Predictive Analytics Market Information By Vertical (BFSI, Retail, Manufacturing, Government & Defense, Healthcare & Life Sciences, Energy & Utilities, Transportation & Logistics, Telecommunication & IT, and Others), By Organization Size (Small & Medium-sized Enterprises and Large Enterprises), By Deployment (On-Premise and Cloud), and Region (North America, Europe, Asia-Pacific, and the Rest of the World)—Forecast till 2030

Global Predictive Analytics Market Research (MRFR Insights)

The predictive analytics market is projected to register a CAGR of 27.70% from 2022 to 2030. Rising organizational awareness of created data that can be used to anticipate future outcomes utilizing predictive analytic solutions is driving market expansion. The predictive analytics market is expected to reach approximately USD 44.84 billion by 2030.Growing internet usage, combined with the availability of multiple ways to access the internet, has resulted in tremendous growth in the volume of data generated. This has contributed to the expansion and advancement of high-speed internet services across the globe. Furthermore, the increasing prevalence of integrated and connected technologies has offered a platform for sellers of predictive analytics solutions to capitalize on the internet's extraordinary expansion. For instance, the Orlando Magic of the NBA uses SAS predictive analytics to enhance revenue and set starting lineups. Business users of the Orlando Magic organization get quick access to information. The Magic may now see the most recent information, right down to the game and seat level. Additionally, greater awareness of the benefits of predictive analytics solutions in business operations is expected to drive market growth in this area. ​

COVID-19 Impact Analysis

COVID-19 has triggered a wave of innovation, with technological improvements enhancing the predictive analytics business outlook. COVID-19 has hastened the implementation of predictive analytics, and what would have taken the markets years to execute is now taking months. Stakeholders are cashing in on prediction models to track COVID-19 immunization rates, for instance. The pandemic is impacting the field of predictive analytics, with stakeholders demanding real-time information in their supply chain. ​

Predictive Analytics Market Dynamics

ization and economic expansion in many countries also play an important role in increased data generation worldwide. Companies are increasingly hiring teams of analysts and data scientists to process and analyze collected data as organizational data grows exponentially. As a result, firms are increasingly employing predictive analytics solutions to use available data better to forecast future trends. Furthermore, the significant revenue-generating potential of these solutions is hastening their adoption. ​The e-commerce sector has enhanced customers' traditional purchasing experiences. Dedicated online/social media advertising, email campaigns, and customer perception analysis are the essential variables enhancing organizations' sales. Because of the growing popularity of connected devices, merchants focus on real-time consumer purchase behavior analysis. Real-time analytics results can also be used to create tailored offers to increase customer retention.

Market Drivers

Increased strategic collaborations among industry participants

Increasing strategic collaborations by leading market players for the advancement of predictive analytics are projected to fuel market expansion over the forecast period. Major market participants collaborate strategically with other companies and research institutes to develop innovative solutions. Such market-wide strategic collaborations are projected to foster the expansion of the market shortly. For instance, in August 2021, Altair announced the acquisition of S-FRAME Software, a structural analysis platform used by engineers worldwide to examine a structure's ability to endure outside stresses (including wind, water, and snow) while adhering to design code requirements.

Market Restraints

Unavailability of skilled professionals with sufficient knowledge of the functioning of predictive analytics solutions

In the industry, there is a scarcity of trained employees that understand how predictive analytics solutions work. Many firms in the market are concerned about this, as skilled employees are essential for properly operating and installing predictive analytics systems. Individuals must be skilled enough to analyze expected data and take appropriate action depending on the findings. As a result, to solve the aforementioned difficulty, services such as training and consultancy have gained substantial market traction.

Market Opportunities:

Opportunity in the development of predictive analytics solutions  

Growing advances in the approaches and processes used in developing predictive analytics solutions are expected to be significant opportunities for existing businesses. Furthermore, rising awareness of the value of predictive analytics measures is driving significant demand for these solutions.

Segment Overview

By Vertical Insights

The predictive analytics market segmentation by vertical is BFSI, retail, manufacturing, government & defense, healthcare & life sciences, energy & utilities, transportation & logistics, telecommunication & IT, and others. The BFSI segment dominated the predictive analytics market growth in 2021, and this trend is expected to continue at the highest CAGR over the forecast period. Growing government support for securing critical national security and personal data, as well as increased demand for advanced financial analytics solutions, is driving market expansion. Predictive analytics assist banks in streamlining their collection procedures and tracking patterns of in-and-out payments in branches and ATMs to draw up a dashboard. Other elements driving segment growth include fraud detection and customer engagement and targeting.

