Global Predictive Analytics Market By Organization Size (Large Enterprises, Small and Medium Organizations), Component (Solutions, Services), Deployment Model (Cloud-based, On-premise), Vertical, and Regional Market Size, Status and Forecast to 2025

(I-SoftwareNews.Com, March 21, 2018 ) Global Predictive Analytics Market Vertical, and Regional Market Size, Status and Forecast to 2025

Predictive analytics encompasses a variety of statistical techniques from predictive modeling, machine learning, and data mining that analyze current and historical facts to make predictions about future or otherwise unknown events. Predictive analytics provides several benefits to the organizations using it, that includes improved efficiency in production, reduces risks, detect fraud, meets consumer expectations, optimizes marketing productivity, and influence cross-functional collaboration.

The major vendors providing predictive analytics software and services are Alteryx, Inc. (US), AgilOne (US), Angoss Software Corporation (Canada), Domino Data lab (US), Dataiku (US), Exago, Inc. (US), Fair Isaac Corporation (FICO) (US), GoodData Corporation (US), International Business Machines (IBM) Corporation (US), Information Builders (US), Kognitio Ltd. (UK), KNIME.com AG (Switzerland), MicroStrategy, Inc. (US), Microsoft Corporation (US), NTT DATA Corporation (Japan), Oracle Corporation (US), Predixion Software (US), RapidMiner (US), QlikTech International (US), Sisense, Inc. (US), SAP SE (Germany), SAS Institute, Inc. (US), Tableau Software, Inc. (US), TIBCO Software, Inc. (US), and Teradata Corporation (US).

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Among end users, the banking and financial services segment has dominated the global market for predictive analytics. This is because predictive analytics helps uncover valuable insights and make forecasts by scrutinizing large volumes of data related to cost and revenue. The banking and financial services sector accounted for US$0.96 bn in the global predictive analytics market in 2015. The sector is expected to hold on to its leading position in the years to come as well. The government, public administration, and utilities sector comes in second in terms of market share.

Depending upon the kind of business or specific business applications, the customer intelligence segment has held the maximum share in the global predictive analytics market and is predicted to retain its stronghold in the near future too. Fraud and security intelligence is the second largest segment, followed by campaign management.

Geography-wise, North America is numerous Uno with over half the market and Europe follows next. North America’s leading position in the market is primarily on account of the large scale adoption of Big Data and the subsequent utilization for predictive analytics models by various public and private entities in the region.

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One of the main growth drivers in the market has been the increasing awareness about the benefits of Big Data and predictive analytics. “Companies such as Wal-mart, Morgan Stanley, Bank of America, ANZ Bank, eBay, and GE, and government initiatives such as Obama Administration’s Big Data Initiative, Aadhar Card in India, and NTT (Nippon Telegraph and Telephone Corporation) in Japan have deployed Big Data architectures to tap into the humongous data generated.

Market Dynamics:

Market Drivers
1.1 Emergence of machine learning and AI

1.2 Increasing adoption of big data

1.3 Growing need to accelerate the development of better analytical tool

1.4 Rising adoption of predictive analytics for forecasting future market trends

Market Restraints
2.1 Concerns for data privacy

2.2 Data ecosystems and exchanges

2.3 Time consuming task in restructuring of predictive models

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Global Predictive Analytics Market By Organization Size (Large Enterprises, Small and Medium Organizations), Component (Solutions, Services), Deployment Model (Cloud-based, On-premise), Vertical, and Regional Market Size, Status and Forecast to 2025