Predictive Analytics Market
Predictive analysis makes the predictions of unknown events which are going to occur in the future. It uses data mining, machine learning, and artificial intelligence to analyze present data and to predict future consequences and trends. Predictive analytics is emerging as a aggressive strategy throughout many business sectors, and aims to predict future events like customer churn, loan defaults, and stock market fluctuations which leads for an effective business management. There are various models which are use to solve the predictive analytics problems such as multiple linear regression, logistic regression, auto-regressive integrated moving average (ARIMA), decision trees, and neural networks.
Market Growth Factors:
The growth of predictive analytics market is increasing at a very fast rate due to presence of interactive and easy-to-use software, availability of faster & cheaper computers, and rising adoption of innovative technologies. Growing adoption of big data and other related technologies is one of the most important driver for the growth of market. Increasing adoption of cloud-based technologies in different sectors such as BFSI, IT, and telecom is the major growth opportunity for this market.
On the basis of segmentation predictive analytics market is segmented into type, deployment model, organization size, industry vertical, and region. The predictive analytics type is classified into services and solutions. Services are further bifurcated into managed and professional services. The solution type is again divided into financial analytics, risk analytics, marketing analytics, sales analytics, customer analytics, and others. On-premises and cloud are the two deployment models of these markets. Cloud-based deployment is predicted to grow at a higher CAGR, because of the cost effectiveness and smooth global availability. Predictive analytics can be used in small, medium, and large scale enterprises. It is used in different industries like retail & ecommerce, BFSI, manufacturing, government & defense, healthcare & life sciences, energy & utilities, and others. BFSI industry vertical is considered to have the largest market share, because of the increasing use of predictive analytics for effective and efficient management of various processes.
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As per the regional analysis predictive analytics market is fragmented into different number of regions like-
• North America
o Rest of Europe
o South Korea
o Rest of Asia-Pacific
o South Africa
o Rest of the LAMEA
North America produces the huge amount of statistical data, and thus it is expected to hold the largest market share. Due to early adoption of technologies and high penetration of predictive analytics in various industries, APAC is considered to grow at highest CAGR.
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Predictive analytics market has various competitors like-
- Alteryx Inc.
- Angoss Software Corporation
- Exago Inc.
- Fair Isaac Corporation (FICO)
- GoodData Corporation
- International Business Machines (IBM) Corporation
- Kognitio Ltd.
- MicroStrategy Inc.
- Microsoft Corporation
- NTT DATA Corporation
- Oracle Corporation
- Predixion Software
- QlikTech International
- Sisense Inc.
New product development, acquisition, and expansion are key strategies adopted by the major players to strengthen the growth of market.
Yayasan Mendaki to collaborate with SUSS on data analytics
On January 13, 2018 Yayasan Mendaki has partnered with the Singapore University of Social Sciences (SUSS) to collaborate in the areas of research and data analytics.
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• North Americao USo Canadao Mexico• Europeo UKo Germanyo Franceo Italyo Spaino Rest of Europe• Asia-Pacifico Chinao Indiao Japano Australiao South Koreao Rest of Asia-Pacific• LAMEAo Brazilo UAEo South Africao Rest of the LAMEA
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