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Predictive Analytics Market size is poised to experience a healthy growth during 2023 to 2032, on account of the advent of big data, machine learning, data mining, and assorted mathematical processes.
The widespread application of predictive analytics such as helping users in diverse fields viz., BFSI, energy, manufacturing, IT & telecom, government & public, hospitality, and healthcare, is projected to propel the industry demand. Stakeholders, including pharmaceutical companies, researchers and physicians are using data analytics to advance research, boost quality, and manage risk.
With the surging demand for agility in businesses, supply chain management has emerged as a lucrative segment. Predictive analytics is helping forecast buying behaviors, reduce pilferage, and ensure timely deliveries through the most viable and efficient modes. Predictive solutions are helping decision-makers bolster transportation management systems and accelerate supply chain visibility. Additionally, the growing reliance of logistics service providers on TMS to track and manage lead times and shipments is expected to influence the market growth.
Based on deployment mode, the predictive analytics market from the on-premises segment will witness robust progress between 2023 and 2032, owing to the increasing preference over the cloud-based infrastructure to offer enhanced data security, storage, and privacy. These deployment models are increasingly adopted to offer improved data protection. Rising penetration in the semiconductor industry and the thriving need for effective functioning of data centers and servers will additionally drive the industry prospects.
With regards to end-user, the predictive analytics market from the BFSI sector is predicted to expand considerably through 2032, led by growing government support to secure sensitive national security and personal data and escalating demand for advanced financial analytics solutions . Predictive analytics assist banks in optimizing their collection processes and tracking patterns of in-and-out payments in branches and ATMs to draw up a dashboard. Advantages such as fraud detection, and customer engagement & targeting are other factors burgeoning the market demand.
North America predictive analytics market is expected to depict sizable growth up to 2032, driven by higher awareness about various predictive analytics measures in the region. The strong presence of numerous solution providers, particularly in Canada and the U.S. has made way for increasing technological innovations. The rising number of R&D activities to support the development of new techniques and methods is another major trend fueling industry growth.
Some of the leading companies operating in the predictive analytics market include implementing strategies, including business expansions, product rollouts, collaborations, product upgrades, and mergers & acquisitions. Prominent players in the industry are Microsoft Corporation, FICO, Tibco Software, Alteryx, IBM Corporation, Oracle, SAP, SAS Institute, Dell, RapidMiner (Altair), and others. These leading companies are racing to gain a competitive edge.
For instance, in February 2023, AVEVA, a global pioneer in industrial software, unveiled its newest AVEVA Predictive Analytics software, designed for predictive monitoring of industrial assets in the mining and minerals, power, oil and gas, chemicals, and manufacturing sectors.
In another instance, in December 2022, the London Stock Exchange Group (LSEG) and tech behemoth Microsoft signed a new long-term strategic partnership deal to design LSEG's data infrastructure by using Microsoft Cloud, as well as to collaboratively develop new analytics and data products and services.