The global predictive analytics market is expected to reach an estimated value of USD 120 billion by 2036, by expanding at a CAGR of 25%. The market further generated a revenue of USD 15 billion in the year 2023. Major key factors propelling the growth of predictive analytics market worldwide are the increasing prevalence of advance technologies among the companies and the growing need of companies to curb downtime.
Market Definition of Predictive Analytics
Predictive analytics is a category of advanced analytics that helps in anticipating future results. For calculating the next move, it uses historical data, machine learning, and data mining techniques. With the use of predictive analytics, the companies are likely to manage scam detection, client retention, prevention of fraud, sorting out strategic decisions, identification of loose points, and reduce productivity loss. Predictive analytics is also associated with data science and big data. Data scientists employ deep learning and machine learning algorithms to recognize anomalies and predict potential events in order to gather insights from this data.
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Global Predictive Analytics Market: Growth Drivers
The growth of the global predictive analytics market can majorly be attributed to the rising need to reduce downtime and productivity loss in companies. Downtime frequently costs industrial enterprises between USD 30,000 and USD 50,000 per hour. This suggests that the average business should realistically expect to lose between $10 and $25 million per year due to downtime. Moreover, large factories experience annual productivity losses of 323 hours on average. A plant's annual cost of missed sales, fines, employee downtime, and restarting production lines is USD 172 million, or USD 532,000 per facility. On the other hand, the market growth can also be attributed to the rising adoption of disruptive technologies among companies. Approximately 65% of businesses plan to move to new technologies, and more than 77% of those who have already done so report being above averagely satisfied with it.
The global predictive analytics market is also estimated to grow majorly on account of the following:
• Higher Adoption of Technologies
• Rising Generation of Big Data
• Growing Need for Reducing Downtime
• Increase in the Number of Devices Connected to IoT
• Rapidly Growing Digitization
Global Predictive Analytics Market: Restraining Factor
Collecting data from numerous sources is a huge challenge. Besides this, there is limited technical assistance. Moreover, the implementation of predictive analytics is expensive. Hence, these factors are expected to be the major hindrance to the growth of the global predictive analytics market during the forecast period.
Predictive Analytics Market Segmentation
• By Solution (Financial Analytics, Risk Analytics, Marketing Analytics, Web & Social Media Analytics, and Others)
• By End User (BFSI, Retail, IT & Telecom, Healthcare, Government, Manufacturing, and Others)
The BFSI segment, amongst all the other segments, is anticipated to garner the largest revenue by the end of 2035. The growth of the segment can be attributed to the growing data generation from the banking and finance sector and the need to improve customer service. By 2020, the amount of data produced every second in the banking industry will have increased 700%. Furthermore, only 15% of the 700 business professionals surveyed claimed that their company is now highly effective at providing customers with relevant and trustworthy experiences. Moreover, only around 3% of companies are able to effectively use the data received from customers.
• By Region
The North America predictive analytics market is anticipated to hold the largest market share by the end of 2035 among the market in all the other regions. The market size in the region is expected to grow on the account of rising number of devices connected to IoT and rising adoption of technology. In North America, around 5 billion devices were connected to the internet of things (IoT) by 2025. Furthermore, by 2022, in the United States, around 90% of the companies have adopted new technologies.
The market research report on global predictive analytics also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
Key Market Players Featured in the Predictive Analytics Market
Some of the key players of the global predictive analytics market are Biofourmis Inc., Oracle Corporation, SAP SE, IBM Corporation, SAS Institute, Microsoft Corporation, ALTERYX, Inc., CyberLabs, Verimos, Inc., MicroStrategy Incorporated, and others.
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