Global Predictive Analytics Market: Snapshot
Predictive analytics is business intelligence technology that produces a predictive score for each customer or other organizational element. Predictive analytics uses a variety of statistics and modeling techniques, and utilizes data mining, business intelligence tools, and machine information, to make predictions. The emergence of enormous amount of structured and unstructured data and ground-breaking technology deployments are the major drivers for the predictive analytics market.
In addition, 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 predictive analytics market growth over the forecast period. However, time-consuming process of analysis and lack of awareness coupled with lack of qualified professionals may restrain market growth. The adoption of cloud technology and the application of predictive analytics in small and medium-sized businesses may offer significant growth opportunity for the market.
According to the report by TMR, the global market for predictive analytics was worth US$2.08 bn in 2012. Expanding at an exponential CAGR of 17.80% during the period from 2013 to 2019, the opportunity in this market is expected to reach US$6.54 mn by the end of the period of the forecast. Predictive analytics finds a widespread application in sales and marketing, finance and risk, customer and channel, and operations and workforce. Among these, the demand for predictive analytics is relatively higher in the finance and risk segment and the trend is expected to continue in the near future, states the research report.
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Growing Infrastructural Development to be Beneficial for Growth
On the basis of application, the predictive analytics market is segmented into banking and financial services, insurance, government, pharmaceutical, telecom and IT, retail, transportation and logistics, healthcare, and energy, among others. Global predictive analytics market in 2012 was dominated by the banking and financial services segment, which accounted for 16.8% revenue share. Banking and financial services are progressively deploying predictive analytics as it facilitates organizations to analyze and predict several factors related to cost, revenue, and reporting on the basis of big data.
Rising Repair and Redevelopment Activities in the US to Influence Growth of Market
On the basis of region, the global predictive analytics market is segmented into North America, Europe, Asia Pacific excluding China, China, and Rest of the World. Of these, North America is dominating the global market for predictive analytics. This is attributable to the increasing demand for advanced business intelligence in North America has resulted into an extensive growth of the market for predictive analytics in this region. North America led the global market with a share of 55.9% in 2012. Researchers project this regional market to retain its leadership in the years to come. Europe, among other regional markets, is predicted to register a fast-paced growth in the near future, thanks to the large-scale uptake of predictive analytics across many industries, states the market study.
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