By Organization Size Insights

By organization size, the market is segmented into small & medium-sized enterprises and large enterprises. The large enterprises category dominated the market in 2021. These businesses are increasingly turning to predictive analytics tools to forecast future trends based on historical data. Large enterprises are also building their future business plans based on anticipated outcomes. Furthermore, predictive analysis of vast historical data gives firms a competitive advantage and helps them improve their entire performance accordingly.

By Deployment Insights

By deployment, the market is segmented into on-premises and cloud. The cloud category dominated the market due to advancements in technology.

Global Predictive Analytics Market Share, by Region, 2021 (%)

Predictive Analytics Market Overview, by Region

By Region, the predictive analytics market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for the most extensive market share. Asia-Pacific will exhibit the highest CAGR during the forecast period.

North America

In 2021, the North American Region held the largest market share for electronic article monitoring systems. This might be ascribed to technology developments and a strong presence of market participants, particularly in US Furthermore, venture capitalists backing for new entrants are expected to reduce market competitiveness.

Asia-Pacific

Over the forecast period, Asia-Pacific is expected to have the highest CAGR. The regional market's rapid expansion can be ascribed to the increased deployment and usage of advanced predictive analytics solutions. Moreover, the larger potential of the Asia-Pacific market leads to solutions and service providers growing their presence in the region. Furthermore, the region's market is likely driven by increased focus and investment in emerging technologies such as artificial intelligence, IoT, and machine learning.

 Predictive Analytics Market Competitive Landscape

The market includes tier-1, tier-2, and local players. The tier-1 and tier-2 players have reach with diverse product portfolios. Companies such as SAS Institute Inc. (United States), Oracle Corporation (United States), Microsoft Corporation (United States), and SAP SE (Germany) dominate the market due to product differentiation, financial stability, strategic developments, and diversified regional presence. The players are concentrating on supporting research and development. Furthermore, they embrace strategic growth initiatives, such as development, product introduction, joint ventures, and partnerships, to strengthen their market position and capture an extensive customer base.

For example, In September 2021, Teradata announced that Tesco PLC is expanding its collaboration with Teradata by incorporating Vantage into its data platform. Vantage can help Tesco break down data silos and query all of their data in real-time, whether on-premises, on the cloud, on numerous clouds, or any combination of those, to gain a holistic picture of their business.

Prominent players in the predictive analytics market research include SAS Institute Inc. (United States), Oracle Corporation (United States), Microsoft Corporation (United States), and SAP SE (Germany), among others.

Scope of the Predictive Analytics Market Report

By Vertical Outlook

• BFSI


• Retail


• Manufacturing


• Government & Defence


• Healthcare & Life Sciences


• Energy & Utilities


• Transportation & Logistics


• Telecommunication & IT


• Others

By Organization Size Outlook

• Small & Medium Enterprises


• Large Enterprise

By Deployment Outlook

• On-Premise


• Cloud

By Region Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  • Mexico
  
  
  
  


• Europe
  
  
  
  • UK
  
  
  • Germany
  
  
  • France
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • India
  
  
  • Japan
  
  
  • Australia and New Zealand
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • South America
  
  
  • Middle East
  
  
  • Africa
  
  
  
  

Objectives of the Study

The objectives of the study are summarized in 5 stages. They are as mentioned below:

• Predictive Analytics Market Forecast & Size:

To identify and estimate the market size for the predictive analytics market report segmented by techniques, vertical, application, organization size, and deployment by value (in US dollars). Also, to understand the consumption/ demand created by consumers in the predictive analytics market forecast between 2022 and 2030.

• Market Landscape and Trends:

To identify and infer the drivers, restraints, opportunities, and challenges in the predictive analytics market growth

• Market Influencing Factors:

To find out the factors which are affecting the predictive analytics market size among consumers

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  Impact of COVID-19:

  
  

To identify and understand the various factors involved in the market affected by the pandemic

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  Company Profiling:

  
  

To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company in the past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.

Intended Audience

• Producers


• Raw material suppliers


• Retailers, wholesalers, and distributors


• Governments, associations, and industrial bodies