Predictive Analytics Market Analysis
The Predictive Analytics Market size will touch USD 13
billion at a whopping 21% CAGR between 2018- 2023, as per the current Market
Research Future (MRFR) analysis. Predictive analytics, simply put, is the
practice to use modeling techniques and statistics for extracting information
from historical and current datasets for predicting potential future trends and
outcomes.
Various factors are propelling the global predictive
analytics market share. According to the recent MRFR report, such factors
include growing focus on digital transformation, growing adoption of ML and AI
technologies and big data, demand for remote monitoring to support the COVID-19
outbreak, need to forecast probable future financial scenarios, and increasing
use of predictive modeling tools. Additional factors adding market growth
include increasing investments in big data, rising adoption of big data,
integration of AI and IoT in predictive analytics, and growing demand by SMEs.
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On the contrary, high implementation cost and
scarcity of skilled IT staff may impede the predictive analytics market growth
over the forecast period.
Market Segmentation
The MRFR report highlights an inclusive segmental
analysis of the global predictive analytics industry based on vertical,
applications, techniques, organization size, and deployment.
By deployment, the global predictive analytics
market is segmented into on-cloud and on-premise. Of these, the on-premise
segment will lead the market over the forecast period.
By organization size, the global predictive
analytics market is segmented into SMEs and large enterprises. Of these, large
enterprises are predicted to dominate the market over the forecast period.
By techniques, the global predictive analytics
market is segmented into deep neural networks, Bayesian recommendation system,
support vector machines, and others.
By applications, the global predictive analytics
market is segmented into financial modeling, market analysis, sales
forecasting, customer analysis, risk assessment, customer churn rate
prevention, and others. Of these, the customer analysis segment will have a
major share in the market over the forecast period.
By vertical, the global predictive analytics market
is segmented into government and defense, transportation and logistics,
healthcare, manufacturing, retail and e-commerce, IT and telecommunication,
BFSI, and others. Of these, the BFSI segment will command the largest share in
the market over the forecast period.
Regional Analysis
Based on the region, the global predictive analytics
market report covers the recent trends and growth opportunities across the Asia
Pacific (APAC), North America, Europe, & the Rest of the World (RoW).
Of these, North America will lead the market over
the forecast period. The presence of well-established economies that are making
good investments in R&D of advanced technologies like advanced analytics,
artificial intelligence (AI), & machine learning, presence of several key
players, early adoption of the latest technologies like the IoT (internet of
things), increasing investments in Big data analytics, and the need for
analyzing customer behavior and purchasing patterns are adding to the global
predictive analytics market growth in the region.
The global predictive analytics market in Europe is
predicted to hold the second-largest share over the forecast period. The
presence of an active data market, the constant growth of the data generated,
and the adoption of techniques like big data and artificial intelligence is
adding to the global predictive analytics market growth in the region.
The global predictive analytics market in the APAC
region is predicted to grow at a fast pace over the forecast period.
Initiatives undertaken by the government to support SMEs that need the platform
of predictive analytics to improve their operational performance,
commercialization of IoT technology, growing adoption of technological
advancements in Japan and China, and improved internet penetration are adding
to the global predictive analytics market growth in the region.
The global predictive analytics market in the RoW is
predicted to have sound growth over the forecast period.
Key Players
Key contenders profiled in the global predictive
analytics market report include BOARD International (Switzerland), Ignite
Technologies, Inc. (US), Fair Isaac Corporation (US), Rapidminer Inc. (US),
Angoss Software Corporation (Canada), Oracle Corporation (US), SAP SE
(Germany), IBM Corporation (US), Dundas Data Visualization, Inc. (Canada), Radius
Intelligence Inc. (US), NTT Data Corporation (Japan), Tableu Software (US),
Tibco Software Inc. (US), Microsoft Corporation (US), and SAS Institute Inc.
(US).
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