Predictive Analytics Market Set for Robust Growth, Forecasted to Reach $35.45 Billion by 2027

Predictive Analytics Market Size

Predictive Analytics Market Size

Government initiatives & the growing use of predictive modeling tools & big data technologies are driving the growth of the global predictive analytics market.

PORTLAND, PORTLAND, OR, UNITED STATES, May 27, 2024 / -- According to the report, the global predictive analytics industry was estimated at $7.32 billion in 2019, and is expected to hit $35.45 billion by 2027, registering a CAGR of 21.9% from 2020 to 2027.

Predictive analytics is the practice of using statistics and modeling techniques to extract information from current and historical datasets to predict potential future outcomes and trends. Predictive analytics uses various statistical techniques, including automated machine learning algorithms, data mining, deep learning, and AI, to generate predictive models, which extract information from datasets, identify patterns, and offer a predictive score for an array of organizational outcomes.

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The predictive analytics market was experiencing significant growth, driven by the increasing adoption of big data analytics, machine learning, and artificial intelligence technologies across various industries. This market encompasses software solutions, services, and platforms designed to analyze historical and current data to make predictions about future events or trends.

The market was poised for continued growth as organizations recognized the value of data-driven insights for improving operational efficiency, identifying new opportunities, and mitigating risks. However, the market landscape may have evolved since my last update, so it's essential to consult the latest reports and analyses for the most up-to-date information.

Rise in adoption of predictive modeling tools & big data technologies and several initiatives by governments to support big data infrastructure drive the growth of the global predictive analytics market. On the other hand, high implementation cost and lack of skilled workforce impede the growth. Nevertheless, emergence of IoT and AI technologies is expected to create multiple opportunities for the key players in the industry.

The key players operating in the global predictive analytics industry include Alteryx, Inc., Fair Isaac Corporation, Information Builders, International Business Machines Corporation, KNIME, Microsoft Corporation, Oracle Corporation, SAP SE, SAS Institute Inc., and TIBCO Solution Inc. This study includes market trends, predictive analytics market analysis, and future estimations to determine the imminent investment pockets.

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Several key trends were shaping the predictive analytics market:

1. Industry-specific Solutions: Companies were developing predictive analytics solutions tailored to specific industries such as healthcare, finance, retail, manufacturing, and telecommunications. These industry-specific solutions were designed to address the unique challenges and requirements of each sector.

2. Advanced Machine Learning Techniques: The adoption of advanced machine learning techniques such as deep learning, neural networks, and natural language processing (NLP) was driving innovation in predictive analytics. These techniques allowed organizations to extract insights from large and complex datasets more effectively.

3. Cloud-based Predictive Analytics: Cloud-based predictive analytics platforms were gaining popularity due to their scalability, flexibility, and cost-effectiveness. Organizations were increasingly leveraging cloud services to deploy predictive analytics solutions without the need for extensive infrastructure investments.

4. Integration with Business Intelligence (BI) Tools: There was a growing trend towards integrating predictive analytics capabilities with existing business intelligence tools. This integration allowed businesses to combine historical data analysis with real-time insights, enabling more informed decision-making.

5. Focus on Prescriptive Analytics: While predictive analytics helps forecast future outcomes, there was a shift towards prescriptive analytics, which not only predicts what is likely to happen but also suggests actions to optimize outcomes. This proactive approach to analytics was seen as crucial for driving business growth and competitiveness.

6. Rise of Explainable AI: With the increasing adoption of artificial intelligence in predictive analytics, there was a growing demand for explainable AI techniques that provide transparency into the decision-making process of algorithms. Explainable AI helps build trust in predictive models and ensures compliance with regulations.

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Covid-19 scenario

• Amid the outbreak, the healthcare industry has happened to utilize predictive analytics tools to better understand the virus and its spread which, in turn, has boosted the market growth.

• However, there has been dearth of skilled IT professionals during lockdown which, in turn, has curbed the growth to some extent.

Based on industry vertical, the BFSI segment contributed to more than one-fifth of the global predictive analytics market revenue in 2019 and is projected to retain its dominance during the study period. This is attributed to high deployment of predictive analytics for risk management, fraud detection, customer management, customized solutions, and others. Simultaneously, the healthcare segment would manifest the fastest CAGR of 24.8% from 2020 to 2027. This is due to an increase in use of predictive analytics for developing precision medicine, predicting virus spread, and managing the supply chain.

Based on components, the solution segment accounted for nearly two-thirds of the global predictive analytics market share in 2019 and is expected to rule the roost by 2027. Increase in need to optimize marketing campaigns, improve operations to better manage inventory and other resources, and reduce business risks drive the growth of the segment. The services segment, on the other hand, would portray the fastest CAGR of 23.8% throughout the forecast period. This is due to its adoption to ensure the effective functioning of software and platforms throughout the predictive analysis process.

Region-wise, the predictive analytics market size was dominated by North America in 2019. Factors such as the presence of leading market vendors developing predictive analytics in North America and high spending on Big Data technology in this region are the major drivers for the predictive analytics market growth. In addition, the deployment of predictive analytics has increased in each stage of the retail process to predict market demands, understand customer behavior, and optimize pricing, which is anticipated to significantly contribute toward market growth.

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