Predictive Analytics Market Size To Surpass Usd 67.66 Billion By 2030, Exhibiting A Cagr Of 24.4%

(MENAFN- GlobeNewsWire - Nasdaq) Pune, India, Aug. 31, 2023 (GLOBE NEWSWIRE) -- The global Predictive Analytics Market size was valued at USD 12.10 billion in 2022 and is projected to reach USD 67.66 billion by 2030, exhibiting a CAGR of 24.4% during the forecast period. Fortune Business InsightsTM provides this information in its research report, titled“Predictive Analytics Market Forecast, 2023-2030.”

The market is the expansion is driven by the increasing product usage in variapplications such as manufacturing, healthcare, marketing, and finance, among others.

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Key Industry Development:

April 2023 – Certis Oncology Solutions launched CertisAI. The solution deploys statistical algorithms, Big Data, and machine learning for predicting drug efficacy on the basis of gene expression biomarkers.

Key Takeaways

• Increased Adoption of Data-driven Strategies Propelled the Market Expansion amid the Pandemic
• Integration of Predictive Analytics with Traditional Business Intelligence (BI) Platforms to Aid Market Growth
• The increasing demand for data-driven decision-making by organizations is estimated to drive the market growth.
• By Deployment Analysis: Advantages Offered by Cloud-based Solutions to Drive the Segmental Growth
• Predictive Analytics Market Size in North America was USD 4.66 Billion in 2022

Discover the Leading Players Featured in the Report:

“Companies leading the Predictive Analytics Market are SAP SE (Germany), IBM Corporation (U.S.), TISoftware Inc. (U.S.), Amazon Web Services, Inc. (U.S.), Alteryx (U.S.), Cloudera, Inc. (U.S.), SAS Institute Inc. (U.S.), F(U.S.), Accenture (Ireland), AVEVA Group plc (U.K.)“

Report Scope & Segmentation

Report Coverage	Details
Forecast Period	2023 to 2030
Forecast Period 2023 to 2030 CAGR	24.4%
2030 Value Projection	USD 67.66 Billion
Base Year	2022
Predictive Analytics Market Size in 2022	USD 12.10 Billion
Historical Data for	2019 to 2021
No. of Pages	160
Segments covered	Deployment, Enterprise Size, Application, Industry, End-user and Geography

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Drivers and Restraints:

Market Share to Rise Due to Increasing Demand for Data-driven Decision Making

One of the key factors propelling the predictive analytics market growth is the rising product adoption by businesses for data-driven decision-making. The solutions allow organizations to deploy advanced algorithms and historical data for forecasting future trends.

However, the industry expansion may be hampered by lack of data accuracy and high costs associated with product installation.

Segmentation:

By Enterprise Type

• Large Enterprises
• Small and Medium Enterprises

By Application

• Demand Forecasting
• Financial Risk Forecasting
• Pricing Personalization
• Predictive Maintenance
• Others

By End-user

• BFSI
• Automotive
• Telecom/Media
• Healthcare
• Life Sciences
• Retail
• Energy & Utility
• Government
• Others

By Region

• North America
• Europe
• Middle East & Africa
• Asia Pacific

Regional Insights:

North America to Hold Dominating Share Due to Rising Adoption of Advanced Technologies

North America accounts for the maximum predictive analytics market share, owing to the rising adoption of advanced technologies and automated processes. The region records an increase in process automation for enhancing productivity and efficiency.

The Asia Pacific market is poised to expand at the highest CAGR over the projected period. The expansion is propelled by the surging deployment of advanced solutions across variindustries.

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Competitive Landscape:

Leading Companies Devise New Strategies to Strengthen Industry Positions

Major market participants are devising and implementing a series of strategic initiatives for consolidating their industry positions. These include R&D initiatives, merger agreements, and collaborations. Other initiatives comprise the formation of alliances, partnerships, and the rollout of new products.

FAQ's

How big is the Predictive Analytics Market?

Predictive Analytics Market size was USD 12.10 billion in 2022.

How fast is the Predictive Analytics Market growing?

The Predictive Analytics Market will exhibit a CAGR of 24.4% during the forecast period, 2023-2030

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