Predictive Analytics Market Overview and Growth by 2031

The predictive analytics market size is projected to reach US$ 66370.54 million by 2031 from US$ 14825.53 million in 2023. The market is expected to register a CAGR of 20.6% during 2023–2031. The expansion of endpoint protection is likely to remain a key trend in the market.

Predictive Analytics Market Analysis

With the widespread adoption of sophisticated predictive analytics tools, businesses now use big data to proactively detect possibilities and hazards. Predictive analytics is now more accessible than ever due to modern technology. A corporation needs to identify a business purpose before it can use predictive analytics, be it to boost sales, streamline processes, or enhance customer satisfaction. Subsequently, with the right tools, that organization may create predictive analytics models, produce actionable insights, and sift through enormous amounts of heterogeneous data in order to achieve that objective.

Predictive Analytics Market Overview

Predictive analytics is a subfield of advanced analytics that uses historical data along with statistical modeling, data mining, and machine learning to forecast future events. Businesses use predictive analytics to look for trends in this data to pinpoint possibilities and dangers. Predictive analytics is frequently linked to data science and big data. Companies are currently overloaded with data, which is stored in various data repositories throughout the company and includes log files, photos, and video. Data scientists employ machine learning and deep learning algorithms to identify trends in the data and forecast future occurrences in order to extract valuable insights. Neural networks, decision trees, logistic and linear regression models, and other statistical techniques are some of these. Certain modeling strategies leverage preliminary prediction insights to get more predictive insights.

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Predictive Analytics Market: Strategic Insights

Predictive Analytics Market Drivers and Opportunities

Emergence of AIoT Technologies

The Internet of Things (IoT) infrastructure and artificial intelligence (AI) technologies come together to form the artificial intelligence of things (AIoT). AIoT seeks to increase data management and analysis, human-machine interactions, and IoT operations efficiency. Artificial Intelligence (AI) is widely utilized in speech recognition, machine vision, and natural language processing. AI is the emulation of human intelligence processes by computers, notably computer systems. The Internet of Things (IoT) is a system of interconnected computing devices, digital and mechanical machinery, or items that may communicate data over a network without a human-to-human or human-to-computer interface. AIoT is revolutionary and advantageous to both kinds of technology, as AI improves decision-making and adds value to IoT through machine learning capabilities.

The increasing proliferation of internet

The penetration of the internet is growing globally.  Thus, the increasing adoption of environmental tunnel system lighting alternatives is creating more opportunities for the market. At the beginning of April 2024, there were 5.44 billion internet users worldwide, or 67.1 percent of the world's entire population. This astounding number indicates that there are now more than twice as many internet users as non-users, making internet users a "supermajority." The number of people using the internet is also increasing; according to the most recent figures, 178 million more people worldwide became connected in the year ending in April 2024. Therefore, the increasing internet proliferation is creasting various opportunities for the predictive analytics market.

Predictive Analytics Market Report Segmentation Analysis

Key segments that contributed to the derivation of the predictive analytics market analysis are component, deployment mode, organization size, and industry vertical.

• Based on the component, the predictive analytics market is divided into solution (risk analytics, marketing analytics, sales analytics, customer analytics, and others) and services. The solutions segment held a larger market share in 2023.
• By deployment mode, the market is segmented into on-premise and cloud-based. The cloud segment held a larger market share in 2023.
• By organization size, the market is segmented into small and medium enterprises (SMEs) and large enterprises.
• By industry vertical, the market is segmented into IT & Telecom, BFSI, energy & utilities, government and defence, retail and e-commerce, manufacturing, and others.

Predictive Analytics Market Share Analysis by Geography

The geographic scope of the predictive analytics market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

APAC dominates the predictive analytics market. The predictive analytics market in this region is growing due to various factors, such as increasing internet usage and technological advancements. Businesses in the region are investing more money and energy into identifying intelligent management solutions tailored to managing security threats associated with work-from-home models. Thus, the predictive analytics market is estimated to experience substantial growth in the next few years.

Predictive Analytics Market Regional Insights

The regional trends and factors influencing the Predictive Analytics Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Predictive Analytics Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Predictive Analytics Market Report Scope

Predictive Analytics Market Players Density: Understanding Its Impact on Business Dynamics

The Predictive Analytics Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Predictive Analytics Market News and Recent Developments

The predictive analytics market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the predictive analytics market are listed below:

• mPulse, a leader in conversational AI and digital engagement solutions for the healthcare industry, announced strong momentum in Q1 2024 over Q1 2023 with growth across all business segments. The company also announced the launch of its integrated predictive analytics and omnichannel engagement product capabilities, establishing a new category within the digital health ecosystem. (Source: mPulse, Press Release, May 2024)
• AVEVA, a global leader in industrial software, driving innovation and sustainability, announced the launch of its latest AVEVA Predictive Analytics software release, purpose-built for predictive monitoring of industrial assets in oil and gas, power, chemicals, mining and minerals, and manufacturing.  The software helps industrial operators achieve the highest possible levels of reliability and performance of industrial assets while improving sustainability and increasing workforce productivity. (Source: AVEVA, Press Release, February 2023)

Predictive Analytics Market Report Coverage and Deliverables

The “Predictive Analytics Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Predictive analytics market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Predictive analytics market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• predictive analytics market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the predictive analytics market
• Detailed company profiles