The changing business need to forecast future outcomes to make better strategic decisions is expected to propel the growth of the predictive analytics market
The global 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 compelling business necessity to preserve the competitive edge is one of the key factors that is fueling the growth of this market. Emergence of machine learning and artificial intelligence is expected to evolve the predictive analytics market, thus creating opportunities for the growth of the market. However, the changing regulation that leads to restructuring of predictive models, which consumes a lot of time, is the biggest restraint for the predictive analytics market.
Risk analytics solution is expected to hold the largest market size during the forecast period
Considering the significant need to manage the risks associated with an organization, predictive analytics is expected to play a major role in risk analytics. Organizations are developing predictive diagnostic models by integrating equipment fitted with sensors, to detect the problems and take proactive actions. Moreover, the predictive approach helps in delivering organizations with insights for making better decisions and mitigating the risks.
APAC is projected to grow at the highest CAGR during the forecast period
The predictive analytics market growth in the Asia Pacific (APAC) region has started to gain momentum and is expected to witness the highest growth rate in the coming years. Rising awareness of predictive analytics can be attributed to the continuous increase in focus of companies on improving their customer services to drive the competitive differentiation and revenue growth. Further, to enhance the business productivity, through predictive analytics solutions and services, organizations in the APAC region are inclining toward adoption of predictive analytics; hence, it is expected to become a highly potential market. In addition, rapid developing economies in APAC, such as China, India, Singapore, Malaysia, and Australia, are migrating toward cloud adoption.
In the process of determining and verifying the market size for several segments and subsegments, gathered through secondary research, extensive primary interviews were conducted with key people. The break-up of the profiles of the primary participants is given below:
- By Company: Tier 1: 22%, Tier 2: 30%, and Tier 3: 48%
- By Designation: C-level: 30%, Director level: 45%, and Others: 25%
- By Region: North America: 48%, Europe: 30%, and APAC: 22%
The key vendors profiled in the report are as follows:
1. Alteryx, Inc. (US)
2. AgilOne (US)
3. Angoss Software Corporation (Canada)
4. Domino Data Lab (US)
5. Dataiku (US)
6. Exago, Inc. (US)
7. Fair Isaac Corporation (FICO) (US)
8. GoodData Corporation (US)
9. International Business Machines Corporation (US)
10. Information Builders (US)
11. Kognitio Ltd. (UK)
12. KNIME.com AG (Switzerland)
13. MicroStrategy, Inc. (US)
14. Microsoft Corporation (US)
15. NTT DATA Corporation (Japan)
16. Oracle Corporation (US)
17. Predixion Software (US)
18. RapidMiner (US)
19. QlikTech International (US)
20. Sisense, Inc. (US)
21. SAP SE (Germany)
22. SAS Institute, Inc. (US)
23. Tableau Software, Inc. (US)
24. TIBCO Software, Inc. (US)
25. Teradata Corporation (US)
The report segments the predictive analytics market based on services, which are further segmented into managed services and professional services. Under professional services, the report is further segmented into support and maintenance, and consulting services. Based on deployment models, the market is segmented into on-premises and cloud. Under organization size, it is segmented into Small and Medium-Sized Enterprises (SMEs) and large enterprises, whereas under types, the market is segmented into financial analytics, risk analytics, marketing analytics, sales analytics, customer analytics, web and social media analytics, supply chain analytics, network analytics, and others (HR analytics and legal analytics). Further, under industry verticals, the market includes retail and eCommerce; manufacturing; government and defense; healthcare and life sciences; energy and utilities; telecommunications and IT; transportation and logistics; and Banking, Financial Services, and Insurance (BFSI); and others (media and entertainment, travel and hospitality, and education). The regions are segmented into North America, Europe, APAC, Middle East and Africa (MEA), and Latin America.
Reasons To Buy the report
The report will help the market leaders/new entrants in this market in the following ways:
- This report segments the predictive analytics market comprehensively and provides the closest approximations of the revenue numbers for the overall market and subsegments across different industry verticals and regions.
- The report helps stakeholders to understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.
- This report will help stakeholders to better understand the competitors and gain more insights to enhance their position in the business.
- The competitive landscape section includes new product launches/developments; partnerships and collaborations; mergers and acquisitions; and expansions.