Predictive Analytics Market Outlook: Forecasted Growth and Emerging Trends Driving Informed Decision-Making

The predictive analytics market size has grown exponentially in recent years. It will grow from $14.19 billion in 2023 to $17.42 billion in 2024 at a compound annual growth rate (CAGR) of 22.8%. The growth in the historic period can be attributed to business process optimization, growing competition and market dynamics, focus on customer relationship management, healthcare outcome improvement, risk management and fraud detection..

The predictive analytics market size is expected to see exponential growth in the next few years. It will grow to $41.44 billion in 2028 at a compound annual growth rate (CAGR) of 24.2%. The growth in the forecast period can be attributed to customization and scalability, energy consumption optimization, regulatory compliance automation, continuous monitoring of model performance, human resources and talent analytics.. Major trends in the forecast period include increased adoption across industries, focus on advanced machine learning models, exponential growth of big data, explainable ai for transparency, enhanced fraud detection and cybersecurity, ethical and responsible ai practices..

Market Overview -
Predictive analytics refers to the use of statistics and modelling techniques based on current and historical data to determine future performance and make predictions about future outcomes. Predictive analytics are used to determine customer response to promote cross-sell opportunities and purchases.

Download Free Sample of Report -

https://www.thebusinessresearchcompany.com/sample.aspx?id=6562&type=smp

Increasing Adoption Of Big Data And Related Technologies Drives Predictive Analytics Market
The rising adoption of big data and other related technologies is expected to drive the growth of the predictive analytics market. Big data refers to the data management system that is used to input more data during the processing of large data sets. The rise in the adoption of big data-related technologies in many industries leads to the innovation of new technology. Some of the new technologies used in predictive analytics are edge computing, streaming analytics, artificial intelligence, in-memory databases, data lakes, and blockchain. For instance, in March 2021, according to Fusion Alliance, a US-based website designer, in every passing moment, the pace of data creation continues to compound, with more than 200 million emails sent, millions of dollars in e-commerce transacted, 50 hours of YouTube videos uploaded, millions of Google searches launched, tens of millions of photos shared. Also, nearly 53% of the companies are adopting big data analytics according to a study by Dresner Advisory Services in 2022. Therefore, the rising adoption of big data and other related technologies is expected to drive the predictive analytics market growth.

Competitive Landscape -
Major companies operating in the predictive analytics market report are IBM Corporation, Microsoft Corporation, Oracle Corporation,SAP SE,SAS Institute Inc.,Salesforce Inc.,Alteryx Inc.,RapidMiner Inc.,DataRobot Inc.,Domo Inc.,TIBCO Software Inc.,KNIME Inc.,Sisense Inc.,FICO,GoodData,Angoss Software Co., QlikTech Inc.,Rapid Insight Inc.,TARGIT Inc.,Predixion Software Inc.,Information Builders Inc.,Salesforce,Indix Internet India Private Limited, Opera Solutions India Private Limited, SymphonyAI Group,Exago Ventures S. A.,Rapid7 Inc.,Stratifyd Inc.,Thoughtspot India Private Limited,Ayasdi

Rising Cloud Adoption Shapes Predictive Analytics Market
Increasing adoption of cloud is a key trend gaining popularity in the predictive analytics market. Cloud adoption is an important move by organizations for reducing cost, mitigate risk, and to achieve scalability of database capabilities. Cloud adoption is everywhere in the business world acts as a crucial pipeline in digital empowerment, bringing innovation and growth for an enterprise, cloud strategies provide a platform to act as a storage hub and deliver computation. For instance, in November 2021, according to O'Reilly, an American publishing company, 90% of the organization has adopted cloud computing, during last year 88% of the respondent of the survey used cloud, and 75% of the respondents who work in the organization use cloud, more than 50% of the respondent wanted to shift their application to cloud computing, and 20% plan to migrate all their application.

Browse Full Report @

https://www.thebusinessresearchcompany.com/report/predictive-analytics-global-market-report

Key Segments -

The predictive analytics market covered in this report is segmented -

1) By Component: Solutions, Services
2) By Deployment Mode: Cloud, On-Premises
3) By Organization Size: Large Enterprises, Small And Medium-Sized Enterprises (SMEs)
4) By Vertical: BFSI, Manufacturing, Retail And Ecommerce, Government And Defense, Healthcare And Life Sciences, Energy And Utilities, Telecommunications And IT, Transportation And Logistics, Media And Entertainment, Travel And Hospitality

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info

Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model

Want To Know More About The Business Research Company?

The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialise in various industries including manufacturing, healthcare, financial services, chemicals, and technology.

Global Market Model - World's Most Comprehensive Database

The Business Research Company's flagship product, Global Market Model (www.thebusinessresearchcompany.com/global-market-model) is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps

This release was published on openPR.