The North America Predictive Analytics Market would witness market growth of 20.9% CAGR during the forecast period (2024-2031).
The US market dominated the North America Predictive Analytics Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $14,117.1 million by 2031. The Canada market is experiencing a CAGR of 23.3% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 22.4% during (2024 - 2031).
This is a branch of advanced analytics that uses historical data, statistical algorithms, and machine learning techniques to identify the likelihood of future outcomes based on historical data. It aims to forecast future events, trends, behaviors, and patterns, enabling organizations to make proactive, data-driven decisions. This finds applications across a broad spectrum of industries.
Furthermore, this aids in predictive policing by analyzing crime data, social factors, and historical patterns to anticipate criminal activity. This proactive approach allows law enforcement agencies to allocate resources more effectively and prevent potential incidents. In human resources, this is used to enhance talent management.
The growth of e-commerce in Canada generated extensive consumer data, enabling businesses to use this to analyze purchasing patterns, preferences, and trends, leading to more effective marketing strategies and personalized shopping experiences. As per the International Trade Administration (ITA), e-commerce retail trade sales in Canada amounted to an all-time high of US$3.82 billion in December 2020. The Mexican government’s telecommunications reform, which aimed to increase competition and reduce costs, led to a surge in data availability. This, in turn, generated opportunities for predictive analytics to enhance the consumer experience and optimize network performance. According to the International Trade Administration (ITA), the Mexican telecommunications sector has consistently outpaced the overall economy’s growth, largely driven by mobile telephones, broadband services, and broadcasting. In conclusion, the rising e-commerce industry and expansion of the region's telecommunication sector are propelling the market's growth.
Free Valuable Insights: The Predictive Analytics Market is Predict to reach USD 54.6 Billion by 2031, at a CAGR of 21.7%
Based on Deployment Mode, the market is segmented into Cloud, and On-Premise. Based on Component, the market is segmented into Solution (Customer Analytics, Financial Analytics, Sales & Marketing Analytics, Risk Analytics, and Supply Chain Analytics), and Services (Professional, and Managed). Based on Organization Size, the market is segmented into Large Enterprise, and Small & Medium Enterprise. Based on Vertical, the market is segmented into BFSI, Healthcare, Manufacturing, Transportation & Logistics, Energy & Utilities, Government, Retail, and Telecom & IT. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
By >Deployment Mode
By Component
By Organization Size
By Vertical
By Country
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