The predictive analytics market size is expected to grow from USD 3.85 Billion in 2016 to USD 12.41 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 22.1%.
Seattle, WA -- (SBWIRE) -- 09/05/2017 -- According to a new market research report "Predictive Analytics Market by Type (Services, Solutions (Financial Analytics, Risk Analytics, Customer Analytics, Marketing Analytics, Sales Analytics, Web & Social Media Analytics)), Deployment, Organization, Industry Vertical - Global Forecast to 2022", published by MarketsandMarkets™, the predictive analytics market size is expected to grow from USD 4.56 Billion in 2017 to USD 12.41 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 22.1%. The key factors driving the predictive analytics market include increasing business interests toward advanced analytics for future estimations.
Browse 82 Market Data Tables and 37 Figures spread through 163 Pages and in-depth TOC on "Predictive Analytics Market by Type (Services, Solutions (Financial Analytics, Risk Analytics, Customer Analytics, Marketing Analytics, Sales Analytics, Web & Social Media Analytics)), Deployment, Organization, Industry Vertical - Global Forecast to 2022"
The BFSI industry vertical is expected to have the largest market share during the forecast period
In terms of industry verticals, the Banking, Financial Services, and Insurance (BFSI) industry vertical is expected to have the largest market share during the forecast period. Organizations operating in the BFSI industry vertical are using predictive analytics for effective and efficient management of various processes. Further, the major reason for the rising adoption of predictive analytics can be attributed to the need for minimizing the risks and frauds that occur every day. Predictive analytics is also offering insurance providers with the opportunity to recognize customer behaviors, leading to frauds, and helping companies save time and money, which in turn is eventually helping in lowering the insurance premiums for customers.
The cloud deployment model is expected to grow at a higher CAGR during the forecast period
The cloud-based deployment model is witnessing a surge in demand due to its cost-effectiveness and easy worldwide availability. Owing to their low hardware requirement, the cloud-based solutions incur low maintenance costs with 24/7 accessibility from anytime, anywhere. Due to advancements in cloud technologies and increase in data generation from various constituents and customers, the cloud-based deployment model is expected to dominate the on-premises deployment model. Further, cloud solutions simplify the application of predictive analytics for the entire organization, and offer a competitive edge by terminating the administrative roadblocks, thus supporting the infrastructure and enabling organizations to focus on improving their competencies.
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North America is expected to constitute the largest market share; APAC to grow at the highest CAGR
In terms of market share, North America is expected to continue its dominating position during the forecast period. This is mainly because of the presence of various developed economies, such as Canada and the US, and focus over innovating the existing solutions. North America produces a large amount of data and, thus, is the largest market for predictive analytics solutions. The early adoption of technologies and high penetration of predictive analytics in various industry verticals, such as manufacturing, healthcare, transportation, and logistics, are driving the growth of this market in the region. The Asia Pacific (APAC) region is expected to grow at the highest CAGR during the forecast period. Factors such as growing technology expenditures in countries, including China and India, and the demand for cost-effective advanced analytical software and services among Small and Medium-sized Enterprises (SMEs) are expected to drive the market growth during the forecast period.
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The major vendors providing predictive analytics software and services are Alteryx, Inc. (US), AgilOne (US), Angoss Software Corporation (Canada), Domino Data lab (US), Dataiku (US), Exago, Inc. (US), Fair Isaac Corporation (FICO) (US), GoodData Corporation (US), International Business Machines (IBM) Corporation (US), Information Builders (US), Kognitio Ltd. (UK), KNIME.com AG (Switzerland), MicroStrategy, Inc. (US), Microsoft Corporation (US), NTT DATA Corporation (Japan), Oracle Corporation (US), Predixion Software (US), RapidMiner (US), QlikTech International (US), Sisense, Inc. (US), SAP SE (Germany), SAS Institute, Inc. (US), Tableau Software, Inc. (US), TIBCO Software, Inc. (US), and Teradata Corporation (US).
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