The report "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)", defines and segments the predictive analytics software market into various sub-segments with in-depth analysis and forecasting of revenues. It also identifies drivers and restraints for this market with insights on trends, opportunities, and challenges.
The predictive analytics market is estimated to grow from $1.70 billion in 2013 to $5.24 billion in 2018 at a CAGR of 25.2% from 2013 to 2018. In terms of regions, North America (NA) is expected to be the biggest market in terms of revenue contribution, while emerging economies such as Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America (LA) are expected to experience increased market traction with high CAGRs, in the due course.
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MarketsandMarkets has broadly segmented the predictive analytics market by verticals: banking and financial services, insurance, healthcare, environment and government, consumer goods and retail, manufacturing, transportation and logistics, travel and hospitality, telecommunication and Information Technology (IT), media and entertainment, sports, energy & utilities, oil & gas, and others. Each vertical has been further segmented into various applications. By Regions: North America (NA), Europe (EU), Latin America (LA), Asia Pacific (APAC), and Middle East and Africa (MEA).
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Global predictive analytics market is driving on the emergence of massive amount of data deluge and innovative technology implementations. Business enterprises focus has changed from traditional Business Intelligence (BI) solutions to predictive analytics, because they have understood the importance of data and its analysis for the future estimation. Traditional BI solutions are striving to sustain in this highly competitive world. The transformation of BI to predictive analytics gives new opportunities to the big players as well as new startups in this market.
Marketsandmarkets believes that the lack of awareness about predictive analytics and time consuming process are major issues in the predictive analytics market. These challenges are restraining the enterprises to implement predictive analytics solutions in their business process.
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