High Demand From BSFI Sector Will Drive Predictive Analytics Market To Grow At A CAGR Of 15.7% From 2022 To 2032

NEWARK, Del: The global Predictive Analytics Market is expected to witness an evaluation of US$ 55.5 billion by 2032 as opposed to US$ 12.8 billion in 2022. The market is set to grow at a remarkable CAGR of 15.7% from 2022 to 2032.

It is estimated that the BSFI sector will play an active role in the growth of the predictive analytics market. Many enterprises are also utilizing predictive analytics to streamline their sales pipelines from lead generation to customer base by analyzing large volumes of customer data. Additionally, the use of predictive modeling tools in social media advertising, e-mail campaigns, and cognitive analysis of customers has resulted in increased sales and improved customer retention. Owing to these benefits various industries including BFSI, retail, e-commerce, and manufacturing are adopting predictive modeling tools, which are anticipated to contribute to the growth of the predictive analytics market.

The utilization of predictive analytics solutions to forecast potential future outcomes and trends by gathering information from both current and historical data sets has become increasingly prevalent among organizations. This rise in awareness is driven by the massive volume of data generated and the potential benefits of leveraging this data to make informed business decisions and optimize revenue. The growth of the market for predictive analytics solutions is also fueled by the increase in internet usage and the availability of numerous sources for accessing the internet, which has led to a surge in data generation.

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The global market for predictive analytics is further influenced by the adoption of predictive modeling tools, increased investments in Big Data initiatives by governments, and the adoption of Big Data technologies. Moreover, the integration of IoT and AI in predictive analytics, as well as the rising demand for predictive analytics among SMEs, present lucrative growth opportunities for the global predictive analytics market during the analysis period. The exponential growth of data captured by organizations is a result of the increasing trend of the Internet of Things (IoT), social media, and multimedia. As a result, many organizations and individuals are adopting advanced big data analytics, which is expected to fuel the growth of the predictive analytics market. Additionally, the emergence of IoT and AI has augmented the demand for predictive maintenance, leading to enhanced energy efficiency and higher levels of production uptime. These advancements are anticipated to drive the growth of the predictive analytics market in the coming years.

Predictive Analytics Market

Key Takeaways:

The predictive analytics market in North America will prove to be highly remunerative with a share of 47% of the overall market.
The US predictive analytics market will reach a valuation of US$ 19.3 billion by 2032.
Based on the vertical, the BSFI sector is anticipated to generate the most opportunity for the market.
By component, the solutions category will dominate the market with a CAGR of 15.4% from 2022 to 2032.

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Competitive Landscape

SAP SE, Oracle Corporation, SAS Institute Inc., Fair Isaac Corporation, IBM Corporation, TIBCO Software Inc., Information Builders, Alteryx, Inc., and Google, among others, are some of the important players in the predictive analytics market profiled in the full version of the report.

In a competitive market, dominant participants are focused on the release of new products. These companies also employ strategic partnerships, mergers, and acquisitions to expand their business. In a recent development, in February 2022, Bharti Airtel partnered with Oracle Fusion Cloud ERP and Oracle Fusion Cloud Supply Chain & Management to modernize and enhance its financial, planning, and supply chain operations.

More Insights Into the Predictive Analytics Market

The worldwide predictive analytics market is thoroughly analyzed by FMI, with a detailed study of historical data spanning from 2017 to 2022 and forecast statistics for 2023 to 2033. The report provides a comprehensive assessment of market drivers, challenges, trends, and opportunities. To facilitate a better understanding of the market's potential, growth, and scope, it is segmented based on component, deployment mode, organization size, and region.

According to FMI predictions, based on segmentation, the solutions category will gain rapid traction during the assessment period. As this segment allows businesses to adapt to different industry trends, the segment will register a CAGR of 15.4%. In terms of vertical, the BSFI sector will offer numerous opportunities to the market. Based on region, the predictive analytics market in North America will lead in the international space. The target market in this region will account for 47% of the overall market share. Robust investment in Big Data analytics and early deployment of technologies like AI and IoT will drive the growth of the predictive analytics market in North America. Thus, high demand from BSFI, retail, and e-commerce sectors and contributions from North America will drive the growth of the predictive analytics market.

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Market Segments Covered In Predictive Analytics Market Analysis

By Component:

Solutions

Predictive Financial Analytics
Predictive Risk Analytics
Predictive Marketing Analytics
Predictive Sales Analytics
Predictive Customer Analytics
Predictive Web and Social Media Analytics
Predictive Supply Chain Analytics
Predictive Network Analytics
Other Predictive Analytics Solutions

Services

Professional Services
Managed Services

By Deployment Mode:

Cloud
On-premises

By Organization Size:

Large Enterprises
Small and Medium-sized Enterprises (SMEs)

By Vertical:

BFSI Predictive Analytics
Manufacturing Predictive Analytics
Retail and eCommerce Predictive Analytics
Government and Defense Predictive Analytics
Healthcare and Life Sciences Predictive Analytics
Energy and Utilities Predictive Analytics
Telecommunications and IT Predictive Analytics
Transportation and Logistics Predictive Analytics
Media and Entertainment Predictive Analytics
Travel and Hospitality Predictive Analytics
Other Predictive Analytics

Table of Content

Executive Summary

1.1. Global Market Outlook

1.2. Summary of Statistics

1.3. Key Market Characteristics & Attributes

1.4. Analysis and Recommendations

Market Overview

2.1. Market Coverage

2.2. Market Definition

Market Risks and Trends Assessment

3.1. Risk Assessment

3.1.1. COVID-19 Crisis and Impact on Demand

3.1.2. COVID-19 Impact Benchmark with Previous Crisis

3.1.3. Impact on Market Value (US$ Mn)

3.1.4. Assessment by Key Countries

3.1.5. Assessment by Key Market Segments

3.1.6. Action Points and Recommendation for Suppliers

3.2. Key Trends Impacting the Market

3.3. Formulation and Product Development Trends

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Market Background

4.1. Market, by Key Countries

4.2. Market Opportunity Assessment (US$ Mn)

4.2.1. Total Available Market

4.2.2. Serviceable Addressable Market

4.2.3. Serviceable Obtainable Market

4.3. Market Scenario Forecast

4.3.1. Demand in Optimistic Scenario

4.3.2. Demand in Likely Scenario

4.3.3. Demand in Conservative Scenario

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