Global Predictive Analytics Market to register USD 10.95 Billion growth by 2022
Global Predictive Analytics Market worth to gain $10.95 bn by 2022, according to new statistics released by the Zion Market Research, the market research group.
Predictive analytics is the advanced form of analysis which is used to analyze the tremendous amount of data and predict future events. It takes new and historical data to forecast future activity, behavior, and trend. It uses many techniques like data mining, statistical algorithms, machine learning and artificial intelligence to identify the likelihood of future outcomes based on historical data. It makes the patterns which identify risk and opportunity for future. Predictive analytics models in business capture relationships among many factors to allow assessment of risk or potential associated with a particular set of conditions, guiding decision making for candidate transactions.
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North America dominated the global predictive analysis market in 2015. North America represents the largest regional market for predictive analytics in Big Data, as supporting Hadoop architectures are used by some major e-commerce giants like Wal-Mart and eBay among others to store and manage the daily generated unstructured data. North America was followed by Europe and APAC. The adoption level of predictive analytics is anticipated to increase in developing regions such as Asia-Pacific, due to high demand in BFSI, IT, telecommunication, retail, healthcare, food & beverage and government sector. However, Asia-Pacific is expected to experience comparatively moderate growth throughout the forecast period owing to low awareness and lack of skilled workforce which can operate such advanced tools.
The predictive analytics market is segmented on the basis of deployment into cloud based & on premises installation. Cloud-based segment accounted for the largest market share in 2016. This segment is expected to exhibit significant growth in the years to come due to increasing IT priorities among different enterprises over the past couples of years. Cloud-based predictive analytic solutions have a much faster time to value than its alternatives which represent a critical advantage for the approach. Based on software solutions, predictive analytics market has been classified into financial intelligence, customer intelligence, financial intelligence, decision support systems, data mining and management, fraud and security intelligence and others.
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The predictive analytics market is also segmented on the basis of end-use which includes banking, IT, financial services & insurance, government, retail, public administration & utilities, telecom, healthcare, manufacturing, and others including energy, media & entertainment, etc. Among all segment, banking, financial services & insurance accounted for major share and predicted to continue this trend over the forecast period. Financial institutions and banks are increasingly adopting inventive models of proactive risk management such as predictive analytics.
Every business models follow the different pattern and predictive analytics understand each pattern and accordingly predict the result. The major task is to convert the inconsistency into a consistent result. Major players in predictive analytics market offering services and solutions globally are Tableau Software Inc., Information Builders, Fair Isaac Corporation (FICO), and TIBCO Software Inc SAS Institute, Teradata Corporation, Acxiom Corporation, SAP SE, Microsoft Corporation, IBM Corporation and others.
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This report segments the global predictive analytics market as follows:
Global Predictive Analytics Market: Delivery Mode Segment Analysis
- Cloud Based Technology
- On-Premises Installation
Global Predictive Analytics Market: Software Solutions Segment Analysis
- Customer Intelligence
- Decision Support Systems
- Data Mining & Management
- Fraud & Security Intelligence
- Financial Intelligence
- Others (including performance management, sustainability intelligence, campaign management etc.)
Global Predictive Analytics Market: End-Use Segment Analysis
- Banking, Financial Services & Insurance (BFSI)
- Government, Public Administration & Utilities
- Telecom and IT
- Transportation & Logistics
- Others (including Energy, Media, and entertainment, Engineering & construction etc)
Global Predictive Analytics Market: Application Segment Analysis
- Sales & marketing
- Customer & channel
- Finance and risk
Global Predictive Analytics Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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