Summary:
A New Study Title “Prescriptive Analytics Market Size, Status And Forecast 2027” Has Been Featured On Market Research Future.
Market Overview
The Predictive Analytics Market size is expected to reach 13 Billion registering a CAGR of around 21% during the forecast period. Predictive analytics is a type of data engineering that involves studying historical and current data to forecast future events. Support vector machines (SVMs), bayesian recommendation systems, deep and neural networks, and other techniques are used by the predictive analytics solution to examine the data. The market is growing due to an increase in the usage of predictive analytics solutions to forecast market trends and an increase in the requirement for predictive analytics among businesses to maintain a competitive advantage. Predictive analytics solutions assist businesses in analyzing their business and consumer data and making educated decisions such as marketing strategies, improving customer service, and liquidity planning, among other things. This also aids businesses in better understanding consumer behavior, forecasting sales, reducing churn, and assessing operational risk.
The insights supplied by the solution from consumer and business operation data also assist the enterprise in analyzing data patterns, identifying business trends, and determining possible business impacts. Furthermore, the growing use of big data and analytics is propelling the market forward. Advancements in technologies such as artificial intelligence (AI), machine learning, and advanced analytics are projected to boost the predictive analytics industry in the coming years. However, one of the primary factors impeding the growth of the predictive analytics market is a lack of consumer awareness about the benefits of predictive analytics. Companies are aware of predictive analytics solutions, but data security concerns provide a significant impediment to the market's growth.
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Market Segmentation
Based on the deployment, the market is segmented into on-premise and on-cloud.
Based on the size of the organization, the market is segmented into large enterprises and SMEs.
Based on the techniques, the market is segmented into support vector machines (SVMs), bayesian recommendation systems, deep neural networks, and others.
Based on the applications, the market is segmented into customer churn rate prevention, risk assessment, customer analysis, sales forecasting, market analysis, financial modeling, and others.
Based on the vertical, the market is segmented into BFSI, IT & telecommunication, retail & e-commerce, manufacturing, healthcare, transportation & logistics, government & defense, and others.
Based on the region, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
Regional Classification
The predictive analytics industry is likely to be dominated by North America. The majority of the major companies in the predictive analytics market are based in North America, and they are working hard to produce predictive analytics solutions that are in line with current technology trends. Because of government initiatives encouraging SMEs in countries like India, China, and Japan, Asia-Pacific is predicted to be the fastest expanding segment. Small and medium-sized businesses (SMEs) demand predictive analytics solutions to assist them to improve their operational performance.
Industry News
The Major Key Players in the market of Predictive Analytics are SAS Institute Inc. (US), Microsoft Corporation (US), Tibco Software Inc. (US), Tableau Software (US), NTT Data Corporation (Japan), Radius Intelligence Inc. (US), Dundas Data Visualization, Inc. (Canada), IBM Corporation (US), SAP SE (Germany), Oracle Corporation (US), Angoss Software Corporation (Canada), Fair Isaac Corporation (US), Rapidminer Inc. (US), Ignite Technologies, Inc. (the US) and BOARD International (Switzerland).
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