What is Global Predictive Analytics Software Market?
The Global Predictive Analytics Software Market is a vast and dynamic field that is constantly evolving. It refers to the use of data, statistical algorithms, and machine learning techniques to identify the likelihood of future outcomes based on historical data. The goal is to go beyond knowing what has happened to providing a best assessment of what will happen in the future. This market was valued at a whopping US$ 8743 million in 2023 and is projected to almost double to US$ 17670 million by 2030. This impressive growth is a testament to the increasing reliance of businesses on data-driven insights to make informed decisions. The software is used to discover, interpret, and communicate meaningful patterns in data and apply these patterns towards effective decision making.
Cloud Based, On-Premise in the Global Predictive Analytics Software Market:
The Global Predictive Analytics Software Market is segmented into Cloud-Based and On-Premise based solutions. Cloud-based solutions are hosted on the vendor's servers and accessed through a web browser. They are typically subscription-based and include technical support, offering a cost-effective solution for businesses. On the other hand, On-Premise solutions are installed and run on computers on the premises of the person or organization using the software, rather than at a remote facility such as a server farm or cloud. Both these solutions have their own advantages and cater to different needs of businesses. The choice between the two depends on various factors such as the size of the business, budget, and specific requirements.
Large Enterprises, SMEs in the Global Predictive Analytics Software Market:
The Global Predictive Analytics Software Market finds its application in both Large Enterprises and SMEs. Large Enterprises use this software to analyze large volumes of data and derive meaningful insights to drive their business strategies. On the other hand, SMEs use this software to gain a competitive edge in the market. The software helps these businesses to predict trends, understand customers, improve performance, and drive strategic decision making. Despite the size of the business, the software proves to be a valuable tool in navigating the complex business landscape and staying ahead of the competition.
Global Predictive Analytics Software Market Outlook:
Looking at the market outlook, the Global Predictive Analytics Software Market is on a growth trajectory. In 2023, the market was valued at US$ 8743 million. Fast forward to 2030, and it is expected to reach a staggering US$ 17670 million. This translates to a Compound Annual Growth Rate (CAGR) of 10.6% during the forecast period of 2024 to 2030. This growth can be attributed to the increasing adoption of data-driven decision-making strategies and the growing realization of the benefits of predictive analytics in business operations.
| Report Metric | Details |
| Report Name | Predictive Analytics Software Market |
| Accounted market size in 2023 | US$ 8743 million |
| Forecasted market size in 2030 | US$ 17670 million |
| CAGR | 10.6% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| Segment by Type |
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| Segment by Application |
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| By Region |
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| By Company | IBM, Microsoft, Sisense, Oracle, Minitab, Wolfram, SAS, Anaconda, TIBCO, RapidMiner, KNIME, DataRobot, Dataiku, FICO, GoodData, Radius, Buxton, SAP, Alteryx, Nice |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
