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Predictive Analytics Market: Forecasts and Analysis (2013 – 2018)
Predictive analytics is one of the major recent trends for the big data management. These analytics solutions help the diversified industry verticals to manage their operational, marketing, and risk and fraud analytics applications. These three major applications drive the overall predictive analytics market.
The predictive analytics identifies new opportunities and threats involved in every business process by analyzing present and past data. The demand for predictive analytics is increasing because of massive amount of data deluge and adoption of new technologies. Most of the enterprises have been transferring their focus from traditional Business Intelligence (BI) solutions to predictive analytics. As they want to be proactive in their business process, they are implementing these solutions to estimate consumer behavior, operational efficiency, as well as risk involved in the same.
Predictive analytics has huge opportunities in banking and financial services; more than 25% of the predictive analytics revenue has been generated from this vertical in 2013, and it has been estimated that by 2018 it will have the largest market share in this vertical. Manufacturing, sports, and healthcare are the emerging verticals, growing with Compounded Annual Growth Rates (CAGRs) of 38.6%, 38.4%, and 38.2%, respectively from 2013 to 2018.
North America is one of the growing regions in the predictive analytics market. The major drivers for this region are high penetration rate in the manufacturing, healthcare, and transportation and logistics verticals. The data deluge is also high due to increase in the usage of mobile devices and broadband technology. Most of the companies in predictive analytics are from United States and their first aim is to penetrate their domestic market, then they plan to look into other regions. Europe is the second largest segment in the predictive analytics market, because it has huge opportunities in the healthcare, retail, and government industry verticals.
MarketsandMarkets has highlighted these key findings from its latest research report. The Predictive Analytics Market - [(Fraud, Risk, Marketing, Operations), Verticals (BFSI, Healthcare, Environment, Government, Retail, Energy, Manufacturing, Transportation, Travel, Telecom, Sports)]: Worldwide Market Forecasts and Analysis (2013 – 2018) report is now for sale.
The report provides an overview of drivers, restraints, and opportunities that impact this market. It also segments and forecasts the overall predictive analytics software market in terms of verticals, applications, and regions.
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