The global Predictive Analytics Market size is estimated to be USD 4.56 billion in 2017 and is projected to reach USD 12.41 billion by 2022, growing at a Compound Annual Growth Rate (CAGR) of 22.1%. The need to analyze large volumes of data, generated from a wide range of internal repository databases, external data, and data sources, to identify the future risks and derive strategic insights for decision-making, has driven the need for predictive analytics solutions and services, as they offer deeper and broader analysis of all possible damages and also predict high-impact events.
Increasing awareness regarding the development of better analytical tools, and advent of artificial intelligence and machine learning are the major opportunities of the predictive analytics market. Changing regulations leading to the restructuring of predictive models is the major factor restraining the market growth
Banking, Financial Services, and Insurance (BFSI); healthcare and life sciences; manufacturing; retail and eCommerce; energy and utilities; telecommunications and IT; government and defense; transportation and logistics; and others (media and entertainment, travel and hospitality, and education) are among the major industry verticals that are leveraging the benefits of predictive analytics solutions and services, substantially.
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The telecommunication and IT industry vertical is expected to have the highest growth rate in the predictive analytics market. Predictive analytics brings forward-looking perspectives to its existing business processes. Through analyzing the existing customers’ data, behavioral predictions are made that can help in mitigating the risk of default payment, thus reducing one of the major issues faced by the industry. Natural Language Processing (NLP); predictive analytics; and dynamic workflows, facilitated by predictive analytics solutions, can help companies in creating a 360° view of the customer and maximizing the value of customer relationships. Analytics provides the ability to gain deeper insights into each physical, online, and mobile customer interaction, thus enabling companies to deliver differentiated customer experiences across every channel and touch point.
Predictive analytics over cloud is expected to witness high adoption rates and the highest CAGR, owing to the surging demands for improved service and cost-effectiveness. Moreover, the increasing need of organizations to improve the productivity while maintaining the quality is another important factor that is driving the cloud deployment of predictive analytics solutions. These solutions also improve the business agility and increase integration of shared services. Other factors that are likely to drive the demand for cloud deployment are ready availability and better visibility of the data. In addition, cloud-based solutions make it easy for the users to apply predictive analytics capabilities to the entire organization, and help in maintaining the competitive edge by eliminating the administrative roadblocks of the supporting infrastructure, thereby enabling organizations to focus on improving their competencies.
Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. Rising disposable income and increasing digitalization have resulted in the higher adoption of smartphones and other mobile devices. The region is witnessing an increasing demand for cloud-based analytics solutions, owing to the increasing size of Small and Medium-sized Enterprises (SMEs). Companies operating in the region provide different solutions based on the organization sizes and customer requirements.
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 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). The players in the predictive analytics market have adopted various strategies to expand their global presence and enhance their market shares. Partnerships, collaborations, new product launches, and acquisitions are some of the significant strategies adopted by the players in the recent years. Top players, such as SAP SE, IBM Corporation, and Microsoft Corporation, have adopted these strategies to expand their product portfolios.