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At CAGR of 17.0%, Predictive Analytics Market to exceed USD 7.8 Billion by 2020
Predictive Analytics Market
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Predictive analytics explore large quantities of data and past events to identify patterns and build forecasts about future events. It is set of different techniques and technologies that include machine learning capabilities, and improved big data aggregation technologies. Predictive analytics helps to solve real world’s problems in economics, business, government and others. It is widely used in different sectors like financial, communication, retail and marketing organizations with a strong consumer focus.
The predictive analytics market is segmented on the basis delivery mode including cloud based and predictive on-premises installation. Cloud based segment accounted for largest share of predictive analytics market in 2014. This segment is expected to witness significant growth in the years to come owing to increasing IT priorities among different enterprises over the past couples of years. This delivery mode has a much faster time to value which is a critical advantage for the approach.
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Based on software solutions, predictive analytics market has been classified into customer intelligence, decision support systems, data mining and management, fraud and security intelligence, financial intelligence and others (Including performance management, campaign management etc.). Fraud and security intelligence and financial intelligence are key segments contributing to drive demand for predictive analytics.
The predictive analytics market is segmented on the basis of end use including banking, financial services & insurance (BFSI), government, public administration & utilities, telecom and IT, healthcare, retail, manufacturing and others (including energy, media and entertainment, etc). Among all segment, banking, financial services & insurance accounted for major share and predicted to continue this trend over the forecast period. This growth can be mainly attributed to rising product quality in financial service sectors to deliver measurable results. Manufacturing and retail are other key end use industries anticipated to grow at fastest CAGR over the forecast period.
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Key application areas for predictive analytics includes customer & channel, sales and marketing, finance & risk and others. Finance & risk was largest application segment with over 42.0% market share of total revenue generated in 2014. The predictive analytics helps to analyze fraud vulnerabilities and security breach. Marketing segment is anticipated to emerge as a biggest user of predictive analytics with cross-selling, campaign management, budgeting and forecasting models in the coming years.
North America predictive analytics market led the global industry with share more than 55% in 2014. This region expected to continue its dominance in predictive analytics market over the forecast period. Europe was another leading regional market for predictive analytics. Deployment of IoT coupled with shifting trend towards smart cities is key factor to propel the demand in this region. Asia Pacific is also expected to witness fastest growth in the years to come as the region is anticipated to adopt Hadoop on a large scale with rise in awareness.
Some of the key participants in predictive analytics market includes Microstrategy Incorporation, SAP AG, Information Builders, Fair Isaac Corporation, Tableau Software Inc., IBM Corporation, Microsoft Corporation, SAS Institute Inc, TIBCO Software Inc, Teradata Corporation and Oracle Corporation.
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This report segments the global predictive analytics market as follows:
Global Predictive Analytics Market: Delivery Mode Segment Analysis
Cloud Based Technology
On-Premises Installation
Global Predictive Analytics Market: Software Solutions Segment Analysis
Customer Intelligence
Decision Support Systems
Data Mining & Management
Fraud & Security Intelligence
Financial Intelligence
Others (including performance management, sustainability intelligence, campaign management etc.)
Global Predictive Analytics Market: End-Use Segment Analysis
Banking, Financial Services & Insurance (BFSI)
Government, Public Administration & Utilities
Telecom And IT
Transportation & Logistics
Healthcare
Others (including Energy, Media and entertainment, Engineering & construction etc)
Global Predictive Analytics Market: Application Segment Analysis
Sales & marketing
Customer & channel
Finance and risk
Others
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