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Data Science and Predictive Analytics Market Size & Share, by Component (Solutions, Services), Application (Financial Risk Analysis, Marketing & Sales Analysis, Customer Analysis, Supply Chain Analytics) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 3448
  • Published Date: Jul 24, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024 - 2036

Data Science and Predictive Analytics Market size was valued at USD 16.05 Billion in 2023 and is expected to cross USD 152.36 Billion by the end of 2036, registering more than 18.9% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of data science and predictive analytics is estimated at USD 18.78 Billion. The continuous improvement in global internet connectivity and countless technical developments, among other things, have greatly accelerated economic growth during the past two decades. There were more than 4.5 billion persons actively utilizing the Internet as of April 2021 across the globe.

Additionally, the ICT sector's creation of goods and services boosts economic growth and development. According to data in the database of the United Nations Conference on Trade and Development, the worldwide exports of ICT goods increased from 10.816 % in 2015 to 11.536 % in 2019.

Data Science and Predictive Analytics Market Overview
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Data Science and Predictive Analytics Sector: Growth Drivers and Challenges

Growth Drivers

  • AI and IoT Technology Adoption- Predictive analytics with AI is particularly effective since it uses current data and extracts enormous value from it. Advanced analytics enabled by AI can forecast what products or services target audiences will be interested in purchasing or consuming. The development of contemporary technology and its use propel the industry forward. IoT is also making it possible to capture a tonne of data for any sector. Multimedia and social media have generated a lot of data, and businesses are employing data science, predictive analytics, and technologies to analyse this vast amount of information to deliver more accurate outcomes for the future.
  • Big Data Technology Adoption- The capacity of big data technology and other emerging technologies to produce predicted outcomes has led to a significant expansion of the data science and predictive analytics business. The amount of data the organisation collects is really large and it is constantly growing. Now that businesses are aware of analytics methods, they are using this data to anticipate the future, which contributes to the growth of the data science and predictive analytics industries.  Furthermore, the demand for predictive analytics is growing as a result of the increased need to gather, process, and analyse huge amounts of data, both organised and unstructured.
  • Increasing Use of Linked and Integrated Technology and Increasing Internet Proliferation- A huge increase in data volumes was generated as a result of the proliferation of the Internet and the availability of different ways to access the Internet. High-speed internet services would advance and expand as a result of this. GlobaliZation and economic expansion are also major factors driving increased data generation globally. 

Challenges

  • The Accuracy Depends on the Reference Data Used- Future trends are predicted using data science and predictive analytics. Software processed the complicated and substantial amount of data to get the desired output. This method provides findings that are in the future using historical data. Results are generated using available data, and their correctness depends on how accurately the data is used as a reference. The analytical algorithms build models based on the available data, and deficiencies in the data lead to deficiencies in the model. This uncertainty and dependence may hamper the growth of the data science and predictive analytics market during the projected period.
  • Adoption of Predictive Analytics is Sluggish.
  • Time-Consuming Reconfiguration of Prediction Models Caused by Changing Regional Data Laws.

Data Science and Predictive Analytics Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

18.9%

Base Year Market Size (2023)

  USD 16.05 Billion

Forecast Year Market Size (2036)

  USD 152.36 Billion

Regional Scope
  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Data Science and Predictive Analytics Segmentation

Component (Solutions, Services)

With a 58% revenue share during the anticipated period, the solution sector leads the data science and predictive analytics market growth. The market for data science and predictive analytics has a sizable section dedicated to the solution. Analytics pertaining to customers, networks, risks, finances, marketing, supply chains, online and social media, and other areas. This technology offers analytical answers for the whole of this category. These solutions are developed using data from an existing source, and after analysis, the customer receives a specific number to move on.

