According to the report, the global predictive analytics market was valued at approximately USD 3.49 billion in 2016 and is expected to reach approximately USD 10.95 billion by 2022, growing at a CAGR of around 21% between 2016 and 2022.
Predictive analytics is the advanced form of analysis which is used to predict future events. It takes new and historical data to identify patterns and forecast future activity, behavior, and trends. It uses many techniques like data mining, statistical algorithms, machine learning and artificial intelligence to identify the likelihood of future outcomes based on historical data. In business, predictive analytics models explore patterns found in transactional data to identify risk and opportunity for future. These models capture relationships among many factors to allow assessment of risk or potential associated with a particular set of conditions, guiding decision-making for candidate transactions.
Predictive analytics helps in the optimization of the marketing campaigns and understanding the customer behavior for boosting the end-user response. Predictive analytics have been adopted by many industries such as BFSI, IT, telecommunication, retail, healthcare, food & beverage and government to survive in an era of cut throat competition.Across different end-use sectors, banking and financial services, government and insurance emerged as leading markets. The banking sector is data intensive with massive and unused credit and ATM processing data.
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Financial institutions and banks are increasingly adopting inventive models of proactive risk management such as predictive analytics. Different application areas for predictive analytics include sales and marketing, customer & channel, finance & risk and others. Finance & risk emerged as largest application segment with over 40% market share of total revenue generated in 2016. This is due to benefits of predictive analytics model for analyzing fraud vulnerabilities and security breach.
Constant technology changes, high competition, and artificial intelligence are the key drivers of predictive analytics market. The other drivers have increased usage of Big Data and cloud by organizations and growing need for product differentiation driving introduction and adoption of new technologies.As a result, predictive analytics market is anticipated to emerge as the very profitable market in near future.
North America leads the predictive analysis market due to technological advancements, followed by Europe and APAC on account of increasing awareness. Key application markets covered under this study includes customer & channel, sales and marketing, finance & risk and others.
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Every business models follow the different pattern and predictive analytics understand each pattern and accordingly predict the result. The task is to convert the inconsistency into a consistent result.Major players in predictive analytics market offering services and solutions globally are Tableau Software Inc., Information Builders, Fair Isaac Corporation (FICO), and TIBCO Software Inc SAS Institute, Teradata Corporation, Acxiom Corporation, SAP SE, Microsoft Corporation, IBM Corporation and others.
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