NEW YORK, March 1, 2024 /PRNewswire/ — The “predictive analytics market by end-user (BFSI, retail and e-commerce, telecom and IT, transportation and logistics, and others), deployment (cloud-based and on-premise), and Geography (North America, Europe, APAC, South America, and Middle East and Africa) – Forecast and Analysis 2023-2027″ report has been added to Technavio offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the market between 2022 to 2027 is USD 21.60 billion, according to Technavio. The growing need to detect fraud and scams is a key factor driving market growth. The need for fraud detection in the social and mobile world is driving the market. With technological advancements, fraud and phishing are becoming more and more sophisticated and pose serious threats to data security and privacy. This has led to growing concern about these threats, prompting businesses across different industries to adopt predictive analytics in their business processes. Predictive analytics can also be used to identify cyber security issues and vulnerabilities, leading to a rise in use cases across various industries such as pharmaceuticals, BFSI, and healthcare. Hence, these factors are expected to drive market growth during the forecast period. Buy the full report here
Report Coverage
Details
Page number
182
Base year
2022
Historic period
2017-2021
Forecast period
2023-2027
Growth momentum & CAGR
Accelerate at a CAGR of 22.24%
Market growth 2023-2027
USD 2,1601.17 million
Market structure
Fragmented
YoY growth 2022-2023(%)
20.44
Regional analysis
North America, Europe, APAC, South America, and Middle East and Africa
Performing market contribution
North America at 30%
Key countries
US, China, Japan, Germany, and UK
Accessibility issues for quality and standardized data are a significant challenge restricting market growth. Learn about additional key drivers, trends, and challenges available with Technavio. Read FREE Sample PDF Report Now
The market has been segmented by end-user (BFSI, retail and e-commerce, telecom and IT, transportation and logistics, and others), deployment (cloud-based and on-premise), and Geography (North America, Europe, APAC, South America, and Middle East and Africa).
The market share growth by the BFSI segment will be significant during the forecast period. Banking and financial institutions can predict consumer behavior and preferences through predictive analytics. Understanding customer patterns is an advantage for companies in the BFSI sector, who can make more informed forecasts and decisions by prioritizing their customers’ interests. Additionally, historical data allows business leaders to enter the predictive analytics market, such as Microsoft Corp., Oracle Corp., and others to make informed decisions. Data analytics allows banks and other financial institutions to react to changing market conditions, identify risks, make forecasts based on past consumer behavior, and identify new opportunities for themselves and their customers. Hence, these factors are expected to drive market growth during the forecast period. View the FREE Sample Report
Key Companies:
Altair Engineering Inc., Alteryx Inc., Amazon.com Inc., Board International SA, Cloudera Inc., Domo Inc., Fair Isaac Corp., Hewlett Packard Enterprise Co., Hitachi Ltd., International Business Machines Corp., KNIME AG, Microsoft Corp., Nippon Telegraph and Telephone Corp., Oracle Corp., QlikTech International AB, Salesforce Inc., SAP SE, SAS Institute Inc., Teradata Corp., and TIBCO Software Inc.
Analyst Review
The market is experiencing exponential growth, driven by a confluence of factors including Big Data, Cloud computing, IoT proliferation, and the relentless expansion of digital technologies. This surge is further fueled by the increasing demand for analytics solutions across various sectors such as banking and financial, where online services and customer empowerment are reshaping traditional practices.
As digital transformation strategies continue to evolve, companies face both opportunities and challenges. On one hand, there’s unprecedented access to vast data volumes sourced from social media, mobility touchpoints, and internet proliferation. On the other, there’s the pressing need to integrate and customize existing analytics solutions to extract meaningful insights. However, amidst this complexity, lies the potential for economic growth and globalization as businesses harness the power of predictive models and analytics to drive strategic decisions.
To navigate this landscape, organizations must address changing regional data regulations and combat data silos by centralizing data into a cohesive ecosystem. This requires skilled data scientists and analysts to develop predictive analytics solutions tailored to consumer behavior and business performance metrics. Moreover, the emphasis on security measures is paramount to mitigate risks associated with data exchange and aggregation.
The services segment is pivotal, offering professional services and managed services to deploy and maintain predictive analytics solutions. These solutions provide real-time insights and alert systems to target valuable customers effectively, enhancing the digital customer experience (CX). Enterprises recognize the value of monetizing data assets through data consolidation and leveraging connected and integrated technologies.
In conclusion, the adoption of predictive analytics solutions continues to accelerate as organizations seek to stay ahead in a rapidly evolving landscape. By embracing tailored demands and leveraging predictive analytics, businesses can unlock new avenues for growth while staying resilient in the face of digital disruption. In the burgeoning realm of data analytics services, predictive methodologies stand out as digital pioneers. The predictive analytics market is dynamic, leveraging data insights to forecast trends with precision. Embrace the future with predictive analytics services, driving digital transformation and informed decision-making. View the FREE Sample Report
Related Reports:
The Data Analytics Outsourcing Market size is estimated to grow at a CAGR of 32.59% between 2022 and 2027. The market size is forecast to increase by USD 23,111.4 million. This data analytics outsourcing market report extensively covers market segmentation by type (predictive, descriptive, and prescriptive), end-user (BFSI, healthcare, retail, IT and telecom, and others), and geography (North America, APAC, Europe, South America, and Middle East and Africa). One of the key factors driving the data analytics outsourcing market growth is the focus on reducing operational costs.
Blockchain technology in the healthcare market is estimated to grow at a CAGR of 32.79% between 2022 and 2027. The market size is forecasted to increase by USD 1,939.31 million. This blockchain technology in healthcare market report extensively covers market segmentation by type (private, public, and hybrid), end-user (pharmaceutical and medical device companies, healthcare payers, and healthcare providers), and geography (North America, Europe, APAC, South America, and Middle East and Africa). The growing inclination toward data security is notably driving the market growth.
ToC:
1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/predictive-analytics-market-size-to-grow-by-usd-21-60-billion-from-2022-to-2027–the-growing-need-to-detect-fraud-and-scams-is-a-key-factor-driving-market-growth-technavio-302076291.html
SOURCE Technavio
Technology5 days ago
Coin Market5 days ago
Coin Market5 days ago
Coin Market5 days ago
Coin Market5 days ago
Technology5 days ago
Technology5 days ago
Technology5 days ago