The prominent players in the market of predictive analytics are SAS Institute Inc. (US), Microsoft Corporation (US), Tibco Software Inc. (US), Tableu Software (US), NTT Data Corporation (Japan), Radius Intelligence Inc. (US), Dundas Data Visualization, Inc. (Canada), IBM Corporation (US), SAP SE (Germany) and Oracle Corporation (US).
Other players include Angoss Software Corporation (Canada), Rapidminer Inc. (US), Fair Isaac Corporation (US), Ignite Technologies, Inc. (US) and BOARD International (Switzerland).
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Predictive analytics is a branch of data engineering which deals with analyzing the historical and current data and predict future events based on it. To analyze the data, the prediction analytics solution majorly uses support vector machines (SVMs), bayesian recommendation system, deep and neural networks, among other techniques.
Growing adoption of predictive analytics solutions to forecast the market trends and increasing need of predictive analyrics among the enterprises to maintain a competitive advantage is driving the growth in the market. According to a survey conducted by PricewaterhouseCoopers in the year 2016, the most important decisions that organizations need to take are launching new products and services (31%), entering into new markets (17%) and investing into IT(15%). Also, 48% organizations are competing by taking data driven decisions. The predictive analytics solutions help enterprises to analyze their enterprise and customer data and help them in taking informed decisions such as making marketing strategies, enhancing customer service, liquidity planning and others. This further helps the enterprises to understand the customer behavior, forecast sales, reduce churn rate and to asses risk associated with the operations. The insights provided by the solution from consumer as well as business operation data, also help the enterprise to study the data patterns, identify business trends and potential impact on the business. Furthermore, increasing usage of big data and analytics is further driving the growth of the market. Advancements in technologies such as AI, machine learning and advanced analytics is expected to foster the growth opportunities for predictive analytics market in coming years.
However, lack of awareness about the benefits of predctive analytics among users is one of the major factor hampering the growth of predictive analytics market. According to a survey conducted by PricewaterhouseCoopers in the year 2016, only 29% of the companies are aware of predictive analytics solutions. Furthermore, data security concern is a major challenge for the growth of predictive analytics market.
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The global predictive analytics is segmented on the basis of deployment, organization size, techniques, applications and vertical.
By deployment, the market is sub-segmented into on-premise and on-cloud.
By organization size, the market is segmented into large enterprise and SMEs.
By techniques, the market is segmented into support vector machines (SVMs), bayesian recommendation system, deep neural networks, and others.
By applications, the market is segmented into customer churn rate prevention, risk assessment, customer analysis, sales forecasting, market analysis, financial modelling, and others.
By vertical, the market is segmented into BFSI, IT & telecommunication, retail & ecommerce, manufacturing, healthcare, transportation & logistics, government & defense, and others.
The global market for predictive analytics is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of the predictive analytics market is done for North America, Europe, Asia-Pacific, and the rest of the world.
North America is expected to dominate the predictive analytics market. Majority of the key players of predictive analytics market are from North America who are intensely trying to develop the predictive analytics solutions according to the latest technological trends. Asia-Pacific is expected to be the fastest growing segment owing to government initiative supporting SMEs in countries such as India, China and Japan. The SMEs require predictive analytics solutions which helps them to increase their operational performance.
The global predictive analytics market is expected to generate a market value of USD 13 billion by 2023 growing at a CAGR of ~ 21 %.
In March 2018, SAP SE launched the application edition of its predictive analytics software. The software was codeveloped with Accenture which helps the enterprises to create and manage predictive machine learning models for business applications. The application integrates machine learning and predictive capabilities to offer data driven business insights. The application also offers enterprises with the flexibility to add and modify the models.
In May 2018, ONYX Insights released an advanced predictive analytics feature integrated to its ONYX fleetMONITOR platform for BP Wind Energy, a wind power producer. This platform offers operation monitoring for 585 turbines across10 windfarms in the US. Use of data driven predictive analytics platform offers safe and reliable operations of the wind turbines.
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- Associations, Organizations, Forums, And Alliances
- Government Bodies and Departments
- Technical Universities
- Service Providers
- Independent Software Vendors
- Research and Development Companies
- Analytics Consulting Companies
- Market Research and Consulting Firms
- Predictive Analytics Software Developers
- Technology Standards Organizations
- Technology Investors
- Raw Material Suppliers
TABLE OF CONTENTS
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
4 Market Landscape
LIST OF TABLES
Table1 Global Predictive Analytics Market, By Country, 2018–2023
Table2 North America: Predictive Analytics Market, By Country, 2018–2023
Table3 Europe: Predictive Analytics Market, By Country, 2018–2023
Table4 Asia-Pacific: Predictive Analytics Market, By Country, 2018–2023
Table5 North America: Predictive Analytics Market, By Country
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LIST OF FIGURES
FIGURE 1 Global Predictive Analytics Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis Of Global Predictive Analytics Market
FIGURE 4 Value Chain Of Global Predictive Analytics Market
FIGURE 5 Share Of Predictive Analytics Market In 2018, By Country (In %)
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