical and real-time data. By providing actionable insights, predictive analytics enables businesses to optimize overall performance, mitigate risks, and enhance customer experiences. The integration of predictive analytics in digital infrastructures is transforming technology deployments across industries. Health-related wearable devices and IoT sensors generate vast amounts of data, which can be analyzed to predict potential health issues, improve patient care, and optimize treatment plans.
In the e-commerce sector, predictive analytics is used to personalize marketing campaigns, manage inventory, and forecast demand. Cloud-based predictive analytics solutions offer scalability, flexibility, and cost savings, making them an attractive choice for businesses of all sizes. These solutions enable data scientists to process and analyze large volumes of data using advanced statistical tools, deep-learning algorithms, and in-database analytics. Professional services and managed services providers offer expertise and support to help businesses implement and optimize predictive analytics solutions. Predictive analytics plays a crucial role in various business operations, including financial analytics for credit risk management, capital planning, and insurance risk management.
It also enhances digital payment systems by detecting fraudulent transactions and financial scams, ensuring data integrity and security. The integration of AI and machine learning in predictive analytics has led to the development of prescriptive analytics solutions that offer intelligent management recommendations. These solutions help businesses optimize their operations, improve efficiency, and enhance decision-making capabilities. The advent of AIoT infrastructure has made predictive analytics more efficient by enabling real-time data processing and analysis. Human-machine interactions are becoming more intuitive and personalized, thanks to natural language processing and speech recognition technologies. Predictive analytics also offers significant benefits In the realm of security threats.
By analyzing data from various sources, including device log files, images, videos, and sensor data, predictive analytics solutions can identify potential security threats and provide recommendations for mitigation. In conclusion, predictive analytics is a powerful tool that is transforming business operations across various sectors. By providing actionable insights from data, predictive analytics enables businesses to optimize performance, mitigate risks, and enhance customer experiences. The integration of advanced technologies such as AI, machine learning, and IoT is making predictive analytics more efficient and effective, offering significant benefits to businesses of all sizes.
|
Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
191 |
|
Base year |
2023 |
|
Historic period |
2018-2022 |
|
Forecast period |
2024-2028 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 28.97% |
|
Market growth 2024-2028 |
USD 38645.5 million |
|
Market structure |
Fragmented |
|
YoY growth 2023-2024(%) |
22.53 |
|
Key countries |
US, China, Germany, UK, and Japan |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
We can help! Our analysts can customize this predictive analytics market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Deployment
8 Market Segmentation by Component
9 Customer Landscape
10 Geographic Landscape
11 Drivers, Challenges, and Opportunity/Restraints
12 Competitive Landscape
13 Competitive Analysis
14 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
Get the report (PDF) sent to your email within minutes.
Complimentary full Excel data with your report purchase.
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
