Market Highlights
For every industry vertical managing the growing consumer base and customer satisfaction is a challenging task. In BFSI industries fraud detection, application screening, credit and collections are the major areas of concern to retain the loyal customers and to attract new customers. Predictive analytics solution help banks and financial institutions to capture and analyze the customer data which help in fraud detection, application screening, customer acquisition and retention, understanding the consumer behavior, and feedback management. The predictive analytics solution helps the banks in scanning and processing huge volume of applications within no time, detecting potential frauds. Furthermore, the solution also helps in targeted marketing to acquire new customers and liquidity planning according to the past usage pattern such as to predict the potential consumer requirement.
Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global predictive analytics industry based on vertical, applications, techniques, organization size, and deployment.
By deployment, the global Prescriptive and Predictive Analytics Market is segmented into on-cloud and on-premise. Of these, the on-premise segment will lead the market over the forecast period.
By organization size, the global predictive analytics market is segmented into SMEs and large enterprises. Of these, large enterprises are predicted to dominate the market over the forecast period.
By techniques, the global predictive analytics market is segmented into deep neural networks, Bayesian recommendation system, support vector machines, and others.
By applications, the global predictive analytics market is segmented into financial modeling, market analysis, sales forecasting, customer analysis, risk assessment, customer churn rate prevention, and others. Of these, the customer analysis segment will have a major share in the market over the forecast period.
By vertical, the global predictive analytics market is segmented into government and defense, transportation and logistics, healthcare, manufacturing, retail and e-commerce, IT and telecommunication, BFSI, and others. Of these, the BFSI segment will command the largest share in the market over the forecast period.
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Regional Analysis
Based on the region, the global predictive analytics market report covers the recent trends and growth opportunities across the Asia Pacific (APAC), North America, Europe, & the Rest of the World (RoW). Of these, North America will lead the market over the forecast period. The presence of well-established economies that are making good investments in R&D of advanced technologies like advanced analytics, artificial intelligence (AI), & machine learning, presence of several key players, early adoption of the latest technologies like the IoT (internet of things), increasing investments in Big data analytics, and the need for analyzing customer behavior and purchasing patterns are adding to the global predictive analytics market growth in the region.
The global predictive analytics market in Europe is predicted to hold the second-largest share over the forecast period. The presence of an active data market, the constant growth of the data generated, and the adoption of techniques like big data and artificial intelligence is adding to the global predictive analytics market growth in the region.
The global predictive analytics market in the APAC region is predicted to grow at a fast pace over the forecast period. Initiatives undertaken by the government to support SMEs that need the platform of predictive analytics to improve their operational performance, commercialization of IoT technology, growing adoption of technological advancements in Japan and China, and improved internet penetration are adding to the global predictive analytics market growth in the region.
The global predictive analytics market in the RoW is predicted to have sound growth over the forecast period.
Key Players
Key contenders profiled in the global predictive analytics market report include BOARD International (Switzerland), Ignite Technologies, Inc. (US), Fair Isaac Corporation (US), Rapidminer Inc. (US), Angoss Software Corporation (Canada), Oracle Corporation (US), SAP SE (Germany), IBM Corporation (US), Dundas Data Visualization, Inc. (Canada), Radius Intelligence Inc. (US), NTT Data Corporation (Japan), Tableu Software (US), Tibco Software Inc. (US), Microsoft Corporation (US), and SAS Institute Inc. (US).
Industry News
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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Predictive Analytics Market Research Report: Information by Technology (Hall Effect, Magneto Resistive, Variable Reluctance), By Application (Automotive, Industrial, Aerospace & Defense, Consumer Electronics) and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America)—Forecast till 2030
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