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Predictive Analytics Market 2024: Forecasts,
Analysis and Overview: Global Market Insights Inc.
Predictive Analytics Market size is anticipated to witness growth over the forecast timeline
owing to the emergence of e-commerce and the growing data traffic. Increasing demand for
mobility and accessibility of cloud-based solutions coupled with the transformation from
traditional business intelligence (BI) methods to help achieve high and advanced analytical
techniques is offering several growth opportunities to the predictive analytics market.
The predictive analytics technology is being utilized by several businesses as a useful tool for
reducing risks associated with fraudulent claims and for surging marketing efficiency. It is
mainly used by organizations to increase their bottom line and competitive advantage. The
presence of interactive and easy-to-use software, availability of faster & cheaper computers,
and rising adoption of innovative technologies are contributing to the growth of the predictive
analytics market. In addition, increasing volumes, data types, and the extraction of valuable
insights by analyzing current data to help make predictions of future opportunities and trends
is expected to fuel the industry growth.
Increasing adoption of cloud-based technologies in various sectors such as BFSI and IT and
telecom due to the presence of high volume data is providing high growth opportunities for the
predictive analytics market. In addition, in the BFSI sector, predictive analytics provides
insight to approach each client by analyzing buying patterns, consumer behavior, and social
media interaction and offers insights into channels to help connect with those customers. Wide
applications of predictive analytics market in SMEs and SMBs is offering outstanding growth
opportunities. Rise in fraudulent activities along with the need of improvising operational
efficiency is expected to escalate the demand for predictive analytics market. Factors such as
high time consumption, the requirement of continuous trail, and testing of the complex
algorithm might hinder the industry growth.
The predictive analytics market can be segmented based on software solution, deployment
model, application, and end use. On the basis of the software solution, the market can be
classified into data mining & management, customer intelligence, performance management,
financial intelligence, fraud and security intelligence, and decision support systems. In data
mining & management, predictive analytics market helps by offering a record of the past data
which can be analyzed to determine what customers are most likely to renew or purchase.
Precise data mining and predictive modeling can shorten the target customers and allow the
organization to tailor its advertisements to each online customer, which ensures the marketing
team to form multiple advertisements based on the previous search history of the visitors. These
factors are expected to boost the data mining & management segment growth in the predictive
analytics market over the forecast timeline.
The financial intelligence segment is anticipated to show a steady growth in the predictive
analytics market over the future. It is helpful for understanding the patterns of individuals in
committing crimes. Pattern discovery is necessary to look for intricacies of fraudulent
activities. Automatic elimination of the noise surrounding the actionable insight associated
with the credit card transaction data and pattern detection enables the analysts to avoid certain
activity and help monitor the suspicious data patterns.
Based on application segment, the predictive analytics market can be classified into risk
management, networking management, sales and marketing management, human resource
management, operations management, and supply chain management. In the risk management,
the software can obtain potential areas of risk from the substantial number of data points
collected by the organizations and going through them to detect risk and trends in the data
which can influence the businesses. On implementation of these analytics solutions,
organizations can quantify risk-related issues, evaluate, and formulate a course of action to
reduce the risk factors.
End users in the predictive analytics market are in the BFSI, IT & telecom, energy,
manufacturing, government & public, transportation & logistics, healthcare, travel, and
hospitality sectors. In the BFSI sector, predictive analytics has several growth potentials owing
to the enormous repositories of customer profiles and transactional data. In the IT and telecom
sector, the predictive analytics market is anticipated to be the must-have technology owing to
the complexity inherent in modern day cloud architectures along with the interrelations among
The U.S. is anticipated to dominate the predictive analytics market owing to the high adoption
rate of cloud computing and several latest technologies. Technological advancements and
massive data surge often faced by the organizations along with the growing demand for
structured data are expected to drive the predictive analytics market in the region. Rising
demand for prediction of consumer behavior and trends offer significant growth opportunities
for the industry.
In the Asia Pacific region, predictive analytics market is expected to grow fast owing to the
rapid developments in the economies such as China, India, and Japan. The need to provide realtime data analysis is contributing to the growth of the industry in the region. In addition,
predictive analytics market has a huge growth potential due to the high adoption and
implementation of the technology in various sectors such as BFSI, IT and telecommunications,
The key players in the predictive analytics market include IBM Corporation, SAP, Microsoft
Corporation, SAS Institute, Oracle, Dell, FICO, Tibco Software, Alteryx, and RapidMiner.
Considering the latest developments in the industry, organizations are eyeing on easier ways
to bridge the data gap and inclining more toward more streamlined cloud platforms to boost
the time to insights along with shrinking the barrier between internal and external data. IBM is
offering several products under its predictive analytics portfolio –SPSS Modeler, SPSS
Analytical Server, Analytical Decision Management, SPSS Data Collection, SPSS Statistics,
SPSS Predictive Analytics Enterprise, and Social Media Analytics.
About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research
and consulting service provider; offering syndicated and custom research reports along with
growth consulting services. Our business intelligence and industry research reports offer
clients with penetrative insights and actionable market data specially designed and presented
to aid strategic decision making. These exhaustive reports are designed via a proprietary
research methodology and are available for key industries such as chemicals, advanced
materials, technology, renewable energy and biotechnology.
Corporate Sales, USA
Global Market Insights, Inc.
Toll Free: 1-888-689-0688