Predictive Analytics Market to Exhibit 17.8% CAGR 2013-2019, Increasing Interest in Big Data analytics to Fuel Demand

The rising use of predictive analytics across various industries such as insurance, banking, financial services, government, telecom and IT, pharmaceutical, healthcare, energy, logistics, and others has been boosting the global predictive analysis market. As the competition among businesses intensifies further, companies are increasingly seeking predictive analysis and models to analyze historical facts and current data to better understand consumers and their demand.In a recent report, titled “Predictive Analytics Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2013 - 2019” Transparency Market Research pegs the overall value of the global predictive analytics market at US$2.1 bn in 2012 and the market is anticipated to reach US$6.5 bn by the end of 2019. If the figures hold true, the global predictive analytics market will exhibit a robust CAGR of 17.8% between 2013 and 2019.

Predictive analytics is a business intelligence technology that provides a predictive score for each organizational element such as the customer. The process uses numerous modelling techniques and statistics and utilizes business intelligence tools, data mining, and machine information to present forecasts. Applied to business, predictive analytics helps in analyzing the historical facts as well as current data to identify the potential risks and opportunities for any company.

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Based on application, the report segments the global predictive analytics market into marketing and sales, customer and challenge, operations and workforce, and finance and risk. Of these, the finance and risk segment led the market in 2012. Regionally, the report classifies the global predictive analytics market into Asia Pacific, North America, Europe, and Rest of the World. Among these regions, North America accounts for a dominant share of 55.9% in the global market. The increasing demand for advanced business intelligence in North America has aided the expansion of the predictive analytics market in the region. The Europe market, however, is anticipated to exhibit growth at a rapid pace due to the large-scale adoption of predictive analysis in businesses across this region.

On the flip side, the cost and complexity of predictive analysis software, lack of skilled resources, and the tremendously growing volume of diverse data are the factors hindering the growth of the market.

To study the prevailing competitive landscape of the market, the report studies the key enterprises operating therein in terms of company overview, financial overview, product portfolio, business strategies, and development status. A few of the companies profiled in the report are Information Builders Inc., International Business Machines Corporation, Oracle Corporation, Microsoft Corporation, Teradata Corporation, SAS Institute Inc., TIBCO Software Inc., and Fair Isaac Corporation. Despite the presence of several well-known companies, the market has been monopolized by the top five players, who held over 80% of the global predictive analytics market in 2012.

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