Advanced Predictive Analytics Software Market

Advanced Predictive Analytics Software Market Outlook (2023-2033)

Advanced predictive analytics market was estimated to have held a market value of US$ 8,313.3 Mn in 2022, this value is estimated to reach US$ 9,876.2 Mn in 2023 and over the forecast period, the market is estimated to grow at a CAGR of 20.4% to reach US$ 63,395.4 Mn by the end of 2033.

Advanced predictive analytics software refers to the use of software solutions and tools used by companies and organizations to gather data and information from their numerous sources and implement statistical tools, machine learning, predictive analysis, and various other tools and technologies to predict the future outcome. This prediction is derived based upon studying historical data, trends, and other useful inputs.

The primary driver for advanced predictive analytics software lies in the output that it provides, which is the identification and prediction of any future event that could act as a risk, obstruction, or opportunity for the organization. This factor is common across industries and enterprise sizes, and hence the market for this software is massive globally.

The ability to predict future outcomes and events could grant the companies necessary insights to make important business decisions and improve their solution and service offerings and assist companies with risk management, or use AIOps to improve workflow management.

North America held the largest market share of 27.8% in 2022 for the advanced predictive analytics software market, and this was followed by the European market share of 20.1% for the same year.

What Factor Allows the Growth of the Advanced Predictive Analytics Software Market?

“Growth in the Number of Data Sources and Amount of Data, allow Companies to Make Better Predictions”

Growth in the ability of companies to collect more data allows the companies to better provide their advanced predictive analytics software with the necessary inputs for making predictions. IoT sensors and IoT products are a potential source of information; the performance of their products on various e-commerce websites and direct customer interactions, customer behaviour on the company website, and numerous other sources allow for a wider pool of information to carry out the prediction process.

This allows large enterprises to leverage the advanced predictive analytics software much better compared to SMEs; however, the collection of relevant data for predictive purposes could benefit organisations of every size.

• In December 2022, Snowflake a data cloud company acquired an American time series forecasting company Myst. The company intends to improve the application of machine learning into its solution offering through this acquisition.
• In October 2022, Oracle announced the release of product innovations for analytics purposes. The developments allowed an improvement in the offering of the oracle fusion analytics across various enterprise platforms. The development provides faster and improved predictions.

Why US Dominates the Global Advanced Predictive Analytics Software Market?

“Large Scope for Collection of Data for Predictive Analysis in US”

US has several large enterprises across industries who are equipped with the necessary technologies to implement the use of advanced predictive analytics software. Several companies in this country are multi-national creating the scope for these companies to generate diverse predictions from a large pool of data.

Due to these reasons, US was estimated to have held the largest market share for advanced predictive analytics software market of 18.1% for 2022.

Why is India the Fastest Growing Market for Advanced Predictive Analytics Software?

“Growth in Internet Users Allow Greater Insights into the Consumer Behaviour in India”

There is a surge in e-commerce businesses, and the growth in internet activities creates an opportunity for companies to leverage this information. Several start-ups in this country are based on social media and can use social media analytics to obtain the necessary information to make predictions.

This allows India to be one of the fastest-growing countries over the forecast period for the advanced predictive analytics software market, with a CAGR of 23.1%.

What Factors Help in the Growth of the Advanced Predictive Analytics Software Market in UK?

“Technological and Industrial Development Allow the Advanced Predictive Analytics Software Market to grow in UK”

UK is one of the most developed European countries, one of the most populated European countries, and one of the largest economy in the country, this country has several technological and industrial developments taking place because of factors such as the presence and influx of skilled labour, presence of multi-national organisations, and economic prosperity.

Due to these reasons, the UK market for advanced predictive analytics software is estimated to grow at a CAGR of 17.3% over the forecast period.

Category-wise Insights

Why Media and Entertainment is the Fastest Growing Market for Advanced Predictive Analytics Software?

“Scope for Various Insights and Information to be Discovered from the Consumers for the Media and Entertainment Industry”

Because of the presence of both mainstream media and social media content creators, as well as its direct connection with end consumers, the media and entertainment industry has one of the greatest potentials for implementing advanced predictive analytics software.

Several factors could be used by the media and entertainment industries to identify consumer behaviour and social media trends, such as using social media analytics and customer analytics to understand how consumers interact with the content they create. Diversity in people based upon their cultural and national roots, languages, and personal tastes allows the scope for advanced predictive analytics software to have great growth potential in this industry and can help it improve the content it creates.

Due to these reasons, the media and entertainment industry is estimated to be the fastest-growing industry for the advanced predictive analytics software market, with a CAGR of 25.6% over the forecast period.

Competitive Landscape

Companies that offer advanced predictive analytics software do not limit themselves to this software and offer various other analytical solutions. Some of these companies also offer various other software solutions.

• In December 2022, LSEG (London Stock Exchange Group) and Microsoft announced a ten-year partnership, LSEG will use Microsoft’s solutions for data analytics and modelling solutions.
• In April 2022, Ernst & Young (EY) acquired Gensquared, a company that specializes in big data and analytics. This acquisition was done in order to improve the data management capabilities of EY.

Recent developments related to key players providing the advanced predictive analytics software market have been tracked by the analysts at Persistence Market Research, which will be accessible in the full report.

Advanced Predictive Analytics Software Market Report Scope

Key Segments of Advanced Predictive Analytics Software Market Research

By End User:

• Banking and Financial Services
• Insurance
• Government, Public Administration and Utilities
• Pharmaceuticals
• Telecom and IT predictive
• Retail (Consumer Goods)
• Transportation and Logistics
• Healthcare
• Manufacturing
• Media and Entertainment
• Energy (Electricity, Oil and Gas)
• Engineering and Construction
• Tourism
• Sports

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia & Pacific
• Middle East and Africa (MEA)

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