Predictive Analysis Size, Market Share, Application Analysis, Regional Outlook, Growth, Trends, Competitive Scenario and Forecasts, 2012 to 2020

Industry Insights

Increasing demand for accurate forecasting in business activities is the key driver for predictive analytics market. Predictive analytics is the activity of data mining which deals with extracting important data from given database, used to analyse the trends and behaviour patterns to predict the future. It is also used to forecast the results. Predictive analysis relies on defining relationship between different variables behaviour from past occurrence and exploit them to predict the future outcome.

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Database management, forecasting, data warehouses, data mining, CRM analytics, smart, logistics, decision making process, data visualization in dashboards and increasing demand of business having analytic capabilities are expected to drive the predictive analytics technology in coming six years. However, traditional measures, technological incapability and cost of developing predictive analytics software are anticipated to challenge the market growth over the forecast period. Increasing demand for more than a point solution is expected to offer the opportunity for the growth of predictive analytics market in near future.

Application Insight

Banking, financial service & insurance (BFSI) has impact of predictive analytics on processes of loan, insurance, financial activities and fulfilment of financial needs which is going to impact the predictive analytics market positively. Environment segment uses predictive analytics for weather forecast, natural calamities forecast, flights safety among others. In government segment, predictive analytics decreases waste, fraud and abuse, maximizes productivity of agency personnel, drives smarter decisions within government agencies and automates manual processes which are expected to expel the growth of the market. Healthcare segment utilizes predictive analytics in chronic disease management,...