Advanced Predictive Analytics Software Market

Advanced Predictive Analytics Software Market Outlook (2024 to 2034)

Expanding at a CAGR of 19.2%, the global advanced predictive analytics software market is projected to increase from a valuation of US$ 10.51 billion in 2024 to US$ 61.02 billion by 2034.

Advanced predictive analytics software is the term for the software solutions and tools that businesses and organizations use to collect information from a variety of sources, apply machine learning, statistical tools, predictive analysis, and other tools and technologies, and forecast future results. This forecast is produced by examining past data, patterns, and other relevant inputs.

The primary motivator for the use of advanced predictive analytics software is its ability to identify and forecast future events that are providing a danger, obstacle, or opportunity for a company. Because this feature is shared by all sectors and sizes of enterprises, there are lucrative opportunities present for the providers of this software. Predicting future events and outcomes is providing businesses with the information they need to improve their offers of services and solutions, help them manage risk, and streamline workflows through the usage of AIOps.

Companies, who gather more data are better able to supply the required inputs for their sophisticated predictive analytics software to make predictions. The performance of their products on different e-Commerce websites and direct customer interactions, customer behavior on the company website, and several other sources allow for a wider pool of information to carry out the prediction process. IoT sensors and IoT products are a potential source of information.

Compared to SMEs, this enables large firms to use sophisticated predictive analytics software far more effectively; yet, organizations of all sizes are standing to gain from pertinent data for predictive purposes.

There has been an exponential increase in the amount of data produced globally by enterprises in recent years. Several companies use the information acquired to get insights that help them make more informed decisions in real time. In particular, this is increasing the need for sophisticated analytic programs for strategic planning and data management.

Experts in data science are now doing better with assessment tools because of advancements in the big data space. Businesses are enhancing important company activities, processes, and goals by utilizing big data analytics. By transforming information into insight, firms are fulfilling stakeholder needs, managing risks, handling large amounts of data, enhancing process controls, and increasing administrative performance.

The market is surely to expand because of the increasing use of sophisticated analytics tools for applications including traffic trend forecasts, trade market analysis, and power consumption prediction. By using sophisticated analytics for demand forecasting, businesses are increasing their profitability and making well-informed decisions. Big data analytics has seen significant investment from government organizations as well as a variety of businesses, including banking, manufacturing, and professional services.

To make their data sets informative and remain competitive in the market, international banks, for example, are optimizing information, such as the data collected from social media feeds, customer transactions, and service inquiries, to create data-driven business intelligence (BI) models and implement advanced predictive analytics. The market is also driven by advancements in location-based services for better data management and the ongoing integration of sophisticated analytics into Geographic Information Systems (GIS).

Report Attribute	Detail
Advanced Predictive Analytics Software Market Size (2024E)	US$ 10.51 Billion
Forecasted Market Value (2034F)	US$ 61.02 Billion
Global Market Growth Rate (2024 to 2034)	19.2% CAGR
North America Market Value (2024E)	US$ 3.52 Billion
Mexico Market Value (2034F)	US$ 2.69 Billion
Pharmaceuticals Segment Growth Rate (2024 to 2034)	18.5% CAGR
United States Market Value (2034F)	US$ 15.43 Billion
Key Companies Profiled	International Business Machines Corporation (IBM); SAS Institute Inc.; Microsoft Corporation; SAP AG; Tableau Software Inc.; Information Builders, Inc.; Fair Isaac Corporation (FICO); Teradata Corporation; Acxiom Corporation; Oracle Corporation; TIBCO Software Inc.

Why is the Demand for Advanced Predictive Analytics Software Rising Globally?

“Data Processing With Improved Security Making the Product Popular”

Real-time processing and data analysis are enhanced with increased security and dependability due to the increasing integration of edge computing with analytical tools. 71% of businesses regularly employ analytic approaches, according to a study poll, to incorporate data-driven choices into daily operations. To forecast the future and assist in the analysis of past data, several businesses are switching from basic statistical analytics to sophisticated analytics.

To obtain deep data insights by increasing the accuracy and efficiency of company operations, artificial intelligence (AI) and machine learning (ML) are integrated with data analytics and business intelligence (BI) technologies. The goal of integrating AI and ML with analytics tools is to obtain meaningful data insights by enhancing the analysis of complicated data sets. These advancements are resulting in the increasing advanced predictive analytics software market size.

“Enhancing Analytical Techniques Giving Competitive Advantage”

Rich data sources are required for data analysis due to the increasing amount, velocity, and diversity of data. This also enables firms to leverage analytical techniques to obtain a competitive advantage in making data-driven choices. It aids in the development of predictive models by enterprises to forecast several risks, such as supply chain, operational, and financial hazards. It creates several risk management strategies that use analytics technology at every stage of the process, including monitoring, identification, evaluation, mitigation, and assessment.

Industry analysts predict that by 2025, the amount of data produced every day would be surpassing 180 zettabytes. Thus, data analytics are used by corporations to reduce risks and enhance overall company performance. By spotting suspicious patterns and trends, advanced data analytics for risk management makes it possible to apply more sophisticated fraud detection approaches to the analysis of transactional, social media, and geographical data. Revenue creation is greatly impacted by shifting customer tastes, market demand fluctuations, and competitive pressures.

