Evaluating Predictive Analytics Market —
The growth of the Predictive Analytics Market is mainly driven by the emergence of a massive amount of data overflow, coupled with the adoption of a data-driven approach to deliver quantifiable results.
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Predictive analytics is the practice of extracting information from existing data sets by encompassing a variety of statistical techniques, from data mining to machine learning and predictive modeling, in order to analyze historical and current facts to make predictions about future trends or events for an organization. A rise in touchpoints and the need for collecting data to understand and reveal user behavior are driving the demand for Predictive Analytics Market. Exponential growth in data volume and an increasing need to process organizational and individual data sets are the paramount factors that are pushing the companies to deploy advanced analytics capabilities to generate future insights with a higher degree of precision.
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The Global Predictive Analytics Market Ecosystem was valued at US$ 5.70 billion in 2018 and is expected to reach US$ 14.0 billion by the year 2023, growing at a CAGR of 21.5%. The growth of the Predictive Analytics Market Ecosystem is mainly driven by the emergence of a massive amount of data overflow, coupled with the adoption of a data-driven approach to deliver quantifiable results. Companies such as FedEx Corporation, DHL International GmbH, Oracle Corporation, etc., are already using predictive analytics solutions to train, deploy, and manage analytical results and models
Predictive Analytics Market Analysis: Predictive Analytics is being increasingly used by various industries, such as the eCommerce industry, to modify the traditional shopping behavior of customers to increase customers’ loyalty and generate sales. Retailers are now focusing on real-time analysis of customers’ shopping behavior and market basket analysis for analyzing consumers’ perceptions. The use of online/social media advertising, email campaigns, and cognitive analysis of customers are the key enablers in improving sales and in increasing customer retention. Further, the rapid proliferation of the internet and the growing preference of companies to provide standalone solutions rather than combined solutions are also important factors in fueling the deployment of predictive analytics. In July 2017, SAP SE has partnered with Centrica plc, the British multinational energy and Services Company, to help its customers in managing energy consumption and assets based on insights and connectivity available through IoT.
Global Predictive Analytics Market:
Predictive Analytics Market has affected the way in which companies shape their impactful business strategies and day-to-day decision-making in real-time.
The U.S. is leading the Predictive Analytics Market owing to the growing adoption of advanced predictive analytics, as well as the strong presence of key market players, such as Oracle Corporation, IBM Corporation, and others. Further, rising technological advancement, increasing innovation in predictive analytics solutions, and increasing awareness about predictive analytics measures and their importance in improving business operations have created lucrative growth opportunities for the Predictive Analytics Market. Further, the growing demand for automated operations and technological implementation in industries are some other factors that are anticipated to drive the demand for Predictive Analytics Market in the country.
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