ID: MRFR/ICT/5380-HCR | February 2021 | Region: Global | 100 pages
Predictive analytics is a branch of data engineering which deals with analyzing the historical and current data and predict future events based on it. To analyze the data, the prediction analytics solution majorly uses support vector machines (SVMs), bayesian recommendation system, deep and neural networks, among other techniques.
Growing adoption of predictive analytics solutions to forecast the market trends and increasing need of predictive analyrics among the enterprises to maintain a competitive advantage is driving the growth in the market. According to a survey conducted by PricewaterhouseCoopers in the year 2016, the most important decisions that organizations need to take are launching new products and services (31%), entering into new markets (17%) and investing into IT(15%). Also, 48% organizations are competing by taking data driven decisions. The predictive analytics solutions help enterprises to analyze their enterprise and customer data and help them in taking informed decisions such as making marketing strategies, enhancing customer service, liquidity planning and others. This further helps the enterprises to understand the customer behavior, forecast sales, reduce churn rate and to asses risk associated with the operations. The insights provided by the solution from consumer as well as business operation data, also help the enterprise to study the data patterns, identify business trends and potential impact on the business. Furthermore, increasing usage of big data and analytics is further driving the growth of the market. Advancements in technologies such as AI, machine learning and advanced analytics is expected to foster the growth opportunities for predictive analytics market in coming years.
However, lack of awareness about the benefits of predctive analytics among users is one of the major factor hampering the growth of predictive analytics market. According to a survey conducted by PricewaterhouseCoopers in the year 2016, only 29% of the companies are aware of predictive analytics solutions. Furthermore, data security concern is a major challenge for the growth of predictive analytics market.
Global Predictive Analytics is segmented on the basis of Deployment, Organization Size, Techniques, Applications and Vertical.
By deployment, the market is sub-segmented into on-premise and on-cloud.
By organization size, the market is segmented into large enterprise and SMEs.
By techniques, the market is segmented into support vector machines (SVMs), bayesian recommendation system, deep neural networks, and others.
By applications, the market is segmented into customer churn rate prevention, risk assessment, customer analysis, sales forecasting, market analysis, financial modelling, and others.
By vertical, the market is segmented into BFSI, IT & telecommunication, retail & ecommerce, manufacturing, healthcare, transportation & logistics, government & defense, and others.
The global market for predictive analytics is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of the predictive analytics market is done for North America, Europe, Asia-Pacific, and the rest of the world.
North America is expected to dominate the predictive analytics market. Majority of the key players of predictive analytics market are from North America who are intensely trying to develop the predictive analytics solutions according to the latest technological trends. Asia-Pacific is expected to be the fastest growing segment owing to government initiative supporting SMEs in countries such as India, China and Japan. The SMEs require predictive analytics solutions which helps them to increase their operational performance.
Global Predictive Analytics Market, 2017-2023 (USD Billion)
Source: MRFR Analysis
Global Predictive Analytics Market is expected to generate a market value of USD 13 Billion by 2023 growing at a CAGR of 21 %.
The Prominent Players in the market of Predictive Analytics are SAS Institute Inc. (US), Microsoft Corporation (US), Tibco Software Inc. (US), Tableu Software (US), NTT Data Corporation (Japan), Radius Intelligence Inc. (US), Dundas Data Visualization, Inc. (Canada), IBM Corporation (US), SAP SE (Germany) and Oracle Corporation (US).
Other players include Angoss Software Corporation (Canada), Rapidminer Inc. (US), Fair Isaac Corporation (US), Ignite Technologies, Inc. (US) and BOARD International (Switzerland).
Frequently Asked Questions (FAQ) :
The predictive analysis market is poised to register 21% CAGR.
The size of the predictive analysis market is poised to reach USD 13 Bn by 2023.
Lack of awareness about the benefits is poised to pose challenge to market expansion.
Based on technique, the segments of the predictive analysis market are support vector machines (SVMs), deep neural networks, bayesian recommendation system, and others.
The major participants of the predictive analysis market are SAS Institute Inc. (US), Tibco Software Inc. (US), Microsoft Corporation (US), Tableu Software (US), Radius Intelligence Inc. (US), NTT Data Corporation (Japan), Dundas Data Visualization, Inc. (Canada), SAP SE (Germany), IBM Corporation (US), and Oracle Corporation (US).