Predictive Analytics Market Technological Advancements, Growth Opportunity and Forecast 2018-2026
The predictive
analytics is a branch of advance analytics, which is used to make future
prediction by adopting various techniques such as Artificial Intelligence,
machine learning, modelling, statistics, and data mining.
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Increasing demand
for market insights from unstructured data such as documents, call centre
transcripts, email messages, social media content, and social networking sites
is major factor driving growth of predictive analytics market. In organization
only 20% of data is structured and 80% of data is unstructured. Predictive
analytics software extract insights from unstructured data with the help of
language processing technology combined with a variety of analytical tools.
This insights enables the companies to understand customer mind-sets, purchase
preferences, and sentiments that cannot be anticipated from structured data
alone. Hence, growth of unstructured data is driving growth of the predictive
analytics market.
The cloud
deployment model segment is projected to witness highest CAGR over the forecast
period, owing to various advantages such as low maintenance cost, remote
location access, and flexibility, which have accelerated the demand for cloud
based predictive analytics solutions.
The small and
medium size enterprises segment is projected to grow with the highest CAGR over
the forecast period. Increasing focus on improving customer experience is one
of the major factor driving the growth of the segment in the predictive
analytics market. Moreover, due to low maintenance and investment cost have
raised the demand for cloud based predictive analytics solutions in small and
medium enterprises.
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The Banking,
Financial Services, and Insurance (BFSI) vertical held the largest share in the
market in 2017 and is projected to retain its dominance throughout the forecast
period. The BFSI industry vertical use predictive analytics for achieving
competitive advantage by leveraging analytics to improve decisions, enhance
marketing, and influence consumer behaviour by effectively and efficiently
implementing the predictive analytics on various processes.
Predictive Analytics Market: Regional Insights
On the basis of
geography, the global predictive analytics market is segmented into North
America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America
held the dominant position in the market and is projected to retain its
dominance throughout the forecast period. The U.S and Canada are the major
economies driving growth of the market in this region. Increasing dominance of
digitalization and high adoption of analytics application by various
organizations have accelerated growth of the market in this region.
Predictive Analytics Market: Competitive Background
Leading players
operating in the predictive analytics market include Oracle Corporation, SAP
SE, Microsoft Corporation, SAS Institute, Inc., Fair Isaac Corporation (FICO),
NTT Data Corporation, Tableau Software, Inc., Tibco Software, Inc., and
Rapidminer, Inc.
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