Predictive Analytics Market

Predictive Analytics Market - The Emergence Of Enormous Amount Of Structured And
Unstructured Data And Ground-Breaking Technology Deployments
Global Predictive Analytics Market: Snapshot
Predictive analytics is business intelligence technology that produces a predictive
score for each customer or other organizational element. Predictive analytics uses a
variety of statistics and modeling techniques, and utilizes data mining, business
intelligence tools, and machine information, to make predictions. The emergence of
enormous amount of structured and unstructured data and ground-breaking
technology deployments are the major drivers for the predictive analytics market.
In addition, database management, forecasting, data warehouses, data mining, CRM
analytics, smart, logistics, decision-making process, data visualization in dashboards,
and increasing demand of business having analytic capabilities are expected to drive
predictive analytics market growth over the forecast period. However, time-consuming
process of analysis and lack of awareness coupled with lack of qualified professionals
may restrain market growth. The adoption of cloud technology and the application of
predictive analytics in small and medium-sized businesses may offer significant
growth opportunity for the market.
According to the report by TMR, the global market for predictive analytics was worth
US$2.08 bn in 2012. Expanding at an exponential CAGR of 17.80% during the period
from 2013 to 2019, the opportunity in this market is expected to reach US$6.54 mn
by the end of the period of the forecast. Predictive analytics finds a widespread
application in sales and marketing, finance and risk, customer and channel, and
operations and workforce. Among these, the demand for predictive analytics is
relatively higher in the finance and risk segment and the trend is expected to
continue in the near future, states the research report.
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Growing Infrastructural Development to be Beneficial for Growth
On the basis of application, the predictive analytics market is segmented into banking
and financial services, insurance, government, pharmaceutical, telecom and IT, retail,
transportation and logistics, healthcare, and energy, among others. Global predictive
analytics market in 2012 was dominated by the banking and financial services
segment, which accounted for 16.8% revenue share. Banking and financial services
are progressively deploying predictive analytics as it facilitates organizations to
analyze and predict several factors related to cost, revenue, and reporting on the
basis of big data.
Rising Repair and Redevelopment Activities in the US to Influence Growth of Market
On the basis of region, the global predictive analytics market is segmented into North
America, Europe, Asia Pacific excluding China, China, and Rest of the World. Of
these, North America is dominating the global market for predictive analytics. This is
attributable to the increasing demand for advanced business intelligence in North
America has resulted into an extensive growth of the market for predictive analytics
in this region. North America led the global market with a share of 55.9% in 2012.
Researchers project this regional market to retain its leadership in the years to come.
Europe, among other regional markets, is predicted to register a fast-paced growth in
the near future, thanks to the large-scale uptake of predictive analytics across many
industries, states the market study.
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