Evolve Business Intelligence has published a research report on the Global Predictive Analytics Market, 2023–2033. The global Predictive Analytics market is projected to exhibit a CAGR of around 18.26% during the forecast period of 2023 to 2033.
Evolve Business Intelligence has recognized the following companies as the key players in the global Predictive Analytics Market: Alteryx Inc, Fair Isaac Corporation, Information Builders, International Business Machines Corporation, KNIME, Microsoft Corporation, Oracle Corporation, SAP SE, SAS Institute Inc, TIBCO Software Inc.
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Market Highlights
The Predictive Analytics market is projected to be valued at USD 36.82 Billion by 2033, recording a CAGR of around 18.26% during the forecast period. Predictive analytics is a branch of advanced analytics that utilizes historical data, statistical algorithms, and machine-learning techniques to forecast future outcomes or behaviors. It involves the analysis of past and present data to identify patterns, trends, and relationships that can be used to make predictions about future events or behaviors. Predictive analytics uses various statistical models and algorithms to analyze large datasets and generate insights that can guide decision-making. These models can be trained on historical data to learn patterns and relationships and then applied to new or unseen data to predict future outcomes.
The COVID-19 pandemic had a profound impact on the predictive analytics market. As businesses and organizations faced unprecedented challenges, the need for data-driven insights and predictions became even more critical. Predictive analytics played a crucial role in helping companies adapt to rapidly changing circumstances, such as shifting consumer behaviors, supply chain disruptions, and market volatility. Organizations turned to predictive analytics to forecast demand, optimize operations, and identify emerging trends. The pandemic catalyzed the adoption of predictive analytics, as businesses recognized its value in navigating uncertainty and making informed decisions in an unpredictable environment. This increased demand for predictive analytics solutions has led to the growth and evolution of the market, with new technologies and approaches emerging to address the unique challenges brought about by the pandemic.
Segmental Analysis
The global Predictive Analytics market has been segmented based on Component, Deployment, Vertical, and region.
Based on Components, the Predictive Analytics market is segmented based on Solutions, Services. The solution is expected to have the largest market share throughout the forecast period, while Services is expected to grow at the fastest rate.
Based on Deployment, the global Predictive Analytics market has been divided into On-premise, Cloud. The Cloud segments are anticipated to dominate the market.
Based on the Vertical, the global Predictive Analytics market has been divided into BFSI, Retail, IT & Telecom, Healthcare, Government, Manufacturing, and Others. The BFSI segments are anticipated to dominate the market.
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Regional Analysis
The Predictive Analytics market is divided into six regions: North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa. North America, particularly the U.S., and Canada, has been at the forefront of the predictive analytics market. The region has a mature market with a high adoption rate among businesses in various industries. Europe is another significant market for predictive analytics. Countries such as the U.K., Germany, France, and the Netherlands have been early adopters of advanced analytics technologies. The Asia-Pacific region, including countries such as China, Japan, India, and Australia, has witnessed rapid growth in the predictive analytics market. Increasing digitalization, the presence of large-scale enterprises, and a focus on data-driven decision-making contribute to the market’s expansion. Latin America is experiencing a growing interest in predictive analytics. Countries such as Brazil, Mexico, and Argentina are witnessing increased adoption, driven by industries such as banking, retail, and manufacturing. The Middle East region, including countries such as the United Arab Emirates, Saudi Arabia, and Israel, has shown a rising demand for predictive analytics solutions. The oil and gas, finance, and healthcare sectors are among the key industries leveraging these technologies. Africa is an emerging market for predictive analytics, with countries such as South Africa, Kenya, and Nigeria showing significant potential. The increasing digitization of businesses and a growing emphasis on data analytics contribute to the market’s growth in the region.