Therefore, throughout the projected period, there is going to be a sharp increase in demand for predictive analytics tools as a means of anticipating future dangers in corporate operations, contributing to the overall expansion of the advanced predictive analytics software market growth.

What is Becoming a Major Drawback for the Service Providers?

“Rising Incidences of Data Breaches Limiting Opportunities”

Social media, stock transactions, GPS location data, internet searches, and other internet-connected gadgets generate a significant volume of organized and unstructured data. The massive volume of data that several businesses collect and process to get the right insights increases the possibility of events leading to data breaches and leaks of private data, which is having negative effects on finances, reputation, and legal standing.

The use of data analysis tools in business processes is adversely impacted by an organization's culture and reluctance to embrace data-driven decision-making strategies, even despite the rising popularity of analytics tools. To limit the use of data and give standards for managing data ethically and preserving personal information, the government is putting in place data protection legislation, such as the General Data Protection Regulation (GDPR). This aspect reduces data availability, which in turn limits the dependability and accuracy of analytic outcomes. This aspect significantly affects how particular data types are used in analyses. Therefore, the absence of concerns about data security and privacy limits market expansion.

Country-wise Insights

The world is going deep into the digital era with a huge amount of data produced every second. With this, the popularity of advanced predictive analytics software is increasing globally in countries including the United States, China, Canada, Mexico, and South Korea. The United States market is forecasted to hold a strong advanced predictive analytics software market share in North America.

What is Making the Demand Grow Significantly in the United States?

“Trillion Dollar IT Companies in the Country Stimulating Demand for Advanced Predictive Analytics Software”

Attribute	United States
Market Value (2024E)	US$ 2.54 Billion
Growth Rate (2024 to 2034)	19.8% CAGR
Projected Value (2034F)	US$ 15.43 Billion

There is an increasing demand for advanced predictive analytics software in the United States due to the presence of trillion-dollar IT companies in the country. These companies are driving the sales of advanced predictive analytics software, which is contributing to the overall growth of the market. The need for cutting-edge technology and data analytics solutions from these IT giants is pushing the demand for advanced predictive analytics software, making the United States a thriving market for such services.

What is Making China a Profitable Market for Service Providers?

“Huge Population Leading to More Data Being Produced and Stored”

Attribute	China
Market Value (2024E)	US$ 1.89 Billion
Growth Rate (2024 to 2034)	19.7% CAGR
Projected Value (2034F)	US$ 11.43 Billion

The market in China for service providers is proving to be highly profitable due to the country's huge population. With a vast number of people, more data is being produced and stored, creating a significant demand for a wide range of services. This surge in data generation and storage is opening up opportunities for service providers to offer solutions related to data management, analytics, and security. The sheer scale of data being generated by China's large population is driving the need for several services, making it a lucrative market for service providers.

Category-wise Analysis

Several end users are contributing to an increased demand for advanced analytics software worldwide. Some of the major end users include banking and finance, pharmaceuticals, tourism, and others.

Which End User Segment is Showing Higher Revenue in the Market?

“Banking and Finance Services Using Advanced Analytics Software on Large Scale”

Attribute	Banking and Finance Services
Segment Value (2024E)	US$ 1.85 Billion
Growth Rate (2024 to 2034)	17.3% CAGR
Projected Value (2034F)	US$ 10.43 Billion

This segment is been experiencing significant growth due to the increased adoption of advanced analytics software for data-driven decision-making and risk management within the banking and finance industry. The use of advanced analytics helps financial institutions gain valuable insights into customer behavior, market trends, and operational efficiency, ultimately leading to improved financial performance and competitive advantage.

With the increasing volume of financial data and the need for real-time analysis, the demand for advanced analytics software in the banking and finance sector is generating higher revenue in the market. As a result, it is becoming a new advanced predictive analytics software market trend.

Market Landscape

Key players in the advanced predictive analytics software market are also focusing on making new trends and products including sports and healthcare analytics.

• In December 2022, LSEG (London Stock Exchange Group) and Microsoft announced a ten-year cooperation. LSEG would employ Microsoft’s products for data analytics and modeling solutions.
• Ernst & Young (EY) purchased Gensquared, a big data and analytics startup, in April 2022. The purpose of this acquisition was to strengthen EY's data management skills.

Fact.MR provides detailed information about the price points of key players in the advanced predictive analytics software market positioned across the world, sales growth, production capacity, and speculative technological expansion, in this new market report.

Segmentation of Advanced Predictive Analytics Software Market Research

• By End User :

  • Banking & Finance Services
  • Insurance
  • Government, Public Administration & Utilities
  • Pharmaceuticals
  • Telecom & IT Predictive
  • Retail
  • Transportation & Logistics
  • Healthcare
  • Manufacturing
  • Media & Entertainment
  • Energy
  • Engineering & Construction
  • Tourism
  • Sports

• By Region :

  • North America
  • Western Europe
  • Eastern Europe
  • Latin America
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa