Predictive analytics for future insights from Big Data helps drive the market

Predictive analytics can be defined as extension of data mining which leads to prediction of future likelihood of a certain event. It is the process of extracting information from existing data sets to recognize patterns and forecast trends. Several predictors (series of permutations and combinations based logical reasoning systems) are combined into single predictive model, which is then used to estimate future possibilities with satisfactory level of reliability. According to Transparency Market Research, a leading U.S. based Market Research firm, market for predictive analytics is projected to grow at a compounded annual growth rate (CAGR) of 17.8% over the forecast period from 2013 to 2019.

Predictive analytics solutions addresses varying business needs and are designed with focus on explicit requirements, such as performance management, customer intelligence, and fraud and security intelligence, among others. Presently, predictive analytics solutions are delivered through on-premise installation and cloud based models. Ease of switching the vendor, low cost, and scope for upgrade as per requirements, are some of the factors fueling demand for cloud based solutions.

Get Free Sample Report at-
http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=1713

Of the several factors, increasing business interests towards Big Data advanced analytics is supporting the growth of the predictive analytics market. Increasing need among enterprises to upgrade their business processes and improve performance and efficiency is pushing the demand and supporting market growth. However, complexity and cost of software, lack of skilled workforce, and tremendous volume, diversity and velocity of data growth are hampering the growth of this market. Predictive analytics finds applications across various research areas such as security, economics, genetics, meteorology, and marketing. Predictive analytics is readily being adopted by companies operating in different industry verticals such as banking and financial services, government, insurance, telecom and IT, retail, and healthcare, among others.

According to the research report published by Transparency Market Research, banking and financial services industry vertical was the largest segment in the global predictive analytics market and is expected to continue its dominance over the forecast period from 2013 to 2019. Increasing number of organizations are seeking sophisticated tools to extract vital information about their customers in order to increase their customer base. Thus, market was dominated by the customer intelligence segment in 2012. Geographically, Geographically, North America is expected to remain the largest market for predictive analytics market, followed by Europe.

Browse the full Predictive Analytics Market report at http://www.transparencymarketresearch.com/predictive-analytics-market.html

Market participants include renowned companies such as SAS Institute Inc., SAP AG, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, and others. There are also other niche players such as Tableau Software, Inc., Teradata Corporation, TIBCO Software Inc., and FICO (Fair Isaac Corporation) who specializes in business intelligence solutions.

TMR is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

90 State Street, Suite 700
Albany, NY 12207
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: http://www.transparencymarketresearch.com

This release was published on openPR.