DUBLIN–(BUSINESS WIRE)–The “Predictive Analytics Market by Business Functions, Application Models, Organization Size-Global Opportunity Analysis and Industry Forecast, 2014-2022” report has been added to ResearchAndMarkets.com’s offering.
Predictive analytics is the use of data, statistical algorithms, and machine learning techniques to detect the likelihood of future outcomes based on historical data. Predictive analytics evaluates the patterns in data to determine if those patterns are likely to emerge again, which allows investors or businesses to amend the use of their resources to take advantage of possible future events.
In addition, predictive analytics uses machine learning, data mining, and different business intelligence (BI) tools to make estimations about the future market trends. The techniques of predictive analytics is essential for companies to maintain a competitive edge over others.
Increase in adoption of Big Data analytics across various industries such as BFSI, retail, and manufacturing to gain valuable insights and surge in demand for statistical analysis due to the generation of massive volume of unstructured data from the various organizations majorly drives the growth of the predictive analytics market. In addition, surge in demand for data science and predictive modeling boosts the growth of the market. However, the lack of skilled staff and high implementation cost are expected to hamper the growth of the market. Conversely, emergence of advanced technologies such as IoT and AI are expected to provide major opportunities for the growth of the predictive analytics market in the next few years.
The global predictive analytics market is segmented into component, deployment, enterprise size, industry vertical, and region. By component, it is divided into solution and services. Solution segment is further categorized into customer analytics, financial analytics, marketing, network analytics, risk analytics, supply chain analytics, web & social media analytics, and others. Depending on deployment, it is segregated into cloud and on-premises. According to enterprise size, the predictive analytics market is fragmented into large enterprises and small & medium enterprises. As per industry vertical, it is differentiated into BFSI, retail, IT & telecom, healthcare, government, manufacturing, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
- The study provides an in-depth analysis of the global predictive analytics market along with the current & future trends to elucidate the imminent investment pockets.
- Information about key drivers, restraints, and opportunities and their impact analyses on the market size are provided in the report.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the global predictive analytics market from 2019 to 2027 are provided to determine the market potential.
- Increase in the Adoption of Predictive Modeling Tools
- Big Data Infrastructure Supporting Initiatives by Governments
- Rise in Adoption of Big Data Technologies
- High Implementation Cost
- Lack of Skilled Workforce
- Emergence of Iot, and AI Technologies
- Alteryx, Inc.
- Fair Isaac Corporation
- Information Builders
- International Business Machines Corporation
- Microsoft Corporation
- Oracle Corporation
- SAP SE
- SAS Institute Inc.
- TIBCO Software Inc.
For more information about this report visit https://www.researchandmarkets.com/r/v74b7u