Emergence of big data, growing adoption of new technologies, emerging newer levers of differentiator and high consumer data generated due to product usage are the key drivers that are expected to boost the growth of predictive analytics market.
The vast amount of data generated due to numerous consumer interaction needs to be scrutinized and adequately correlated for making market estimations and analyzing consumer behavior. Predictive analytics, with the aid of various statistical tools and modeling techniques, enable companies and enterprises to make reliable estimations and prediction about future opportunities and market risks.
In addition, predictive analytics uses tools such as machine learning, data mining, and different business intelligence (BI) tools to make estimations about the future market trends. The techniques of predictive analytics is essential for companies to maintain a competitive edge over others.
The emergence of big data, growing adoption of new technologies, emerging newer levers of a differentiator and high consumer data generated due to product usage are the key drivers that are expected to boost the growth of predictive analytics market. Lack of skilled professionals, low awareness and sophisticated nature of the processes involved are the factors that may restrain the growth of this market.
Growing interests of enterprises in the application of business intelligence tools and the use of cloud technologies gaining prominence in big data analytics are expected to create abundant opportunities in this market.
The report segments the Predictive Analytics Market on the basis of business functions, applications models, organization size, marketing verticals and geography.
Based on business functions, the market is segmented into marketing, sales, finance, human resource and operations. Based on applications, the market is segmented into risk management, operations management, sales and marketing management, network management, supply chain management, workforce management and other applications.
Based on organization size, the market is segmented into small and medium enterprises (SMES) and large enterprises. Based on marketing verticals, this report segments the market into banking, financial services and insurance (BFSI), telecommunications & IT, retail and wholesale, healthcare, manufacturing, media & entertainment, transportation & logistics, energy & utilities, and others.
On the basis of geography, the market is segmented into North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
Key players in Predictive Analytics Market are Accretive Technologies, Angoss Software Corporation, FICO, HP, IBM, Information Builders, KXEN Inc., Microsoft, Oracle and Salford Systems
The market is evaluated based on its regional penetration, explaining the performance of the market in each regional market covering provinces such as North America (United States, Canada and Mexico), Europe (Germany, France, UK, Russia and Italy), Asia-Pacific (China, Japan, Korea, India and Southeast Asia), South America (Brazil, Argentina, Colombia), Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
Key drivers that are propelling the growth of the market included in the report. Additionally, challenges and restraining factors that are likely to curb the growth of the market are put forth by the analysts to prepare the manufacturers for future challenges in advance.
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