Market Overview:
The Global Data Science and Predictive Analytics Market size is expected to grow from USD 13.7 billion in 2022 to USD 58.13 billion by 2030, at a CAGR of 19.8% during the forecast period (2023-2030).
Data science enables the application of sophisticated analytical methods and scientific principles to extract vital insights from data, catering to diverse business functions such as strategic decision-making and planning. An integral facet of data science, predictive analytics, employs historical data in conjunction with statistical modeling, machine learning, and data mining methodologies to anticipate future outcomes. This predictive prowess empowers organizations to unveil patterns within datasets, aiding in the projection of forthcoming opportunities.
Top Key Players in Data Science and Predictive Analytics Market:
IBM (US), Microsoft (Us), Oracle (Us), Sap (Germany), Sas Institute (Us), Google (Us) Salesforce (Us), Aws (Us), HPE (Us), Teradata (Us), Alteryx (Us), Fico (Us), Altair (Us), Domo (Us), Cloudera (Us), Board International (Switzerland), Tibco Software (Us), Hitachi Vantara (Us), Qlik (Us) Happiest Minds (India), Dataiku (Us), Rapidminer (Us), Biofourmis (Us), In-Med Prognostics (India) Aito.Ai (Finland), Symend (Us), Onward Health (India), Unioncrate (Us), Cyberlabs (Brazil) Actify Data Labs (India), Amlgo Labs (India), Verimos (Us) And Other Major Players.
Market Dynamics and Factors for Data Science and Predictive Analytics Market:
Drivers:
Adoption of Big Data technology
The expansive growth of the data science and predictive analytics market is propelled by its capacity to furnish anticipatory insights, facilitated by the integration of cutting-edge technologies such as big data solutions. Organizations are grappling with an exponential surge in data accumulation, both in terms of volume and velocity, a trend that is further accentuated by the continuous expansion of datasets. This mounting reservoir of data has galvanized organizations to leverage advanced analytical methodologies, bolstering the proliferation of data science and predictive analytics within the market landscape.
Opportunities:
Penetration of AI and IoT technology
Predictive analytics constitutes a distinct realm within the analytics domain, employing historical data, machine learning, and Artificial Intelligence (AI) to empower users with proactive insights. The infusion of AI into predictive analytics yields remarkable productivity gains, effectively harnessing existing data and unlocking its latent value. This amalgamation fuels the extraction of invaluable insights, facilitating the identification of potential customer leads and the anticipation of target audience preferences and consumption patterns.
Segmentation Analysis of the Data Science and Predictive Analytics Market:
- By Type, the solution segment is excepted to dominate the market. The solution is the vast segment in the data science and predictive analytics market. Customer analytics, network analytics, risk analytics, financial analytics, marketing, supply chain analytics, web and social media analytics, and others.
- By Firm Size, large firm size is likely to dominate in this area. Substantial-scale farms produce a considerable volume of data, necessitating the utilization of analytical tools and data science techniques for efficient storage, processing, and analysis of this information.
Regional Analysis of the Data Science and Predictive Analytics Market:
North America is excepted to dominate the market during the forecast period. The adoption of predictive analytics solutions is slated to surge, with the highest growth rate anticipated in North America relative to other global regions. This pronounced upswing can be chiefly attributed to the concentration of advanced economies within this geographical expanse, prominently including Canada and the United States.
The presence of these well-developed, technologically adept, and economically robust nations fuels an environment conducive to the rapid adoption of cutting-edge technologies. This heightened propensity for advanced technology adoption profoundly contributes to the expansion of the data science and predictive analytics market throughout North America.
Key Industry Development:
- In April 2021, Minitab, LLC, the market leader in data analysis, predictive analytics, and process improvement, announced the launch of new predictive analytics capabilities and advanced machine learning methods in Minitab Statistical Software.
- In May 2022, India, the country’s policy commission, the National Institution of Transforming India (NITI Aayog) launched the National Data and Analytics Platform (NDAP). The platform aims to democratize access to public government data by making information accessible, interactive, and available on a user-friendly platform. NDAP hosts foundational datasets from various government agencies and provides tools for analytics and visualization.
