Predictive Analytics Market

New product launches and upgradations; and partnerships, agreements, and collaborations, have been the most dominating strategies adopted by the major players Predictive Analytics Market

The market size for Predictive Analytics Market is expected to grow from USD 4.6 billion in 2017 to USD 12.4 billion by 2022, at a CAGR of 22.1%. The key factors driving the predictive analytics market includes increasing need for reducing planning and budgeting cycles, and emergence of new IT applications and infrastructure such as big data and advanced analytics.

The major vendors providing Predictive Analytics software and services are Alteryx, Inc. (U.S.), AgilOne (U.S.), Angoss Software Corporation (Canada), Domino Data lab (U.S.), Dataiku (U.S.), Exago, Inc. (U.S.), Fair Issac Corporation (FICO) (U.S.), GoodData Corporation (U.S.), IBM Corporation (U.S.), Information Builders (U.S.), Kognitio LTD (U.K.), KNIME.COM AG (Switzerland), Microstrategy, Inc. (U.S.), Inc., Microsoft Corporation (U.S.), NTT Data Corporation (Japan), Oracle Corporation (U.S.), Predixion Software (U.S.), RapidMiner (U.S.), QlikTech International (U.S.), Sisense, Inc. (U.S.), SAP SE (Germany), SAS Institute, Inc. (U.S.), Tableau Software, Inc. (U.S.), TIBCO Software, Inc. (U.S.), and Teradata Corporation (U.S.).

The study includes an in-depth competitive analysis of the key players in the predictive analytics market, along with their company profiles, recent developments, and key market strategies. The players in this market have embraced different strategies to expand their global presence and increase their market shares. New product launches and upgradations; and partnerships, agreements, and collaborations, have been the most dominating strategies adopted by the major players, which helped them innovate their offerings and expand their audience.

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IBM has built applications and automated time consuming tasks to increase business productivity. The predictive analytics tools by IBM assist the various departments across industries in developing planning, budgeting, and forecasting in a short time. Moreover, IBM invests heavily in its R&D activities, each year. In 2016, the number of patents filed by IBM was more than that of any other company for the 23rd consecutive year. IBM offers SPSS (Statistical Package for the Social Sciences) solutions which include SPSS Modeler and SPSS statistics to the predictive analytics market. This predictive analytics offerings by IBM deliver advanced analytics capabilities which include statistical analysis, predictive modeling, data mining, optimization, real-time scoring, and machine learning. IBM SPSS solutions are the key components of IBM’s analytics portfolio and are designed to work together to address full range of analytic needs. However, they can also complete the task independently. Components of SPSS enables efficient examination of data and deliver all-inclusive results. The SPSS Modeler helps to discover hidden relationships in collected data and anticipate the outcomes of future interactions. Especially, for the financial institutions, SPSS statistics has played a vital role in the faster detection of frauds resulting in significant cost savings. Furthermore, the Memphis Police Department (US) implemented SPSS statistics solutions in order to improve their crime-fighting techniques, thus reducing serious crime by over 30%, including a 15% reduction in violent crimes.

Oracle delivers software applications, platforms, and infrastructure technologies to both large enterprises as well as SMEs. The company caters to diverse business verticals, and, over the years, has expanded its geographical presence across the globe. SAP BusinessObjects is the predictive analytics product from SAP SE. It helps organizations in analyzing massive data sets for rapid predictive results. SAP BusinessObjects helps in automating data, creating predictive models, and visualizing quicker interpretation of insights. It can be deployed as stand-alone as well as with SAP HANA, thus leveraging real-time predictive analytics. The BusinessObjects combines the capabilities of two separate analytics products (SAP Predictive Analysis and SAP Infinite Insight) into a single interface. The SAP BusinessObjects offers self-service through a predefined workflow for building models using automation, hence providing a higher degree of accuracy and actionable insights. This guided workflow helps in the acceleration of productivity and fine-tuning of models.

Furthermore, SAP BusinessObjects predictive analytics assist scaling and maintaining an optimal performance for every model, while enabling end-to-end management of predictive life-cycle with enterprise governance. Its flexibility makes it easier to integrate with existing infrastructures IT landscapes, which include business intelligence, Big Data ecosystems, diverse data sources, applications, and business processes.

Related Reports:

Predictive Analytics Market by Solutions (Financial Analytics, Risk Analytics, Marketing Analytics, Sales Analytics, Web & Social Media Analytics, Network Analytics), Services, Deployment, organization size and Vertical - Global Forecast to 2022

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