Industry Insights
Increasing demand for accurate forecasting in business activities is
the key driver for predictive analytics market. Predictive analytics is
the activity of data mining which deals with extracting important data
from given database, used to analyse the trends and behaviour patterns
to predict the future. It is also used to forecast the results.
Predictive analysis relies on defining relationship between different
variables behaviour from past occurrence and exploit them to predict
the future outcome. Database management, forecasting, data warehouses,
data mining, CRM analytics, smart, logistics, decision making process,
data visualization in dashboards and increasing demand of business
having analytic capabilities are expected to drive the predictive
analytics technology in coming six years.
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However, traditional measures, technological incapability and cost
of developing predictive analytics software are anticipated to challenge
the market growth over the forecast period. Increasing demand for more
than a point solution is expected to offer the opportunity for the
growth of predictive analytics market in near future.
Application Insight
Banking, financial service & insurance (BFSI) has impact of
predictive analytics on processes of loan, insurance, financial
activities and fulfilment of financial needs which is going to impact
the predictive analytics market positively. Environment segment uses
predictive analytics for weather forecast, natural calamities forecast,
flights safety among others. In government segment, predictive analytics
decreases waste, fraud and abuse, maximizes productivity of agency
personnel, drives smarter decisions within government agencies and
automates manual processes which are expected to expel the growth of the
market.
Healthcare segment utilizes predictive analytics in chronic disease
management, patient care, hospital administration and supply chain
efficiencies, which are expected to drive the market growth in coming
years. In industries and retail business, predictive analytics helps to
define a view of customers by analyzing the wealth of data within the
organization. Retail business is expected to witness the highest growth
over the forecast period. Sports segment uses predictive analysis for
player-tracking systems to understand how individual players move
through every passage of play and improve performance which is going to
impact the market growth positively.
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Transportation is made advanced by using predictive analytics
activities such as sensors in passenger counting, vehicle locator
systems, ticketing and fare collection systems. Telecom industry uses
predictive analytics in departments such as marketing, sales and CRM by
implementing churn, cross-sell and up-sell and pricing optimization.
Transportation and telecom industries are expected to witness the
fastest growth in near future.
Service Type
The predictive analytics facilitates to solve the increased awareness
of fraud. Predictive analytics deals with emails, chat messages, phone
records and other structured and unstructured data which enables
security and lessen the chances of fraud. These factors are expected to
impact the growth of the market positively. In marketing, predictive
analytics is used to lift the sales from previous year by accurate
forecasting and companies adopt best practices associated with
developing and using data-driven customer insights. The decisions are
taken based on the analysis of behavioral data. These activities are
going to expel the market growth over the forecast period.
Predictive operational analytics helps to represent actions and
counter actions taken to manage and improve performance and to get
operations back on track if something has gone awry. These operational
activities enhances the efficiency in retail sector with the help of
predictive analytics and are anticipated as the major factors to drive
the market in coming years. Predictive analytics solves risk problem
connected to any decision in business owing to the precised decision
taken by data analytics and going to drive the market growth.
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Regional Insight
North America has the largest market share in the predictive
analytics market due to massive amount of data deluge and entrance in
multiple domains. Its applications are largely towards manufacturing,
healthcare, transportation, logistics, mobile device and broadband
technology domains in North America. In Asia pacific, the countries
including China, Japan, India, and Australia are expected to witness an
increase in the adoption rate of predictive analytics over the forecast
period. Middle East and rest of the world is expected to witness growth
in similar line.
Competitive Insight
Providers of predictive analytics technology includes SAS predictive
analytics, IBM, Revolution Analytics, Oracle, Statsoft, FICO, Salford
Systems, TIBCO, Oracle Advanced Analytics RapidMiner, GraphLab Create,
KXEN, STATISTICA, TIMi Suite, Pervasive, Portrait, Predixion, Data
Science Studio, Angoss predictive analytics, H2O, Analytics solver,
Viscovery Data Mining Suite, Mathematica, Minitab, MATLAB and SAP
InfiniteInsight.
IBM offers ensuring the data being analyzed is safe, secure and
accurate, predictive analytics software to make data-based decisions and
the task of handling all types of data and analytics. Oracle is one of
the biggest players in predictive analytics market providing software
for database management, data ware housing, data integration, database
security and big data appliance.
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