Predictive Analytics Market Worth 12.41 Billion USD by 2022
Friday, August 11, 2017
PUNE, India, August 11, 2017 /PRNewswire/ --
According to a new 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 and Industry
Vertical - Global Forecast to 2022", published by MarketsandMarkets(TM), 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.
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Browse 81 Market Data Tables and 41 Figures spread through 161 Pages and in-depth TOC
on "Predictive Analytics Market"
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The BFSI industry vertical is expected to have the largest market share during the
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.
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The cloud deployment model is expected to grow at a higher CAGR during the forecast
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.
North America is expected to constitute the largest market share; APAC to grow at the
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
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.
The major vendors in Predictive Analytics Market 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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