Predictive Analytics Market Size, Share, Trends, Growth and Forecast 2030

Predictive Analytics Market: Industry Perspective

As per the research based on the Zion Market Research study, the predictive analytics industry gathered revenue of about US$ 8.12 billion in 2020 and is set to garner revenue of approximately US$ 39.1 billion by 2028. The report offers valuation and analysis of the Predictive Analytics market on a global as well as regional level. The study offers a comprehensive assessment of the industry competition, limitations, sales estimates, avenues, current & emerging trends, and industry-validated market data. The report offers historical data from 2016 to 2019 along with a forecast from 2020 to 2026 based on value (USD Billion).

Predictive Analytics Market: Introduction

Predictive analytics includes myriad statistical techniques such as data mining, machine learning, and predictive modeling. It helps in analyzing recent as well as historical facts pertaining to the projection of future events. In business, predictive models find patterns in historical & transactional data for recognizing business challenges & opportunities. Apparently, predictive analytics is utilized in actuarial science, insurance, travel, marketing, telecommunications, financial services, retail, healthcare, smart mobility, and pharmaceutical sectors. Apart from this, it finds a plethora of applications in social networking as well as capacity planning activities and various underwriting activities. It is also used massively in clinical decision support systems.

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Furthermore, the various approaches or techniques used for carrying out predictive analytics are regression methods and machine learning methods. Reportedly, regression techniques include linear regression model, multivariate adaptive regression splines, discrete choice model, classification and regression trees (CART), logistic regression model, probit regression model, and time series model.

Market Growth Drivers

The growing use of predictive analytics in clinical medicine & medical diagnostics will open a slew of opportunities for the predictive analytics market over the forecast timeframe. In addition to this, the massive need for detecting credit card fraud as well as the requirement for accurate stock market analysis will pave a way for the growth of the predictive analytics industry over the forecasting timespan. Apart from this, the rise in the use of internet along with an increase in the number of persons accessing the web will translate into the generation of huge data volumes, thereby creating lucrative avenues for the market within a span of next few years.

Furthermore, big data has brought a paradigm shift in the functions of the organization that includes generating, managing, analyzing, and leveraging data. This, in turn, is likely to enlarge the scope of the predictive analytics business in the near future. Apparently, predictive analytics find numerous uses in manufacturing, credit scoring, and law enforcement activities as well as risk assessment activities, thereby charting a profitable roadmap for the predictive analytics industry over the estimated timeframe. Technological breakthroughs such as AR, AI, VR, and machine learning are predicted to steer the market size in the years ahead. Acceptance of social media, the internet, and enhanced use of data sets will spur market demand in the years to come.

Report Scope:

North America To Lead Overall Market Expansion By 2026

The growth of the predictive analytics industry in the sub-continent over the assessment timeframe is due to the large-scale presence of key industry players in the countries such as the U.S. Furthermore, a rise in the awareness pertaining to benefits incurred due to the use of predictive analytics in various industries will exponentiate the growth of the industry in the region over the upcoming years. With IoT and Big Data becoming the catchphrases of reputed firms in the countries such as Canada and the U.S., the industry is likely to witness noteworthy growth in the region in the near future.

Key participants profiled in the study include Microsoft Corporation, Acxiom Corporation, Tableau Software Inc., Information Builders, SAP SE, Teradata Corporation, Fair Isaac Corporation (FICO), TIBCO Software Inc, SAS Institute, and IBM Corporation. 

This report segments the global predictive analytics market as follows:

Global Predictive Analytics Market: Delivery Mode Segment Analysis

• Cloud-Based Technology
• On-Premises Installation

Global Predictive Analytics Market: Software Solutions Segment Analysis

• Customer Intelligence
• Decision Support Systems
• Data Mining & Management
• Fraud & Security Intelligence
• Financial Intelligence
• Others (including performance management, sustainability intelligence, campaign management, etc.)

Global Predictive Analytics Market: End-user Segment Analysis

• Banking, Financial Services & Insurance (BFSI)
• Government, Public Administration & Utilities
• Telecom and IT
• Transportation & Logistics
• Healthcare
• Others (including Energy, Media, and entertainment, Engineering & construction, etc)

Global Predictive Analytics Market: Application Segment Analysis

• Sales & Marketing
• Customer & channel
• Finance and risk
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of the Middle East & Africa