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Increasing Adoption Of Big Data And Related Technologies Drives Predictive Analytics Market: A Significant Driver Propelling The Predictive Analytics Market In 2025
Predictive Analytics
What Is the Predictive Analytics Market Size and Projected Growth Rate?
The size of the predictive analytics market has seen tremendous growth over the years. Its expansion is forecasted to increase from $17.07 billion in 2024 to $20.77 billion in 2025, boasting a compound annual growth rate (CAGR) of 21.6%. Elements like business process optimization, intensifying competition and market dynamics, a focus on customer relationship management, improvements in healthcare outcomes, and emphasis on risk management and fraud detection have contributed to this development.
There is a projected robust expansion of the predictive analytics market in the upcoming years, reaching $52.91 billion in value by 2029, with a compound annual growth rate of 26.3%. The anticipated growth is primarily due to factors including customization and scalability, optimizing energy consumption, regulatory compliance automation, continuous model performance monitoring, and HR and talent analytics. Major upcoming trends in the sector include broader industry adoption, development of advanced machine learning models, rapid growth of big data, AI transparency through explainable AI, improvement in fraud detection and cybersecurity, and ethical and responsible AI practices.
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What Are the Major Segments in the Predictive Analytics Market?
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
Subsegments:
1) By Solutions: Predictive Modeling Tools, Data Mining Tools, Statistical Analysis Software, Machine Learning Platforms, Visualization Tools
2) By Services: Consulting Services, Implementation Services, Training And Support Services, Maintenance And Optimization Services
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What Are The Driving Predictive Analytics Market Evolution?
The predictive analytics market is anticipated to expand due to the increasing usage of big data and related technologies. Big data encapsulates the data management framework designed for handling massive datasets for processing. Various sectors are turning towards big data-related technology, spurring technological innovation. Predictive analytics now employs new technologies such as edge computing, streaming analytics, artificial intelligence, in-memory databases, data lakes, and blockchain. An example includes a report from the Ministry of Foreign Affairs, a Netherlands-based agency, and CBI in April 2024 that the big data market in Europe had a value of EUR 73.37 billion in 2022. The same sector in Europe projects a compound annual growth rate (CAGR) of 7.7% from 2023 to 2029. Therefore, with the growing utilization of big data and associated technologies, the advancement of predictive analytics market is expected.
Which Firms Dominate The Predictive Analytics Market Segments?
Major companies operating in the predictive analytics market include IBM Corporation, Microsoft Corporation, Oracle Corporation,SAP SE,SAS Institute 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., Opera Solutions India Private Limited, SymphonyAI Group,Exago Ventures S. A.,Rapid7 Inc.,Stratifyd Inc.,Thoughtspot India Private Limited,Ayasdi
What Trends Are Expected to Dominate the Predictive Analytics Market in the Next 5 Years?
A key emerging trend in the predictive analytics market is the growing acceptance of cloud technology. This adoption of cloud by organizations serves as a pivotal strategy for cost reduction, risk mitigation, and expanding database competencies. The omnipresence of cloud adoption in the business sector serves as a vital conduit for digital enablement, fostering innovation, and enterprise growth. By operating as a storage hub and facilitating computation, cloud strategies deliver considerable value. Google LLC, a US tech company, noted in January 2023, for instance, that in 2022, 76% of people had turned to the public cloud, reflecting a significant jump of 56% in comparison to 2021.
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Which Is The Largest Region In The Predictive Analytics Market?
North America was the largest region in the predictive analytics market in 2024. The regions covered in the predictive analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Predictive Analytics Market?
2. What is the CAGR expected in the Predictive Analytics Market?
3. What Are the Key Innovations Transforming the Predictive Analytics Industry?
4. Which Region Is Leading the Predictive Analytics Market?
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