IMARC Group, a leading market research company, has recently released a report titled “Predictive Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global predictive analytics market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big is the Predictive Analytics Market?
The global predictive analytics market size reached US$ 12.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 42.4 Billion by 2028, exhibiting a growth rate (CAGR) of 21.9% during 2023-2028.
What are Predictive Analytics?
Predictive analytics encompasses a variety of statistical and modeling techniques and uses current and historical data to forecast activity, behavior, and trends. It involves applying data, machine learning, and algorithms to predict future outcomes based on historical data. In business, predictive analytics is employed to identify risks and opportunities, ranging from credit scoring and stock trading to predictive maintenance and customer relationship management. The accuracy and decision-making capabilities that predictive analytics provides are integral in fields such as finance, healthcare, retail, travel, and telecommunications, among others.
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What are the Growth Prospects and Trends in the Predictive Analytics Industry?
The market for predictive analytics is witnessing substantial growth, driven by the increasing availability of big data and the intensifying need for market competitiveness across various sectors. Technological advancements in artificial intelligence and machine learning are augmenting the capabilities of predictive analytics tools, enabling more accurate and insightful forecasts. Moreover, businesses are harnessing predictive analytics to gain a competitive edge by optimizing operations, reducing risks, and personalizing customer experiences. In addition, the growing prevalence of the Internet of Things (IoT) is generating vast datasets, which predictive models are using to anticipate maintenance needs and customer behaviors with unprecedented precision.
Alongside this, the rising emphasis on data-driven decision-making is prompting organizations to invest heavily in predictive analytics solutions, thus fueling the expansion of the market. Moreover, the demand for predictive analytics is being bolstered by the increasing awareness of its benefits, such as cost reduction, revenue enhancement, and improved operational efficiency. Furthermore, companies are seeking new ways to innovate and enhance their operations, the integration of predictive analytics into business processes is becoming more prevalent, is stimulating the growth of the market globally.
Who are the Key Players Operating in the Predictive Analytics Market?
The competitive landscape of the industry has also been examined with some of the key players.
- International Business Machines Corporation
- Oracle Corporation
- SAP SE
- Microsoft Corporation
- SAS Institute Inc.
- Fair Isaac Corporation (FICO)
- NTT Data Corporation (Nippon Telegraph and Telephone CORPORATION)
- Tableau Software LLC (Salesforce.com.Inc)
- Tibco Software Inc.
- RapidMiner Inc.
- Altair Engineering Inc
What is Included in Market Segmentation?
The report has categorized the market based on business function, solution, service, deployment, organization size and end use industry.
Breakup by Business Function:
- Marketing
- Sales
- Finance
- Human Resource
- Operations
- Others
Breakup by Solution:
- Customer Analytics
- Financial Analytics
- Marketing and Sales Analytics
- Network Analytics
- Risk Analytics
- Supply Chain Analytics
- Web and Social Media Analytics
- Operations Management
- Workforce Management
- Others
Breakup by Service:
- Deployment/Installation
- Training and Consulting
- Support and Maintenance
Breakup by Deployment:
- Cloud-based
- On-premises
Breakup by Organization Size:
- Small and Medium Enterprises
- Large Enterprises
Breakup by End Use Industry:
- Banking, Financial Services and Insurance
- Telecommunication and IT
- Retail and E-Commerce
- Healthcare and Life Science
- Manufacturing
- Government and Defense
- Energy and Utility
- Transport and Logistics
- Media and Entertainment
- Others
Regional Insights:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Key Highlights of The Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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