Predictive analytics encompass of statistical techniques, and tools with machine-learning algorithms to identify historic occurrences with real-time facts and predict future consequences. Predictive analytics helps in detecting frauds, optimizing marketing campaigns, improving real-time processes, and assistance in reducing future risk. Moreover, prediction involves extraction of information from raw data to provide fact-based decision making and assessment patterns which helps in predicting uncertainties or behavior patterns for any business.
Increasing myriad data dependence to forecast analytical solutions, is expected to be the key factor to drive growth of the Predictive Analytics Market in the near future. Massive data deluge collected by various enterprises to gain granular analysis of data, to enhance customer relationship management (CRM), to develop marketing solutions, for business risk analysis, and to improve customer base, are some of factors expected to propel growth of the target market. Data exploration and extraction in form of data mining process from data warehouses are coupled closely to gain high chances of utilization in predictive analytics, is another factor in data analytics to witness market growth for global market.
The Predictive Analytics Market is segmented on the Basis of deployment, end use and regions. On the basis of deployment, the global market is segmented into Cloud-based, Web-based. The Cloud-based segment accounts for highest revenue share and is expected to witness significant growth during the forecast period.
On the basis of end use, the global market is segmented into Banking & Financial Services and, Insurance (BFSI), Communication Media and Services, Sales & Marketing Management, Transportation, and Logistics, Government and Utilities, Others (Food and Beverages, Oil & Gas, Real Estate). The Communication Media and Services segment is expected to account for highest market share in the global market and expected to witness highest growth in terms of revenue during the forecast period.
On the basis of region, the global market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The market in Asia Pacific accounts for highest share in terms of revenue in the global market. The Asia Pacific market is expected to witness highest growth in terms of revenue over the forecast period.
Key players in the global market include GraphLab Create, Statsoft, Inc., Oracle Corporation, Fair, Isaac Corporation (FICO), Salford Systems, Inc., TIBCO Software, Inc., IBM, RapidMiner, Inc., Angoss Software Corporation
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