Predictive analytics is the combined use of data, statistical algorithms, and various machine-learning techniques to identify the prospect of future outcomes based on historical data. Predictive analysis is set to revolutionize the way modern day businesses are done.
Understanding customer’s requirement well before and accordingly be ready will benefit the organizations to offer value added services to the end-users. Prediction would enable businesses to be ready with the required needs of the customers beforehand.
Forecasting customer needs and accordingly designing products gives any organization a competitive edge. The olden day method of businesses initially making a product on the basis of market research, then taking feedback from customers is to be totally replaced by this technology.
Customer Delight has been widely recognized by businesses worldwide as a crucial factor in maintaining long term relationships with the customers.
In addition to customer delight, predictive analytics will enable companies to understand the requirements of the end-user, this will prove a differentiating factor for businesses. The rapid technological advancements, boom in artificial intelligence and high competition have led to the growth of this market.
The other drivers for the rapid growth of predictive analysis markets include increased usage of Big Data and cloud by organizations and growing need for product differentiation driving introduction and adoption of new technologies.
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Additionally, with advent of Big Data, predictive analysis is expected to be adopted in Finance and Human Resources. Application of this technique in sales and marketing management, operations & supply chain management has significantly benefitted the companies.
Realizing its benefits and potentials further it is expected to be used in other applications such as workforce management and risk management.
There are certain restraining factors for this market which are listed as complex analytical workflow and diversity of data models based on business needs. For predictive analysis to work successfully, it has a heap of challenges to overcome.
Firstly, the pattern observed on which results are made can’t always be uniform. Different business models follow different pattern.
Understanding each pattern and accordingly predicting the result is one of the challenges. The task is to convert the inconsistency into a consistent result.
Furthermore, data integrity poses a bigger challenge in implementation of this technology in different end-user verticals.
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The global predictive analysis market has been segmented by applications into network management, risk management, sales and marketing management, workforce management, operations and supply chain management. Business functions segment is further divided into, sales, operations, marketing, human resource and finance functions.
In addition the global predictive analysis market has been further fragmented based on deployment models that are on-premise and on-demand models.
Region wise, North America leads the predictive analysis market due to technological advancements in this region, followed by Europe and APAC, these regions have shown considerable growth with developing countries in these regions showing interests in these technologies. Major players in predictive analytics market offering services and solutions globally are SAS Institute, Teradata Corporation, Acxiom Corporation, SAP SE, Microsoft Corporation, IBM Corporation, Tableau Software Inc., Information Builders, Fair Isaac Corporation (FICO), and TIBCO Software Inc.
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