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Predictive Analytics Market Fueled by Integration of AI and ML Technologies Offering Deeper Insights into Data

Predictive Analytics Market Report

Predictive Analytics Market Report

Predictive Analytics Market surges due to data-driven decision-making, demand for personalized customer experiences, and predictive maintenance.

The Predictive Analytics market expands as organizations adopt data-driven decision-making, seek personalized customer experiences, and implement predictive maintenance for efficient operations.”
— SNS Insider Research
AUSTIN, TEXAS, UNITED STATES, April 23, 2024 / -- The Predictive Analytics Market is experiencing notable expansion, driven by the increasing demand for advanced analytics to forecast future trends and behaviors across various industries. This surge can be attributed to the integration of artificial intelligence (AI) and machine learning (ML) technologies, enhancing predictive capabilities and offering deeper insights into data. Moreover, the burgeoning volume of structured and unstructured data from diverse sources has necessitated the adoption of predictive analytics for informed decision-making and strategic planning. However, the market faces challenges, including the complexities involved in managing and analyzing vast datasets and the requisite for skilled professional’s adept in data science and analytics.

The SNS Insider report indicates that the Predictive Analytics Market Size was valued at USD 15.55 Billion in 2023, and is expected to reach USD 75.82 Billion by 2031 and grow at a CAGR of 21.9% over the forecast period 2024-2031.

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Some of the Major Key Players Studied in this Report are:

➤ Alteryx
➤ Fair Isaac Corporation
➤ Information Builders
➤ International Business Machines Corporation
➤ Microsoft Corporation
➤ Oracle Corporation
➤ SAS Institute Inc
➤ TIBCO Software Inc
➤ Others

Market Analysis

The proliferation of the internet and the availability of various means to access the internet have led to a massive increase in data volumes generated. This would help in the advancement and expansion of high-speed internet services. Globalization and economic growth are also playing major roles in driving greater data generation worldwide. With the rise in touchpoints and the need for collecting data to understand consumer behavior, every touch by a consumer has become an important data point that can be processed to reveal user behavior. With the exponential rise in individual and organizational data, businesses are now deploying data scientists and analysts for processing collected data.

Impact of Russia Ukraine War

The Russia-Ukraine conflict has impacted the Predictive Analytics Market by causing uncertainty in global markets and disrupting supply chains. Additionally, heightened geopolitical tensions have led to fluctuations in currency exchange rates, affecting the cost of importing and exporting predictive analytics solutions. Moreover, businesses operating in the region are facing challenges in terms of talent retention and access to advanced technologies due to the instability caused by the conflict.

Impact of Economic Slowdown

The economic slowdown has affected the Predictive Analytics Market by reducing business investments in technology and analytics solutions. Companies are prioritizing cost-cutting measures, leading to delayed adoption of predictive analytics platforms. Furthermore, the uncertain economic environment has resulted in cautious spending patterns among businesses, impacting the demand for predictive analytics services. For example, a retail chain postponed its implementation of a predictive analytics solution due to budget constraints caused by the economic downturn.

Market Segmentation and Sub-Segmentation Included Are:

On The Basis of Component

➤ Solution
➤ Services

On The Basis of Deployment

➤ On-premise
➤ Cloud

On The Basis of Enterprise Size

➤ Large Enterprises
➤ Small & Medium Enterprises

On The Basis of Industry Vertical

➤ Retail
➤ IT & Telecom
➤ Healthcare
➤ Government
➤ Manufacturing
➤ Others

Key Growth Drivers of the Predictive Analytics Market

➤ Advancements in AI and ML: Continuous advancements in artificial intelligence (AI) and machine learning (ML) technologies have enhanced the predictive capabilities of analytics solutions. AI and ML algorithms enable organizations to analyze vast datasets efficiently and identify patterns, trends, and anomalies with greater accuracy.

➤ Focus on Data-Driven Decision Making: In today's competitive business landscape, data-driven decision-making is crucial for maintaining a competitive edge. Predictive analytics empowers organizations to make data-driven decisions by providing actionable insights derived from historical data and real-time analytics.

➤ Cost Reduction and Efficiency Improvement: Predictive analytics helps businesses optimize processes, reduce costs, and improve efficiency by identifying inefficiencies, streamlining workflows, and automating repetitive tasks. By leveraging predictive analytics, organizations can allocate resources more effectively and achieve operational excellence.

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Key Regional Development

North America holds the largest market share, primarily driven by the rising demand for automated processes and the widespread adoption of advanced technologies across various industries in Canada and the U.S. The region has the presence of key players and depicts the rising automation of various processes to enhance efficiency and productivity by leveraging predictive analytics.

The Asia Pacific market is expected to grow at the highest CAGR over the forecast period. This is owing to the increased adoption and utilization of advanced predictive analytics solutions across various countries and industries. The growing importance of data-driven decision-making among businesses is encouraging them to adopt the solution to extract valuable insights from their data, enabling them to anticipate trends, identify opportunities, and mitigate risks effectively.

Key Takeaways

➤ Integration of AI and ML technologies is revolutionizing predictive analytics, enhancing decision-making across industries.

➤ The cloud deployment segment dominates the market, offering scalability, flexibility, and cost efficiency.

➤ North America leads the market share, driven by automation and advanced technology adoption, while the Asia Pacific shows the highest growth potential.

Recent Developments

In February 2024: Wipro Limited introduced Wipro Enterprise Artificial Intelligence (AI)-Ready Platform, enabling customers to build fully integrated and customized enterprise-grade AI environments. The platform offers dynamic resource management using predictive analytics.

In June 2023: Accenture acquired Nextira, an AWS Premier Partner specializing in cloud-native innovation and predictive analytics, aiming to provide actionable insights and predictive outcomes to clients.

In May 2023: Teradata and FICO collaborated to introduce integrated advanced analytics solutions for real-time payments fraud, insurance claims, and supply chain optimization, streamlining solution development for various industries.

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Table of Contents- Major Key Points

1. Introduction

2. Research Methodology

3. Market Dynamics
3.1. Drivers
3.2. Restraints
3.3. Opportunities
3.4. Challenges

4. Impact Analysis
4.1. COVID-19 Impact Analysis
4.2. Impact of Ukraine- Russia war
4.3. Impact of Ongoing Recession on Major Economies

5. Value Chain Analysis

6. Porter’s 5 Forces Model

7. PEST Analysis

8. Predictive Analytics Market Segmentation, by Component
8.1. Solution
8.2. Services

9. Predictive Analytics Market Segmentation, by Deployment
9.1. On-premise
9.2. Cloud

10. Predictive Analytics Market Segmentation, by Enterprise Size
10.1. Large Enterprises
10.2. Small & Medium Enterprises

11. Predictive Analytics Market Segmentation, by Industry Vertical
11.1. BFSI
11.2. Retail
11.3. IT & Telecom
11.4. Healthcare
11.5. Government
11.6. Manufacturing
11.7. Others

12. Regional Analysis
12.1. Introduction
12.2. North America
12.3. Europe
12.4. Asia-Pacific
12.5. The Middle East & Africa
12.6. Latin America

13. Company Profile

14. Competitive Landscape
14.1. Competitive Benchmarking
14.2. Market Share Analysis
14.3. Recent Developments

15. USE Cases and Best Practices

16. Conclusion

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