Newly released Predictive Analytics Market analysis report by Future Market Insights shows that global sales of Predictive Analytics Market in 2021 was held at US$ 10.5 Bn. With 15.8% CAGR during 2022 – 2032, the market is likely to reach a valuation of US$ 55.5 Bn by 2032. Revenue through BFSI is projected to register the highest CAGR of 15.7% during 2022 – 2032.
Revenue Of Predictive Analytics Market From 2015 To 2021 Compared To Demand Outlook For 2022 To 2032
As per the Predictive Analytics Market research by Future Market Insights – a market research and competitive intelligence provider, historically, from 2015 to 2021, market value of the Predictive Analytics Market increased at around 27.9% CAGR.
The market is expanding due to an increase in awareness among companies about the huge volume of data created to anticipate future events utilizing predictive analytic solutions. Furthermore, the increased use of the internet, along with the availability of several ways to access the internet, has resulted in a rise in data creation.
As a result, exploiting this data to generate precise business plans and decisions improves revenue, creating demand for predictive analytics solutions.
The e-commerce sector has enhanced customers’ usual purchase experiences. The most important aspects for increasing business sales are dedicated social media marketing and consumer perception analysis. Since linked gadgets are becoming more popular, businesses are focusing on real-time analysis of consumer purchasing behavior. Real-time analytics information may also be utilized to build personalized offers to boost client retention.
As big data becomes more prevalent, predictive analysis is projected to be applied in Finance and Human Resources. Factors such as a scarcity of experienced IT personnel and hefty implementation costs may constrict industry expansion.
Furthermore, data integrity provides a greater barrier in the application of predictive analytics technology in many end-user verticals, which is expected to increase slowly throughout the projected period. High time consumption, the demand for constant trial, and testing of the sophisticated algorithm are possible limitations impeding worldwide market expansion.
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What Factors Are Propelling Predictive Analytics Demand?
The increased use of smartphones has directly led to a tremendous rise in the volume of data generated. This figure is expected to rise further as high-speed internet services become more available and inexpensive in both urban and rural locations. Globalization, economic progress, and the availability of low-cost, easy-to-use smartphones are all factors promoting increased data output in countries.
The generation of data by corporate enterprises is likely to witness an exponential increase, owing to the ease of data capture. Companies these days have in-house teams of scientists and analysts that record and analyze both internal and external data obtained through surveys and other data gathering methods.
Venture finance businesses have also been extremely supportive of big data projects throughout the world. Another element driving the rise of business data is the digitization of transactions.
The increasing efficiency of data processing technology and solutions is a fundamental driver of predictive business analytics growth. Because of the rapid development of artificial intelligence and deep-learning algorithms, activities that formerly required extensive knowledge and expertise may now be accomplished with ease.
Analytical software is already widely available, ranging from simple statistical tools in spreadsheets to statistical software suites. As data volumes and analytical complexity grow at an exponential rate, in-database analytics solutions are becoming increasingly prevalent.
How The Emergence Of Big Data Pulled The Growth Trigger In The Predictive Analytics Market?
The rising need to store, process, and analyze massive amounts of structured and unstructured data has pushed many businesses and individuals to adopt advanced and big data analytics, which is projected to drive market growth.
Many firms, like Alphabet and Meta, leverage big data to generate advertisement income by serving customized adverts to social media and web users. Furthermore, as a consequence of the vast amount of data created in numerous company verticals, big data investment will increase, supporting the growth of the predictive analytics market.
Because of the growth of the Internet of Things (IoT) trend, multimedia, which has produced a massive flow of data, the amount of data obtained by organizations is constantly increasing.
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Region-Wise Analysis
Which Region is projected to Offer the Largest Opportunity for Predictive Analytics Market?
North America is the most lucrative region with a double-digit projected growth and predictive analytics market share of approximately 47%. Because of the region’s strong investment in big data analytics and early deployment of current technologies such as IoT and AI in predictive analytics.
The need to study client behavior and purchase patterns, estimate budget requirements, and develop efficient marketing campaigns by examining historical trends are the primary driving drivers in the North American predictive analytics industry. Increased digitization will boost the adoption of Predictive Analytics software and services in North America over the projected period.
Country-Wise Analysis
Which Country Lies at the CenterStage for Predictive Analytics Market Revenue?
The market in the US is expected to account for the largest revenue of US$ 19.3 Bn by 2032. This is due to the growing technology improvements as well as the strong foothold of key firms such as Microsoft and Oracle across the United States.
For instance, the Orlando Magic of the NBA uses SAS predictive analytics to increase revenue and establish starting line-ups. The Orlando Magic organization’s business users get fast access to information. The Magic can now visually examine the most recent statistics, down to the game and seat level. Furthermore, increased awareness of the value of predictive analytics solutions in corporate operations is likely to boost market expansion in this area.
Category-Wise Insights
Which Predictive Analytics Vertical is projected to Witness the Fastest Growth?
Revenue through BFSI segment is forecasted to grow at the highest CAGR of over 15.7% during 2022-2032. The variables that may be associated with higher adoption of advanced financial analytics solutions by large BFSI organizations because of enhanced regulatory compliance processes.
