Predictive Analytics Market: Key Growth Drivers, Opportunities and Challenges

The report "Predictive Analytics Market by Type (Services, Solutions (Financial Analytics, Risk Analytics, Customer Analytics, Marketing Analytics, Sales Analytics, Web & Social Media Analytics)), Deployment, Organization, Industry Vertical - Global Forecast to 2022", The predictive analytics market size is expected to grow from USD 4.56 Billion in 2017 to USD 12.41 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 22.1%.

In terms of industry verticals, the Banking, Financial Services, and Insurance (BFSI) industry vertical is expected to have the largest market share during the forecast period. Organizations operating in the BFSI industry vertical are using predictive analytics for effective and efficient management of various processes. Further, the major reason for the rising adoption of predictive analytics can be attributed to the need for minimizing the risks and frauds that occur every day. Predictive analytics is also offering insurance providers with the opportunity to recognize customer behaviors, leading to frauds, and helping companies save time and money, which in turn is eventually helping in lowering the insurance premiums for customers.

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The issues related to data exchange and ownership of data are some of the major challenges faced by the predictive analytics users, which need to be enhanced to improve the growth of the predictive analytics market.

The predictive analytics ecosystem comprises vendors, such as Alteryx, Inc. (US), AgilOne (US), Angoss Software Corporation (Canada), Domino Data Lab (US), Dataiku (US), Exago, Inc. (US), Fair Isaac Corporation (FICO) (US), GoodData Corporation (US), International Business Machines (IBM) Corporation (US), Information Builders (US), Kognitio Ltd. (UK), KNIME.com AG (Switzerland), MicroStrategy, Inc. (US), Microsoft Corporation (US), NTT DATA Corporation (Japan), Oracle Corporation (US), Predixion Software (US), RapidMiner (US), QlikTech International (US), Sisense, Inc. (US), SAP SE (Germany), SAS Institute, Inc. (US), Tableau Software, Inc. (US), TIBCO Software, Inc. (US), and Teradata Corporation (US). Other stakeholders of the predictive analytics market include vendors, research organizations, network and system integrators, predictive analytics managed service providers, Business Intelligence (BI) solution providers, marketing analytics executives, third-party providers, and technology providers.

predictive analytics market and provides an in-depth analysis for the major countries across the regions of North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. North America, owing to the early adoption of new and emerging technologies and the presence of major industry players, is expected to continue to dominate the market during the forecast period. The APAC region is expected to grow at the highest CAGR during the forecast period, owing to the growing adoption of cost-effective predictive analytics software and services among SMEs.

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