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Registering 22.4% CAGR | The Predictive Analytics Market Reach USD 63.3 Billion by 2032
The global predictive analytics market is growing due to several factors such the widespread adoption of big data and other related technologies, growing use of predictive modeling tools, and increase in adoption of digital solutions. However, modifications to regional data laws necessitating a time-consuming redesign of prediction models act as restraints for the predictive analytics market. In addition, the growing use of linked and integrated technology and increased internet usage and increase in adoption of the cloud are expected to provide ample opportunities for the market growth during the forecast period.
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The global predictive analytics market size was valued at $10.2 billion in 2023, and is projected to reach $63.3 billion by 2032, growing at a CAGR of 22.4% from 2024 to 2032.
The predictive analytics market size is segmented into component, enterprise size, deployment type, industry vertical, and region. On the basis of component, the market is divided into solutions and services. As per enterprise size, the market is segregated into large enterprises and small and medium-sized enterprises. On the basis of deployment type, the market is bifurcated into on-premise and cloud. On the basis of industry vertical, the market is bifurcated into BFSI, retail, IT & telecom, healthcare, government, manufacturing, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
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By component, the solution segment held the highest market share in 2023, owing to rise in usage of various risk analytics tools for predicting threats and implementing safeguards. In addition, the need for data integration, growing emphasis on creating sophisticated risk strategies, and growing data volume all work together to support sector growth.
By enterprise size, the large enterprises segment held the highest market share in 2023. Large businesses are also creating long-term business plans based on forecasted results. In addition, the predictive analysis of enormous historical data gives businesses a competitive edge and aids in improving their overall performance.
By deployment type, the on-premise segment held the highest market share in 2023. On-premise deployment allows companies to keep sensitive information within their IT infrastructure, reducing the risk of data breaches and ensuring compliance with stringent data protection regulations.
By industry vertical, the BFSI segment held the highest market share in 2023. Due to improved regulatory compliance procedures, major businesses in the BFSI sector are increasingly adopting advanced financial analytics solutions. The demand for predictive analytics products from the BFSI vertical is expected to increase during the forecast period as a result of the global regulatory environment becoming more complicated.
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Based on region, North America held the highest market share in terms of revenue in 2023, owing to developments in technology and the prominence of market participants, notably in the U.S. In addition, venture capitalists' investment of new competitors is expected to lessen competitiveness in the industry.
The major players operating in the predictive analytics market share include IBM Corporation, SAP ERP, Microsoft Corporation, Siemens AG, General Electric Company, Schneider Electric SE, NTT Data Corporation, Oracle Corporation, SAS Institute, Inc., and Tableau Software, Inc.
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Recent Industry Development:
● In March 2024, Walmart launched Walmart Luminate, a comprehensive data analytics product suite. It helps in optimizing retail strategies from product assortment to product development, leveling the playing field for suppliers of all sizes.
● In March 2024, TransUnion launched a new cloud-based platform to create a unified portal for its suite of data analytics, credit risk, and fraud detection offerings assisted by artificial intelligence.
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