Global Predictive Analytics Market Set for Rapid Growth, To Reach $7.8 Billion By 2020

Deerfield Beach, FL -- (SBWire) -- 08/21/2017 --Zion Market Research has published a new report titled "Predictive Analytics Market by Software Solutions (Data Mining & Management, Decision Support Systems, Fraud & Security Intelligence, Financial Intelligence, Customer Intelligence and Others) for Customer & Channel, Sales and Marketing, Finance & Risk and Other Applications : Global Industry Perspective, Comprehensive Analysis And Forecast, 2014 – 2020" According to the report, the global predictive analytics market was valued at approximately USD 2.5 billion in 2014 and is expected to reach approximately USD 7.8 billion by 2020, growing at a CAGR of around 17.0% between 2015 and 2020.

Predictive analytics explore large quantities of data and past events to identify patterns and build forecasts about future events. It is set of different techniques and technologies that include machine learning capabilities and improved big data aggregation technologies. Predictive analytics helps to solve real world's problems in economics, business, government, and others. It is widely used in different sectors like financial, communication, retail and marketing organizations with a strong consumer focus.

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The predictive analytics market is segmented on the basis delivery mode including cloud based and predictive on-premises installation. Cloud based segment accounted for largest share of predictive analytics market in 2014. This segment is expected to witness significant growth in the years to come owing to increasing IT priorities among different enterprises over the past couples of years. This delivery mode has a much faster time to value which is a critical advantage for the approach.

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Based on software solutions, predictive analytics market has been classified into customer intelligence, decision support systems, data mining and management, fraud and security intelligence, financial intelligence and others (Including performance management, campaign management etc.). Fraud and security intelligence and financial intelligence are key segments contributing to driving demand for predictive analytics.

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The predictive analytics market is segmented on the basis of end use including banking, financial services & insurance (BFSI), government, public administration & utilities, telecom and IT, healthcare, retail, manufacturing and others (including energy, media and entertainment, etc). Among all segment, banking, financial services & insurance accounted for major share and predicted to continue this trend over the forecast period. This growth can be mainly attributed to rising product quality in financial service sectors to deliver measurable results. Manufacturing and retail are other key end use industries anticipated to grow at fastest CAGR over the forecast period.

Key application areas for predictive analytics includes customer & channel, sales and marketing, finance & risk and others. Finance & risk was largest application segment with over 42.0% market share of total revenue generated in 2014. The predictive analytics helps to analyze fraud vulnerabilities and security breach. Marketing segment is anticipated to emerge as the biggest user of predictive analytics with cross-selling, campaign management, budgeting and forecasting models in the coming years.

Some of the key participants in predictive analytics market include Microstrategy Incorporation, SAP AG, Information Builders, Fair Isaac Corporation, Tableau Software Inc., IBM Corporation, Microsoft Corporation, SAS Institute Inc, TIBCO Software Inc, Teradata Corporation and Oracle Corporation.

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