Predictive Analytics Market to Witness 19.2% CAGR by 2031 | SkyQuest Technology
Westford, USA, Aug. 29, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Predictive Analytics Market will attain the value of USD 61.49 billion by 2031, with a CAGR of 21.7% during the forecast period (2024-2031). Predictive analytics is a method of analyzing historical and predictive activity. These analyzes are conducted using a variety of techniques such as automated machine learning and statistical analysis. Several methods are used to prepare for the development of predictive models. These models can then be used to (quantify) the probability of an event. Predictive analytics software analyzes and measures the likelihood of devices, customers, etc. behaving using available resources. Forecasts allow companies to prepare in advance for specific customer needs. By anticipating customers and developing products for different companies, they gain competitive advantage. This technology will completely replace the old practice of building a product based on marketing research, then collecting user feedback.
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Browse in-depth TOC on " Predictive Analytics Market "
- Pages – 157
- Tables - 149
- Figures – 78
Predictive Analytics Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 12.78 Billion |
| Estimated Value by 2031 | USD 61.49 Billion |
| Growth Rate | Poised to grow at a CAGR of 21.7% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Deployment Type, Enterprise Size and End-User |
| Geographies Covered | North America, Europe, Asia-Pacific, and the Rest of the world |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Increased Strategic Collaboration Between Industrial Players |
| Key Market Drivers | Increasing Expansion of Cloud Adoption |
Service Segment to Dominate Due to Increased Adoption of Predictive Analytics Solutions
The service segment is expected to dominate rapidly throughout the forecast period. Increasing adoption of predictive analytics solutions across various industrial verticals is driving service segment expansion. The market is divided into three service segments: support and maintenance, training and consulting, and service /installation services. The deployment/installation services segment is predicted to grow rapidly during the launch period. This is due to the increasing use of predictive analytics technologies on cloud platforms.
Consumer Analytics Segment to Drive Market Due to Increase Customer Lifetime Value
The consumer analytics segment is expected to grow the fastest during the forecast period. Consumer intelligence is a systematic and sophisticated research methodology widely used by companies to understand consumer behaviour. Companies use this information to improve their overall revenue and make important business decisions. In addition, customer analytics including techniques such as predictive modeling and data visualization help businesses increase customer lifetime value (CLV), acquire new customers and retain current customers.
North America is Dominating Due to Increasing Development of Methodologies
North America dominated the global market. This can be linked to technological developments and the establishment of market participants, especially in the United States. In addition, venture capitalists’ investments in new competitors are expected to reduce market competition. The increasing development of methodologies and techniques for predictive analytics solutions is expected to provide significant commercial opportunities for existing companies. Moreover, this solution is in high demand due to the growing awareness of predictive analytics techniques and their importance.
Asia-Pacific is expected to witness the highest CAGR during the forecast period. The rapid adoption and deployment of advanced predictive analytics technologies has fueled the rapid growth of the regional market. Furthermore, the vast potential of the Asia Pacific region in the market encourages solution and service providers to increase their presence. Furthermore, the market in this segment is expected to originate from increasing focus and investment on emerging technologies such as artificial intelligence, IoT and machine learning.
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Drivers
- Increased Strategic Collaboration Between Industrial Players
- Increasing Data Generation
Restraints
- Lack of Available Experts with Sufficient Knowledge
- Shortage of Skilled Professionals
Prominent Players in Predictive Analytics Market
The following are the Top Predictive Analytics Companies
- Alteryx, Inc.
- Angoss Software Corporation
- RapidMiner, Inc.
- KNIME AG
- TIBCO Software Inc.
- Teradata Corporation
- MicroStrategy Incorporated
- Tableau Software, LLC
- Information Builders Inc.
- Dataiku SAS
- IBM Watson Health
- Ayasdi, Inc.
- Dell Inc.
- Minitab, Inc.
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Key Questions Answered in Predictive Analytics Market Report
- How big is the Global Predictive Analytics Market?
- What are the opportunities of Global Predictive Analytics Market size?
- What are the key drivers in the Global Predictive Analytics Market?
- Which is the fastest growing region in the Global Predictive Analytics Market?
This report provides the following insights:
- Analysis of key drivers (increased strategic collaboration between industrial players), restraints (lack of available experts with sufficient knowledge), opportunities (increasing expansion of cloud adoption), influencing the growth of Predictive Analytics Market.
- Market Dynamics: Comprehensive information about the various products offered by the dominant players in the Predictive Analytics Market.
- Product Development/Innovation: An overview of emerging trends, R&D activities and product launches in the Predictive Analytics Market.
- Market Growth: Detailed information on profitable growing industries.
- Market Trends: Complete information about new products, emerging geographical areas and recent developments in the market.
- Competitive Analysis: An in-depth analysis of the market segments, growth strategies, revenue analysis, and products of the key market players.
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About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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