Predictive analytics is set of business intelligence technologies that make a prediction about behavior and unknown future events using past data to foresee the future. Predictive analytics is the final phase of business analysis which is mainly focused on making predictions. Such predictions improve various decisions as to whom to mail, call, test, diagnose and others. It reinvents how world’s primary functions are accomplished, across various sectors. Predictive analytics uses text mining, statistical analysis, data exploration techniques, clustering, and rule induction to identify the systematical relation between historical and present events.
According to the report, the global predictive analytics market was valued at approximately USD 2.5 billion in 2014 and is expected to reach approximately USD 7.8 billion by 2020, growing at a CAGR of around 17.0% between 2015 and 2020. Zion Market Research has published a new report titled “Predictive Analytics Market by Software Solutions (Data Mining & Management, Decision Support Systems, Fraud & Security Intelligence, Financial Intelligence, Customer Intelligence and Others) for Customer & Channel, Sales and Marketing, Finance & Risk and Other Applications : Global Industry Perspective, Comprehensive Analysis And Forecast, 2014 – 2020”
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Predictive analytics market is mainly driven by technological advancement along with adoption of predictive analytics in different application segment. This trend was expected to grow as increasing number of companies are giving more importance to costumers analytics to produce easy solutions. Increasing demand from retail and marketing is expected to propel market growth over the forecast period. However, lack of awareness and skilled resources and the time-consuming process may pose the challenge to the market growth in the near future.
On the basis of delivery mode, the predictive market can be classified into the cloud-based and on-premises installation. Cloud-based was leading segment owing to increasing IT priorities among different business over the past couples of years. Some of the key software tools in predictive analytics market include customer intelligence, decision support systems, data mining and management, fraud and security intelligence, and others (including performance management, sustainability intelligence, etc.). Fraud & security intelligence and financial intelligence are projected to boost market growth in the years to come.
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Some of the key end-use sectors in predictive analytics market include banking, financial services & insurance (BFSI), government, public administration & utilities, telecom and IT, healthcare, retail, manufacturing, and others (including energy, media, and entertainment, etc). Banking, financial services & insurance was dominant segment of predictive analytics market and expected to witness the fastest growth in the near future.
Predictive analytics find wide spread applications in various areas such as customer and channel, sales and marketing, finance & risk and others. Finance & risk was major application segment and accounted for a large chunk of market share in 2014. The predictive analytics helps to identify frauds and control the quality of systems. Hence, increasing demand for predictive analytics in finance & risk application segment is expected to propel the market growth over the forecast period.
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North America dominated the predictive analytics market and accounted for the largest share of the global market in 2014. In terms of revenue, Europe was the second largest market for predictive analytics. The predictive analytics market in Asia Pacific region is expected to exhibit fastest growing at CAGR of 17.0% during the forecast period. Increasing awareness among enterprises and adoption of cloud-based or hosted solutions have resulted into growing demand for predictive analytics in these regions.
Some of the key participants in predictive analytics market include 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.