Predictive Analytics Market
The global predictive analytics market to grow from USD 3426.75 million in 2016 to USD 12577.92 million by 2023, at a CAGR of 20.41%. The year 2016 has been considered as the base year, while the forecast period is up-to 2023. Predictive analytics refers to the use of statistical tools and machine-learning algorithms to identify past occurrences, understand present outcomes and predict future consequences. Predictive analytics helps in detecting frauds, optimizing marketing campaigns, improving present operations, and reducing future risk. Predictive analytics refers historical and present data to forecast future activities, behavior, and trends. Predictive analytics model capable of processing historical and present data combines multiple variables and uses logistic regressions, decision trees, and time-series analysis. Use of predictive analytics has prominently grown alongside the emergence of big data systems.
The major forces driving the growth of the predictive analytics market include the fact-based decision making and predicting uncertainties or behavior and the advantage of cloud-based services. Moreover, predicting trends, customer behavior, and improving business performance and minimizing risk, identifying fraud and pursuing new revenue opportunities are also some of the factors that are driving the market growth. However, skill gap required to draw insight from data, and issues with privacy and ownership of data may hinder the market growth.
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In the middle of difficulty lies opportunity such as the issues with privacy and ownership of data. The possible challenges for the market growth are analytics automation supporting omnichannel environment, difficulty in combining cross-sectional data from multiple sources, and difficulty in combining cross-sectional data from multiple sources. But key players in the market are overcoming the challenges with continual improvement and innovation.
Based on industry, the global predictive analytics market is studied across aerospace & defense, banking, financial services & insurance, consumer goods & retail, education, energy & utilities, government, healthcare & life sciences, information technology, manufacturing, media & entertainment, telecommunication, transportation & logistics, and travel & hospitality. Based on geography, the global predictive analytics market is studied across Americas, Europe, Middle East & Africa, and Asia-Pacific.
Report Highlights:
The report provides deep insights on demand forecasts, market trends and micro and macro indicators. In addition, this report provides insights on the factors that are driving and restraining the demand of predictive analytics market. Moreover, the study highlights current market trends and provides forecast. We also have highlighted future trends in the predictive analytics market that will impact the demand during the forecast period. Moreover, the competitive analysis of predictive analytics market brings an insight on the product usability profiles of the leading players. Additionally, the analysis highlights features & pricing, informant reviews of the key products in the market.
Reasons to Buy:
The predictive analytics market research study reveals hidden insights and dynamic, which in turn helps the players in the ecosystem take better strategic decisions. The firms looking for purchasing the global predictive analytics market research report could look for following prospects on their way to better understand the market that can aid further decision making and possibly identify the best opportunities to exploit.
– Evaluate the qualitative and quantitative aspects of the report and analyze the predictive analytics market penetration with respect to industries and geographies.
– Evaluate the key vendors in the predictive analytics market in terms of products satisfaction and business strategy. This helps identify consumer preferences and understand its current position in 360iResearch FPNV Positioning Matrix.
– Evaluates the key vendors and deeply analyze competitive landscape, revenue pockets, market trends, growth prospects, pain points, drivers, restraints, challenges and opportunities of the predictive analytics market.
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