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Predictive Analytics Market: Forecasts and Analysis (2013 – 2018)
Rise in massive amount of structured as well as unstructured data is setting a big growth for predictive analytics. In the coming years, trillions of amounts will be spent on Information Technology (IT) and the major driving factor will be big data growth. Various technologies have emerged for big data management; predictive analytics is one of them.
The traditional data mining and Business Intelligence (BI) technologies cannot meet the growing need of enterprises. Today, most of the organizations are focusing on data sets; earlier, they were using data mining and BI technologies to understand what has happened in the past and what the relationship between the data sets is. Now, the situations have changed; the highly competitive and increasing customer base has forced them to implement predictive analytics to estimate future opportunities and threats in the dynamic world.
The predictive analytics market is growing rapidly because of the transformation from traditional BI techniques to advanced analytics techniques. The banking and financial services sector is using predictive analytics to develop more effective methods to manage customer relationship, predict buying behavior, improve the customer loyalty and retention, as well as estimate the risk involved in every banking transactions. Predictive analytics other than banking and financial has a wide portfolio of applications across insurance, healthcare, manufacturing, environment and government, consumer goods and retail, transportation and logistics, media and entertainment, sports, telecommunication and IT, energy & utilities, and oil & gas verticals.
In terms of region, North America is the largest market for predictive analytics, as North America is one of the largest regions which implement big data technologies. North America has large demand for predictive analytics in banking and financial, healthcare, manufacturing, and other verticals. Asia-Pacific is one of the fastest growing markets for predictive analytics because of the increase in outsourcing industry, manufacturing plants, and lenient regulations for data sharing. These are the driving factors to increase the predictive analytics market.
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