Revolution of BI to Predictive Analytics Market Has Given New Opportunities to the Big Market Players

Global predictive analytics market can be segmented on the basis of end-use industries, which involve insurance, banking and financial services, pharmaceutical, government, retail, transportation and logistics, public administration and utilities, telecom and IT, manufacturing, healthcare, tourism, engineering and construction, energy, media and entertainment, sports, and others. By application, the market can be divided into customer and channel, sales and marketing, operations and workforce, finance and risk. Based on the mode of delivery, the global predictive analytics market includes on-premises installation, and cloud based delivery. The insurance segment, banking, and financial services dominate the global predictive analytics end use industry market, and are anticipated to remain as the leading end-use industries. Rising consumer-driven digital information is expected to fuel the growth of the manufacturing and retail sectors, during the forecast period.

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Marketing is going through its own revolution, which is far beyond outdated strategies to analytics, and data-driven approach that delivers quantifiable results. The innovative technological implementations and emergence of massive amount of data overflow are driving the predictive analytics market. The focus of business enterprises has changed from conventional business intelligence (BI) to predictive analysis, due to the fact that they have understood the importance of data and its analysis for future assessment. Outdated business intelligence solutions are struggling to sustain in this highly competitive world. The revolution of BI to predictive analytics has given new opportunities to the big market players, as well as the new startups in the predictive analytics market.

The growing need for product differentiation has led to the introduction, and adoption of new technologies, which will positively impact the overall market. The increased establishment of small and medium sized businesses (SMBs), growth in cloud adoption, and increasing business interest and are some of the other opportunities, which are expected to bring a major boost to the global predictive analytics market.

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The growing concern of manufacturers to streamline production flow, increase product quality, and reduce time-to-market, has made analytics an indispensable part of any business. North America has led to the massive growth of the predictive analytics market, owing to the increasing demand for advanced business intelligence, in the region. Europe has become the fastest growing region, due to the large-scale adoption of predictive investigation, across many productions.

Some of the key competitors in the global predictive analytics market are International Business Machines Corp., Information Builders., Microsoft, SAS Institute Inc., Oracle Corp, Teradata Corp, TIBCO Software Inc., and Fair Isaac Corporation.

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