This is the key finding of a report published by Persistence Market Research (PMR), titled, “Global Market Study on Advanced and Predictive Analytics (APA) Software: Impelled by Deployment of Big Data Repositories.”
New York, NY -- (SBWIRE) -- 07/06/2017 -- The intense focus on Hadoop, NoSQL, and NewSQL in a bid to improve enterprises' operational efficiencies will boost the advanced and predictive analytics (APA) software market worldwide. The implementation of APA helps boost the ability to compute data, thus helping enterprises extract the maximum value from advanced and predictive analytics. The advanced and predictive analytics (APA) software market stood at US$2,422.9 mn in 2014 and will register an 8.6% CAGR between 2015 and 2020, thanks chiefly to the utilization of big data repositories.
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The emergence of 'data scientists' as a pool of highly specialized professionals in the global computing industry will work in favor of the deployment of advanced and predictive analytics (APA) software market. The growing emergence of Internet-based business models are expected to create further opportunities for advanced and predictive analytics (APA) software market.
Currently, the APA market is characterized by the advent of several new generations of APA software that can analyze and extract data from complex or large pools of information using their own building models and algorithms.
For the purpose of this study, the global advanced and predictive analytics (APA) software market is segmented on the basis of end-user industry and region. By end user, the global APA market is segmented into: Insurance; banking and financial services; pharmaceutical; government, public administration and utilities; transportation and logistics; retail; telecom and IT; manufacturing; healthcare; energy (electricity, oil, and gas); media and entertainment; engineering and construction; sports; tourism. Of these end-users, retail and BFSI make extensive use of APA, making these two segments the most dominant in the global APA market. PMR analysts expect that this trend will continue over the remainder of the forecast period.
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The volume of data generated in other sectors such as education, manufacturing, and healthcare is on the rise, necessitating the deployment of advanced and predictive analytics software here. Thus, the manufacturing, healthcare, and education end-use segments in the global APA software market are expected to report healthy growth over the forecast period.
The competitive landscape, too, is studied in detail so as to offer insights into companies' revenue, name brand and product offerings, and highlights of the company's operation. For this purpose, the companies that have been profiled include: Acxiom Corporation, SAS Institute, Inc., Oracle Corporation, Microsoft Corporation, TIBCO Software Inc., Teradata Corporation, and Tableau Software.
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Likewise, by region, the report segments the advanced and predictive analytics market into North America, Latin America, Japan, Asia Pacific, Western Europe, Eastern Europe, the Middle East and Africa. Of these, North America held the most significant share of revenue in the global advanced and predictive analytics (APA) software market with US$1,121.3 Mn as of 2014. The other major market for advanced and predictive analytics software lies in Asia Pacific (including Japan); this market was worth US$313.0 Mn in 2014. In the APAC (including Japan) region, the adoption of APA software will be the highest in countries such as Japan, Philippines, China, South Korea, and Singapore.