As the global regulatory environment has become more complex, demand for predictive analytics solutions in the BFSI business has increased. As a result of regulatory requirements, credit risk management, capital planning, and insurance risk management, among other things, are becoming increasingly important.
Using predictive analytics solutions allows BFSI organizations to embark on a digital transformation journey. It improves the customer experience and helps businesses deal with changing customer behavior.
From the perspective of a financial institution, when a loan is made, there is always a high level of risk involved. As a result, a bank’s ability to accurately predict the risk of default is critical. Predictive analytics models are being used by banks to enhance loan approval and collection procedures. This enables companies to assess applicants’ repayment ability, analyze patterns in earlier loans, and do other things.
With digital payment systems, wallets, cryptocurrencies, mobile banking, and other possibilities, the frequency of financial scams and counterfeit transactions has increased along with customer delight and ease of banking. To be more specific, between 2020 and 2021, India recorded 229 financial frauds (worth up to US$ 18 Bn). The more concerning fact is that less than 1% of the total has only been retrieved.
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Which Component of Predictive Analytics is expected to Score Highest Growth in the Coming Years?
The Solutions segment is forecasted to grow at the highest CAGR of over 15.4% during 2022-2032. The factors that can be linked to the widespread usage of numerous risk analytics systems for forecasting future dangers and devising risk mitigation strategies.
Since they focus on risk management and what-if scenarios, predictive analytics solutions are a reliable form of forecasting. Furthermore, it allows businesses to adapt to industry trends and grow on the run.
In business, predictive analytics solutions assess previous and current data to better understand items, customers, and partners, as well as identify potential opportunities and risks. As a result, purchasing patterns are analyzed and relevant insights are supplied, supporting businesses in adding more value to their offerings and assuring a better buying experience for customers.
Competitive Analysis
Among the leading players in the global Predictive Analytics market are Microsoft, IBM, SAP, Oracle, SAS Institute. To gain a competitive advantage in the industry, these market players are investing in product launches, partnerships, mergers and acquisitions, and expansions.
Due to the growing demand for the product around the world, many new companies are expected to enter the market. This is expected to increase competition on a worldwide scale. Additionally, global predictive analytics market growth is expected to be fuelled by collaborations among current players to improve quality throughout the research period.
Over the projection period, established market players are expected to diversify their portfolios and offer one-stop solutions to combat fierce competition.
- In February 2022, Bharti Airtel, India’s leading supplier of communications products, has selected Oracle Fusion Cloud ERP and Oracle Fusion Cloud Supply Chain & Management (SCM) to modernize and optimize its financial, planning, and supply chain operations. Airtel’s shared services operations will be transformed by merging Oracle Cloud ERP and Oracle Cloud SCM technologies, with the objective of increasing overall efficiency and agility.
- In January 2019, Clarivate Analytics has released a cutting-edge predictive analytics system to aid in the drug discovery process. When compared to the old paradigm, this essential technique leverages information to increase medication development by 1/4th.
Similarly, recent developments related to companies in Predictive Analytics services have been tracked by the team at Future Market Insights, which are available in the full report.
Predictive Analytics Market Report Scope
Forecast Period
2022-2032
Historical Data Available for
2015-2021
Market Analysis
US$ Mn for Value
Key Regions Covered
North America, Europe, Asia Pacific, Middle East & Africa, Latin America
Key Countries Covered
United States, Canada, Brazil, Mexico, Germany, France, U.K., Spain, Italy, China, South Korea, Japan, Saudi Arabia, South Africa
Key Market Segments Covered
Component, Deployment Mode, Organization Size, Vertical, Region
Key Companies Profiled
- Microsoft Corporation
- Oracle Corporation
- SAP SE
- SAS Institute Inc.
- Alteryx, Inc.
- Fair Isaac Corporation
- Information Builders
- International Business Machines (IBM) Corporation
- TIBCO Software Inc.
Market Segments Covered In Predictive Analytics Market Analysis
By Component:
- Solutions
- Predictive Financial Analytics
- Predictive Risk Analytics
- Predictive Marketing Analytics
- Predictive Sales Analytics
- Predictive Customer Analytics
- Predictive Web and Social Media Analytics
- Predictive Supply Chain Analytics
- Predictive Network Analytics
- Other Predictive Analytics Solutions
- Services
- Professional Services
- Managed Services
By Deployment Mode:
- Cloud
- On-premises
By Organization Size:
- Large Enterprises
- Small and Medium-sized Enterprises (SMEs)
By Vertical:
- BFSI Predictive Analytics
- Manufacturing Predictive Analytics
- Retail and eCommerce Predictive Analytics
- Government and Defense Predictive Analytics
- Healthcare and Life Sciences Predictive Analytics
- Energy and Utilities Predictive Analytics
- Telecommunications and IT Predictive Analytics
- Transportation and Logistics Predictive Analytics
- Media and Entertainment Predictive Analytics
- Travel and Hospitality Predictive Analytics
- Other Predictive Analytics
By Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
About FMI:
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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