Predictive Analytics Market: Rising Awareness towards Big Data to Drive Market

According to a recent market research report published by Transparency Market Research, the global predictive analytics market is expected to grow positively at a CAGR of 17.8% during the period between 2013 and 2019. The report, titled “Predictive Analytics Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2013 - 2019”, projects the global predictive analytics market to be worth US$6,546.4 million by 2019. The overall market was valued at US$2,087.3 million in 2012. The report points out that the rise in awareness towards big data and its analysis for future estimation will drive the global predictive analytics market during the forecast period. Increasing business interest in advanced big data analytics will further boost the market’s growth prospects. The presence of a large number of players in the predictive analytics market will induce price-competitiveness. The growing need for product differentiation has led to the introduction and adoption of new technologies, which will positively impact the overall market.

However, the report mentions that the cost and complexity of software and the dearth of skilled resources will restrict the growth of the global predictive analytics market. The market has a huge opportunity to grow with the development of simple and successful user interfaces. The report states that the future outlook of the global predictive analytics market will be defined by cloud predictive analytics, real-time analytics, persuasion modeling, and ensemble modeling. The report studies the global predictive analytics market on the basis of end-use industries such as banking and financial services; insurance; pharmaceutical; government, public administration, and utilities; telecom and IT; retail; transportation and logistics; manufacturing; healthcare; energy; media and entertainment; tourism; engineering and construction; sports; others. The banking and financial services and insurance segments dominate the predictive analytics market worldwide and are expected to continue as the leading end-use industries. Growing consumer-driven digital data is expected to fuel the rapid growth of the retail and manufacturing sectors during the forecast horizon.    
 
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Depending on the application, the global predictive analytics market has been divided into sales and marketing, customer and channel, finance and risk, and operations and workforce. In 2012, finance and risk was the largest application segment of the market. The report studies the predictive analytics market across key regions such as Asia Pacific, Europe, North America, and Rest of the World. Growing demand for advanced business intelligence in North America has led to extensive growth of the predictive analytics market in the region. In 2012, North America accounted for a 55.9% share of the market. Europe has emerged as the fastest growing region owing to the large-scale adoption of predictive analysis across many industries.