Technavio analysts forecast the global predictive analytics market to grow at a CAGR of close to 23% during the forecast period, according to their latest market research report.
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The proliferation of advanced technologies, AI and IoT is one of the major trends being witnessed in the global predictive analytics market 2018-2022. Increased acceptance of innovations and technological advances, such as blockchain, AI, ML, advanced analytics, virtual assistants, IoT, big data, cloud computing, augmented and virtual reality, as well as automated vehicles are paving the way for the adoption of predictive analytics throughout enterprises and industries. Predictive analytics leverages multiple Al techniques and offers a flexible as well as an intuitive tool for an enterprise to be able to extract clever insights from complex and multifaceted historical data. Therefore, the proliferation of advanced technologies will impact the growth of the market during the forecast period.
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According to Technavio analysts, one of the key factors contributing to the growth of the global predictive analytics market is the growing demand for detection of fraud and scams:
Global predictive analytics market: Growing demand for detection of fraud and scams
With the world becoming more social, and mobile, security threats are becoming momentous, leading to the increased demand for fraud detection. Indeed, the level of sophistication in scams and frauds has augmented with technological advances and technological maturity of fraudsters. The concerns about data security and privacy owing to grave consequences of such threats, is driving the market for predictive analytics. Enterprises across industry verticals are increasingly adopting predictive analytics in their business processes to prevent frauds and scams from happening in the future. These solutions combine multiple algorithms and analytics paradigms to implement fraudulent activity pattern detection, and thus, help prevent any criminal behavior. Hence, predictive analytics has found increased use cases across sectors such as pharma, BFSI, and healthcare.
According to a senior analyst at Technavio for research on IT professional services, “Data drives almost all aspects of modern business processes and operations. The rising demand for strategic analysis of organizational data via advanced and sophisticated models is a primary driver for the adoption of predictive analytics. A predictive analytics software employs advanced algorithms and statistical methods on datasets to discover patterns, gain insights, and predict failure points as well as future trends.”
Global predictive analytics market: Segmentation analysis
The global predictive analytics market research report provides market segmentation by deployment (cloud-based, and on-premises), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The Americas region held the largest share of the market in 2017, followed by EMEA and APAC respectively. Although the APAC region held the smallest share of the market in 2017, it is expected to register the highest incremental growth during the forecast period.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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