Predictive Analytics market grows rapidly, poised to breach $34 billion valuation by 2030

A new report published by Verified Market Research projects that the Predictive Analytics market will grow at a CAGR of 13.9% from 2023 to 2030. The report also states that the market valued at USD 10.43 billion in 2021, and will likely reach USD 34.52 billion by the end of the forecast period.

In the coming years, the global predictive analytics market is expected to grow rapidly due to the increasing use of historical and forecast data for business operations analysis. Predictive analytics involves using statistical analysis and machine learning techniques to generate quantitative information on the probability of events occurring.

Increasing adoption of machine learning and Statistical Analysis techniques drives Predictive Analytics market growth

Predictive analytics software analyzes available variables, allowing companies to develop products based on customer forecasting, which has become a preferred method for gaining a competitive advantage, especially in the e-commerce industry where customer experience is critical to driving sales.

Social media advertising and analysis of customer expectations have also greatly helped companies increase overall sales. With the increasing number of people using connected devices, retailers can now actively understand customer shopping behavior. As a result, predictive analytics is increasingly being used in operations and supply chain management, sales, and marketing management.

Predictive analytics is also rapidly being adopted for workforce management and risk management due to the benefits it provides for business operations. As companies generate large amounts of data through the increasing use of the internet globally, the demand for predictive analytics has greatly increased.

Key market players

Oracle Corporation, IBM Corporation, SAS Institute Inc., NTT Data Corporation, Microsoft Corporation, SAP SE, Fair Isaac Corporation (FICO), Angoss Software Corporation, Rapidminer Inc., Tableau Software Inc., and Tibco Software Inc. are among the key players operating in the global predictive analytics market.

To gain a competitive edge, companies in the predictive analytics market are focusing on product benchmarking, SWOT analysis, and financial statements. Leveraging these tools helps companies gain a better understanding of the competitive landscape and develop strategies to improve their market position.

The increasing use of machine learning and statistical analysis techniques is expected to drive the rapid growth of the global market in the coming years. Companies that adopt predictive analytics early stand to gain a significant competitive advantage in the market.

Predictive Analytics Market, by Component

Solutions

Customer analytics
Marketing analytics
Web and social media analytics
Financial analytics
Network analytics
Risk analytics
Sales analytics
Supply chain analytics

Services

Managed services
Professional services
Support and maintenance services
Consulting services

By Vertical

Healthcare
Government and Defense
IT and Telecom
Banking, Financial Services, and Insurance (BFSI)
Transportation and Logistics
Retail and e-commerce
Manufacturing
Others

WRITTEN BY

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