Valued at roughly $694.6 million in 2013, the predictive analytics market is expected to triple by 2019, reaching more than $2.3 billion, according to market research firm Micromarket Monitor. During the next five years, the predictive analytics space will grow 25 percent annually in the United States, while the global market is expected to see a 32 percent annual growth rate, the firm forecasts.
Given the amount of data generated by consumers every day, these projections should come as no surprise, Steven Ramirez, CEO of consulting firm Beyond the Arc, says.
“Thanks to the popularity of mobile devices, data is being created at unprecedented rates,” Ramirez says. “Plus, the data created through mobile devices—and other smart devices emerging out of the Internet of Things—is unlike any other data businesses have seen before. These devices are the reason predictive analytics tools are becoming as crucial and as useful as ever.”