The global predictive analytics market is projected to witness immense growth in the coming years according to Transparency Market Research (TMR). The market’s vendor landscape features intense consolidation at present. The top 3 leading vendors in the global predictive analysis market currently hold nearly 80% of the total market share. These players are seen focusing on different organic and inorganic growth strategies in order to maintain their market share. Collaborations, partnerships, and mergers and acquisitions are key strategies that vendors could deploy to gain market traction.
Vendors in the global predictive analysis market are expected to focus fundamentally on employing the latest innovations, methods, and techniques. The new players in the market may find benefit in the form of financial funding from venture capitalists. New vendors are expected to leverage this factors and turn it into a lucrative growth opportunity in the global predictive analytics market.
Key vendors operating in the global predictive analytics market are Oracle Corp., Microsoft Corp., TIBCO Software Inc., Teradata Corp., and SAS Institute Inc.
As reported by TMR, the global predictive analytics market is prognosticated to expand at a 17.80% CAGR over the forecast period 2013 to 2019. The market was worth US$2.08 bn in 2012, and is estimated to reach US$6.54 mn by 2019-end.
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In terms of application, the segment of finance and risk management is expected to generate high demand in the global predictive analytics market. Geography-wise, North America is forecasted to retain its dominance over the forecast period. The region held almost 56% of the overall market share in 2012. This could be attributed to the high adoption of predictive analytics across industries in the region.
High Uptake from Banking Sector to Boost Growth
Finance establishments and banks are progressively embracing innovative models of proactive software using predictive analytics. Diverse application regions for predictive analytics incorporate deals and promoting, client and channel, risk mitigation and others.
Furthermore, in the BFSI sector, predictive analytics gives understanding to approach every customer by breaking down purchasing behaviors, buyer conduct, and online communication and offers knowledge into channels to help associate with those clients. Wide utilizations of predictive analytics market in SMEs and SMBs is putting forth exceptional development openings. Ascend in frauds alongside the dire need for operational proficiency is expected to heighten the interest for predictive analytics market.
User-Friendly Programs to Amplify Sales in Market
The presence of intelligent and user-friendly programming, accessibility of quicker and less expensive devices, and rising demand for innovation fuelling the predictive analytics market. The conceivable difficulties for the market development are analytics automation supporting omni-channel condition, and issues in combining cross-sectional information from numerous sources. But, new vendors in the market are beating the difficulties with persistent enhancement and advancement.
Also, the adoption of cloud and the use of predictive analytics in small and medium-sized organizations may offer noteworthy opportunities for vendors in the global predictive analytics market.
This review is based on TMR’s report titled, “Predictive Analytics Market (Customer intelligence, Decision support systems, Data mining and management, Performance management, Fraud and security intelligence, Risk management, Financial intelligence, Operations and Campaign management) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2013 – 2019..”Top of Form