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Increasing Adoption Of Big Data And Related Technologies Drives Predictive Analytics Market: Powering Innovation and Expansion in the Predictive Analytics Market by 2025
Predictive Analytics Market
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What Is the Expected CAGR for the Predictive Analytics Market Through 2025?_x000D_
Over the past few years, the market size of predictive analytics has seen exponential growth. The market, which is projected to be worth $17.07 billion in 2024, is expected to increase to $20.77 billion in 2025, with a compound annual growth rate (CAGR) of 21.6%. The expansion during the historical period is largely due to factors such as business process optimization, intensifying competition and market trends, emphasis on customer relationship management, improvement in healthcare outcomes, risk management and detection of fraud._x000D_
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What's the Projected Size of the Global Predictive Analytics Market by 2029?_x000D_
The market size for predictive analytics is poised for significant expansion in the upcoming years, projected to reach $52.91 billion in 2029 with a compound annual growth rate (CAGR) of 26.3%. This predicted growth during the forecast period can be ascribed to factors like customization and scalability, efficiency in energy consummation, automated regulatory compliance, constant surveillance of model performance, and analytics for human resources and talent. Noteworthy trends in the forecast period encompass wider industry adoption, emphasis on sophisticated machine learning models, rapid proliferation of big data, use of explainable AI for transparency, amplified fraud detection and cybersecurity, and commitment to ethical and responsible AI usage._x000D_
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Top Growth Drivers in the Predictive Analytics Industry: What's Accelerating the Market?_x000D_
The growth of the predictive analytics market is anticipated to be fueled by the increasing utilization of big data and other associated technologies. Big data is a data management system employed to integrate more information while processing substantial data sets. Many industries are increasingly adopting technologies related to big data, catalyzing the creation of new technology. Some innovative technologies employed in predictive analytics include edge computing, streaming analytics, artificial intelligence, in-memory databases, data lakes, and blockchain. For example, as per CBI, the Ministry of Foreign Affairs of Netherlands reported in April 2024 that in 2022, Europe's big data market was worth EUR 73.37 billion. Moreover, the European big data market is projected to witness a Compound Annual Growth Rate (CAGR) of 7.7% from 2023 to 2029. Therefore, the predictive analytics market growth is expected to be propelled by the increased adoption of big data and other related technologies._x000D_
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What Trends Will Shape the Predictive Analytics Market Through 2029 and Beyond?_x000D_
The surge in the adoption of cloud technology is a prominent trend emerging in the predictive analysis market. Companies are making significant strides towards integrating cloud technology to lower costs, minimize risks, and expand their database capabilities. The business world is witnessing a widespread adoption of cloud, and it serves as a pivotal conduit in digital empowerment, fostering innovation and growth. Cloud strategies function as a storage center and offer computational services. For example, Google LLC, an American IT company, reported in January 2023 that 76% of individuals utilized the public cloud in 2022, a 56% increase from the previous year._x000D_
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What Are the Main Segments in the Predictive Analytics Market?_x000D_
The predictive analytics market covered in this report is segmented -_x000D_
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1) By Component: Solutions, Services_x000D_
2) By Deployment Mode: Cloud, On-Premises_x000D_
3) By Organization Size: Large Enterprises, Small And Medium-Sized Enterprises (SMEs)_x000D_
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_x000D_
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Subsegments:_x000D_
1) By Solutions: Predictive Modeling Tools, Data Mining Tools, Statistical Analysis Software, Machine Learning Platforms, Visualization Tools_x000D_
2) By Services: Consulting Services, Implementation Services, Training And Support Services, Maintenance And Optimization Services_x000D_
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Which Top Companies are Driving Growth in the Predictive Analytics Market?_x000D_
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_x000D_
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Which Regions Will Dominate the Predictive Analytics Market Through 2029?_x000D_
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_x000D_
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2. Manufacturers & Suppliers - To understand market trends, customer demand, and competitive positioning._x000D_
3. Policy Makers & Regulators - To track industry developments and align regulatory frameworks._x000D_
4. Consultants & Analysts - To support market entry, expansion strategies, and client advisory work._x000D_
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