Application (Financial Risk Analysis, Marketing & Sales Analysis, Customer Analysis, Supply Chain Analytics)

The customer analytics sector is expected to hold 30% share of the global data science and predictive analytics market in the near future. Customer intelligence is a systematic and sophisticated analytical method that businesses are increasingly using to analyse consumer behaviour. Businesses utilize this information to improve their total income creation and make critical business decisions. Additionally, customer analytics, which includes methods like predictive modelling and data visualisation, aids businesses in boosting customer lifetime value (CLV), winning over new clients, and keeping hold of current ones. The customer analysis market, which was valued at USD 6.25 in 2018, is anticipated to increase at a CAGR of 19.34% from 2023 to 2030, reaching USD 30.69 billion.

Our in-depth analysis of the global market includes the following segments:

          Component

  • Solution
  • Services

           Application

  • Financial Risk Analysis
  • Marketing & Sales Analysis
  • Customer Analysis
  • Supply Chain Analysis

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Data Science and Predictive Analytics Industry - Regional Synopsis

North American Market Forecast

North America is expected to have a 35% share of the data science and predictive analytics market by the end of 2036. In comparison to other areas, North America is predicted to have the greatest rate of adoption of predictive analytics solutions. The fact that several industrialized nations, like Canada and the US, are present in this region is the key factor influencing the rising adoption rate. It is an economically robust, technologically developed area. As a result, there is a high rate of adoption of cutting-edge technology, which contributes to the market expansion in the North American area. Additionally, during the anticipated period, the market for data science and predictive analytics would grow due to advancements in new developing technologies and R&D carried out by solution-providing firms in this area.

European Market Statistics

The Europe data science and predictive analytics market is projected to be 28%. The main element influencing the market expansion in this area is the presence of significant major players and the high adoption rate of data science and predictive analytics solutions. In addition, this region's healthcare and life sciences industry is flourishing because of its robust economy, infrastructure, and R&D activities. The healthcare and life sciences industries produce a large amount of data. The use of digital technologies such as big data, and predictive analytics, which gather, process, and aid to sustain hospital performance, creates enormous amounts of information that are very difficult for older technologies to handle.

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Data Science and Predictive Analytics Market Share
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Companies Dominating the Data Science and Predictive Analytics Landscape

    • Google LLC
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Salesforce, Inc.
    • Teradata Corporation
    • SAS Institute Inc.
    • SAP India Private Limited
    • Oracle
    • BioSymetrics Inc
    • Cyclica Inc.
    • IBM Corporation
    • Tesco PLC
    • Microsoft Corporation

In the News

  • SAS Institute Inc and North Carolina-based Cleveland Clinic have created innovative COVID-19 predictive models that help hospitals to forecast ventilator availability, bed capacity, patient volume, and more. The predive analytics model deliver timely, reliable information to the health departments, and hospitals to optimize healthcare delivery for COVID infected and other patients.
  • Teradata stated that Tesco PLC is expanding its cooperation with Teradata by incorporating Vantage into its data platform. Tesco may use Vantage to eliminate silos and query all their data in real time., regardless of whether it is in the cloud, multiple clouds, on-premises, or any mix thereof, to gain a comprehensive view of their business.

Author Credits:  Abhishek Verma


  • Report ID: 3448
  • Published Date: Jul 24, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

In the year 2024, the industry size of data science and predictive analytics is estimated at USD 18.78 Billion.

The data science and predictive analytics market size was valued at USD 16.05 Billion in 2023 and is expected to cross USD 152.36 Billion by the end of 2036, registering more than 18.9% CAGR during the forecast period i.e., between 2024-2036. The continuous improvement in global internet connectivity and countless technical developments, among other things and development in ICT sector are the major factors driving the growth of the Data Science and Predictive Analytics market.

Europe industry is likely to be 28% by 2036, on account of presence of significant major players along with high adoption rate of data science and predictive analytics solution in the region.

Google LLC, Salesforce, Inc., Teradata Corporation, SAS Institute Inc., SAP India Private Limited, Oracle, BioSymetrics Inc, Cyclica Inc., IBM Corporation, Tesco PLC, Microsoft Corporation
Data Science and Predictive Analytics Market Report Scope

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