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.
The global predictive analytics market, valued at USD 2.08 billion in 2012, is expected to see strong growth at 17.8% CAGR during 2013 to 2019. Organizations are collecting increasing amount of data, and predictive analytics software is one of the crucial tools that companies can use to achieve actionable information from this data. Data, and the utilization and management of the same, are increasingly becoming areas of competitive advantage. Hence, predictive analytics is one of the core technologies that enterprises are adopting to be able to compete in the market.
Predictive analytics is used across different industry verticals such as 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.
North America is expected to remain the largest market for predictive analytics followed by Europe. North America’s revenue share in 2012 was estimated at 55.9%. Europe is expected to see fastest growth in the predictive analytics market as the region is expected to adopt this technology on a major scale in the forecast period. However, lack of skilled resources, cost and complexity of software, and tremendous volume, diversity and velocity of data growth are hindering the growth of this market.
The unprecedented shift of business intelligence to predictive analytics offers new-fangled opportunities to the major players and new startups in this market. Some of the major players in this market include International Business Machines Corporation (IBM), SAS Institute Inc, Microsoft Corporation, SAP AG, Tableau Software Inc., Information Builders, Fair Isaac Corporation (FICO), Teradata Corporation, Acxiom Corporation, and TIBCO Software Inc., among others.
The global predictive analytics market is categorized on basis of end-users, software solution types, applications and mode of delivery. The market overview section of the report demonstrates the market dynamics and trends such as the drivers, restraints and opportunities that influence the current nature and future status of this field. The value chain analysis and Porter’s five forces analysis included in the report further help in assessing the market situation and competitiveness. Market attractiveness analysis highlights key industry segments and their comparative attractiveness against other segments.
Various end-users studied in this report include banking and financial services, insurance sector, government, public administration and utilities, pharmaceutical sector, telecom and IT, retail, transportation and logistics, healthcare, manufacturing, media and entertainment, energy (electricity, oil and gas), engineering and construction, tourism, sports and others. The market revenue and forecast for each of these end-user segments has been provided for the period 2011 to 2019 in terms of USD million, along with the CAGR for the forecast period 2013 to 2019. Various software solution types studied in this report include customer intelligence, decision support systems, performance management, data mining and management, fraud and security intelligence, sustainability intelligence, financial intelligence, operations management, campaign management and others. Various applications studied in this report include sales and marketing, customer and channel, operations and workforce, and finance and risk. Various mode of delivery covered in this report include on-premise installation and hosted or cloud based installation. The market revenue and forecast for each of these segments has been provided for the period 2011 to 2019 in terms of USD million, along with the CAGR for the forecast period 2013 to 2019.
The market is going through a growth phase marked with complexity of solutions and low awareness. There are variations in growth patterns across different end-use industries and type of software solutions. These variations exist in terms of technologies used and applications preferred. This report is thereby produced to give a detailed overview of the ongoing trends in the market. It includes review of market dynamics with focus on market drivers, growth challenges (restraints), and opportunities.
In terms of geographical distribution, the global predictive analytics market has been classified into four regions, namely, North America, Europe, Asia-Pacific and Rest of the World (RoW). This section includes market revenue (2011 – 2019) and forecast (2013 – 2019) for end-users, software solution types, applications and mode of delivery in terms of USD million. The study further offers recommendations and highlights of the market, which would be useful for the present and new market players to sustain and grow in the global predictive analytics market.
Apart from the detailed sub-segment analysis as mentioned below, this report also provides company profiles of the key market players. The competitive profiling of these players includes company and financial overview, business strategies adopted by them, and their recent developments which can help in assessing competition in the market. Some of the major companies included in this report include International Business Machines Corporation (IBM), SAS Institute Inc, Microsoft Corporation, SAP AG, Tableau Software Inc., Information Builders, Fair Isaac Corporation (FICO), Teradata Corporation, Acxiom Corporation, and TIBCO Software Inc. among others.
This research report presents a comprehensive assessment of the global predictive analytics market, by segmenting it as shown below.
Global Predictive Analytics Market, By End-Use Industry
- Banking and financial services
- Government, public administration, & utilities
- Telecom and IT
- Transportation and logistics
- Media and entertainment
- Energy (oil, gas, and electricity)
- Engineering and construction
Global Predictive Analytics Market, By Software Solutions Type
- Customer intelligence
- Decision support systems
- Performance management
- Data mining and management
- Fraud and security intelligence
- Sustainability intelligence
- Financial intelligence
- Operations management
- Campaign management
Global Predictive Analytics Market, By Application
- Sales and marketing
- Customer and channel
- Operations and workforce
- Finance and risk
Global Predictive Analytics Market, By Mode of Delivery
- On-premises installation
- Hosted or Cloud based
Global Predictive Analytics Market, By Geography
- North America
- Asia Pacific