Predictive Analytics Market Expected Huge Growth Opportunity in Future
The major growth drivers of the market include an increasing business interest toward advanced analytics for future estimations. The base year considered for this report is 2016, and the market forecast period is 2017–2022.
[USPRwire, Wed Sep 19 2018] The predictive analytics market size is expected to grow from USD 3.85 Billion in 2016 to USD 12.41 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 22.1%. The major growth drivers of the market include an increasing business interest toward advanced analytics for future estimations. The base year considered for this report is 2016, and the market forecast period is 2017–2022.
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The report provides detailed insights into the global predictive analytics market, which is segmented by type (solutions and services), deployment model, organization size, industry vertical, and region. In the types segment, the risk analytics solution is expected to have the largest market share during the forecast period. Vendors provide software and solutions that assist companies with data collection and data analysis for generating meaningful insights. Predictive analytics helps in recognizing the trends and patterns, and delivers results for making better business decisions, thereby helping in achieving a high growth with increased revenues by mitigating the risks.
On the basis of organization sizes, the predictive analytics market is segmented into Small and Medium-sized Enterprises (SMEs) and large enterprises. The large enterprises segment is witnessing an increasing adoption rate and is expected to continue its dominating position during the forecast period. Whereas, the SMEs segment, with an increasing focus on improving the customer experience, is likely to have the highest growth rate during the forecast period. Among deployment models, the cloud-based deployment model is expected to exhibit a higher adoption rate, due to the rising demand for 24*7 availability of accessible information and low-cost maintenance services.
The Banking, Financial Services, and Insurance (BFSI) industry vertical is projected to have the largest market share and is expected to lead the market during the forecast period. The financial organizations, through their credit scoring techniques, try to minimize frauds and risks. Predictive analytics introduces the forward-looking perspectives of businesses to its existing processes.
In terms of market share, North America is expected to continue its dominating position during the forecast period. This is mainly because of the presence of various developed economies, such as Canada and the US, and focus over innovating the existing solutions. North America produces a large amount of data and, thus, is the largest market for predictive analytics solutions. The early adoption of technologies and high penetration of predictive analytics in various industry verticals, such as manufacturing, healthcare, transportation, and logistics, are driving the growth of this market in the region. The Asia Pacific (APAC) region is expected to grow at the highest CAGR during the forecast period. Factors such as growing technology expenditures in countries, including China and India, and the demand for cost-effective advanced analytical software and services among Small and Medium-sized Enterprises (SMEs) are expected to drive the market growth during the forecast period.
The major vendors providing predictive analytics software and services are Alteryx, Inc. (US), AgilOne (US), Angoss Software Corporation (Canada), Domino Data lab (US), Dataiku (US), Exago, Inc. (US), Fair Isaac Corporation (FICO) (US), GoodData Corporation (US), International Business Machines (IBM) Corporation (US), Information Builders (US), Kognitio Ltd. (UK), KNIME.com AG (Switzerland), MicroStrategy, Inc. (US), Microsoft Corporation (US), NTT DATA Corporation (Japan), Oracle Corporation (US), Predixion Software (US), RapidMiner (US), QlikTech International (US), Sisense, Inc. (US), SAP SE (Germany), SAS Institute, Inc. (US), Tableau Software, Inc. (US), TIBCO Software, Inc. (US), and Teradata Corporation (US).
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