Predictive
Analytics Market Trends/Analysis
The
predictive analytics market size will touch USD 13 billion at a whopping 21%
CAGR between 2018- 2023, as per the current Market Research Future (MRFR)
analysis. Predictive analytics, simply put, is the practice to use modeling
techniques and statistics for extracting information from historical and
current datasets for predicting potential future trends and outcomes.
Various
factors are propelling the global predictive analytics market share. According
to the recent MRFR report, such factors include growing focus on digital
transformation, growing adoption of ML and AI technologies and big data, demand
for remote monitoring to support the COVID-19 outbreak, need to forecast
probable future financial scenarios, and increasing use of predictive modeling
tools. Additional factors adding market growth include increasing investments
in big data, rising adoption of big data, integration of AI and IoT in
predictive analytics, and growing demand by SMEs.
On the
contrary, high implementation cost and scarcity of skilled IT staff may impede
the Prescriptive and Predictive
Analytics Market growth
over the forecast period.
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Market
Segmentation
The MRFR
report highlights an inclusive segmental analysis of the global predictive
analytics industry based on vertical, applications, techniques, organization
size, and deployment.
By
deployment, the global predictive analytics market is segmented into on-cloud
and on-premise. Of these, the on-premise segment will lead the market over the
forecast period.
By
organization size, the global predictive analytics market is segmented into
SMEs and large enterprises. Of these, large enterprises are predicted to
dominate the market over the forecast period.
By
techniques, the global predictive analytics market is segmented into deep neural
networks, Bayesian recommendation system, support vector machines, and
others.
By
applications, the global predictive analytics market is segmented into
financial modeling, market analysis, sales forecasting, customer analysis, risk
assessment, customer churn rate prevention, and others. Of these, the customer
analysis segment will have a major share in the market over the forecast
period.
By
vertical, the global predictive analytics market is segmented into government
and defense, transportation and logistics, healthcare, manufacturing, retail
and e-commerce, IT and telecommunication, BFSI, and others. Of these, the BFSI
segment will command the largest share in the market over the forecast
period.
Regional
Analysis
Based on
the region, the global predictive analytics market report covers the recent
trends and growth opportunities across the Asia Pacific (APAC), North America,
Europe, & the Rest of the World (RoW). Of these, North America will lead
the market over the forecast period. The presence of well-established economies
that are making good investments in R&D of advanced technologies like
advanced analytics, artificial intelligence (AI), & machine learning,
presence of several key players, early adoption of the latest technologies like
the IoT (internet of things), increasing investments in Big data analytics, and
the need for analyzing customer behavior and purchasing patterns are adding to
the global predictive analytics market growth in the region.
The global
predictive analytics market in Europe is predicted to hold the second-largest
share over the forecast period. The presence of an active data market, the
constant growth of the data generated, and the adoption of techniques like big
data and artificial intelligence is adding to the global predictive analytics
market growth in the region.
The global
predictive analytics market in the APAC region is predicted to grow at a fast
pace over the forecast period. Initiatives undertaken by the government to support
SMEs that need the platform of predictive analytics to improve their
operational performance, commercialization of IoT technology, growing adoption
of technological advancements in Japan and China, and improved internet
penetration are adding to the global predictive analytics market growth in the
region.
The global
predictive analytics market in the RoW is predicted to have sound growth over
the forecast period.
Key
Players
Key
contenders profiled in the global predictive analytics market report include
BOARD International (Switzerland), Ignite Technologies, Inc. (US), Fair Isaac
Corporation (US), Rapidminer Inc. (US), Angoss Software Corporation (Canada),
Oracle Corporation (US), SAP SE (Germany), IBM Corporation (US), Dundas Data
Visualization, Inc. (Canada), Radius Intelligence Inc. (US), NTT Data Corporation
(Japan), Tableu Software (US), Tibco Software Inc. (US), Microsoft Corporation
(US), and SAS Institute Inc. (US).
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Predictive Analytics
Market Research Report: Information by Technology (Hall Effect,
Magneto Resistive, Variable Reluctance), By Application (Automotive,
Industrial, Aerospace & Defense, Consumer Electronics) and Region (North
America, Europe, Asia-Pacific, Middle East & Africa, and South
America)—Forecast till 2030
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