The "Global Predictive Analytics Market Size By Deployment Mode (Cloud-based, On-premises), By Component (Solutions, Services), By Vertical (Healthcare, Government and Defense, IT and Telecom), By Organization Size (Large Enterprises, Small and Medium Organizations), By Geographic Scope & Forecast, 2023-2030" report has been published by Verified Market Research®. The report provides an in-depth analysis of the global Predictive Analytics Market, including its growth prospects, market trends, and market challenges
JERSEY CITY, N.J., May 8, 2023 /PRNewswire/ -- The Global Predictive Analytics Market is projected to grow at a CAGR of 13.9% from 2023 to 2030, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 10.43 Billion in 2021 and is expected to reach USD 34.52 Billion by the end of the forecast period.
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Browse in-depth TOC on "Predictive Analytics Market"
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Global Predictive Analytics Market to Witness Rapid Growth Driven by Increasing Adoption of Machine Learning and Statistical Analysis Techniques
The global predictive analytics market is expected to experience rapid growth in the coming years, driven by the increasing use of historical and forecast data in the analysis of business operations. Predictive analytics involves the use of machine learning and statistical analysis techniques to generate quantitative information regarding the possibility of any event occurring.
Predictive analytics software makes use of available variables for analysis, allowing companies to develop products based on customer forecasting. This has become a preferred method of gaining a competitive advantage, particularly in the e-commerce industry, where customer experience plays a crucial role in driving sales.
Social media advertising and analysis of customer expectations have also greatly assisted companies in increasing their overall sales. As the number of people using connected devices continues to increase, retailers can now actively understand the shopping behavior of their customers. As a result, predictive analytics is seeing increased use in areas such as operations and supply chain management, sales, and marketing management.
Predictive analytics is also seeing rapid adoption for workforce management and risk management, thanks to the benefits provided by this technology in business operations. With the increasing use of the internet globally, companies are constantly generating large amounts of data, which has greatly helped in increasing the demand for predictive analytics.
Some of the key players operating in the global predictive analytics market include 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.
Companies in the predictive analytics market are focusing on product benchmarking, SWOT analysis, and financial statements to gain a competitive advantage. By leveraging these tools, companies can better understand the competitive landscape anddevelop strategies to improve their market position.
In conclusion, the global predictive analytics market is expected to grow rapidly in the coming years, driven by the increasing use of machine learning and statistical analysis techniques. Companies that adopt predictive analytics early on stand to gain a significant competitive advantage in the market.
Based on the research, Verified Market Research® has segmented the global Predictive Analytics Market into Deployment Mode, Component, Vertical, Organization Size, And Geography.
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