The global predictive analytics market is highly competitive and extremely consolidated, states a new research report by Transparency Market Research (TMR). In 2015, a few leading players held 80% of the overall market and the scenario is anticipated to remain more or less the same in the near future. TIBCO Software Inc., Business Machines Corp., Microsoft Corp., Information Builders Inc., SAS Institute Inc., Teradata Corp., Oracle Corp., and Fair Isaac Corp. are some of the leading players operating in this market. These players are likely to engage into strategic collaboration over the next few years in order to remain in the competition, notes the market study.
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According to the research report, the global market for predictive analytics was worth US$2.08 bn in 2012. Expanding at an exponential CAGR of 17.80% during the period from 2013 to 2019, the opportunity in this market is expected to reach US$6.54 mn by the end of the period of the forecast. Predictive analytics finds a widespread application in sales and marketing, finance and risk, customer and channel, and operations and workforce. Among these, the demand for predictive analytics is relatively higher in the finance and risk segment and the trend is expected to continue in the near future, states the research report.
The report also offers an exhaustive analysis of the global market for predictive analytics across key geographies, namely, Europe, Asia Pacific, North America, and the Rest of the World. The increasing demand for advanced business intelligence in North America has resulted into an extensive growth of the market for predictive analytics in this region.
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“The rising awareness among enterprises towards big data and its assessment for future estimation is the main factor driving the global market for predictive analytics substantially,” states an analyst at TMR. The increasing interest of businesses in advanced big data analytics will further boost the growth prospects of this market. The presence of a large pool of players in this market is expected to induce price-competitiveness, which is likely to support the growth of this market considerably in the near future, reports the research study.