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Predictive Analytics Market Business Strategy, Overview, Competitive Strategies and Forecasts 2030

Divakar Kolhe
Predictive Analytics Market Business Strategy, Overview, Competitive Strategies and Forecasts 2030

Predictive Analytics Market Highlights

For every industry vertical managing the growing consumer base and customer satisfaction is a challenging task. In BFSI industries fraud detection, application screening, credit and collections are the major areas of concern to retain the loyal customers and to attract new customers. Predictive analytics solution help banks and financial institutions to capture and analyze the customer data which help in fraud detection, application screening, customer acquisition and retention, understanding the consumer behavior, and feedback management.

Global Predictive Analytics Market value of about USD 44.84 billion during the market forecast period where it occupied a CAGR value of 27.70%. During 2022-2030

Predictive analytics is a type of data analytics that uses historical data to make predictions about future trends and outcomes. Predictive analytics uses a variety of techniques from data mining, statistics, modeling, machine learning and artificial intelligence to analyze current data and make predictions about future trends and behaviors. This helps organizations make better decisions, reduce costs, and improve efficiency. Predictive analytics can be used in a wide range of business processes and decisions, such as sales forecasting, marketing campaigns, product development, customer retention, and fraud detection.

The predictive analytics solution helps the banks in scanning and processing huge volume of applications within no time, detecting potential frauds. Furthermore, the solution also helps in targeted marketing to acquire new customers and liquidity planning according to the past usage pattern such as to predict the potential consumer requirement.

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Industry News

Predictive Maintenance Becoming a Growing Trend: Predictive maintenance is becoming a growing trend, as companies are using AI-powered predictive analytics to anticipate when equipment will need maintenance and prevent costly downtime. Predictive analytics is also being used to forecast demand and optimize inventory.

Predictive Analytics Becoming More Accessible: 

Predictive analytics is becoming more accessible and user-friendly, as companies such as Microsoft and Amazon are offering predictive analytics solutions that are easy to use and don’t require any coding knowledge or expertise.

AI-Powered Predictive Analytics Being Used to Fight Financial Crime: AI-powered predictive analytics is being used by financial institutions to detect and prevent money laundering and terrorist financing. Predictive analytics tools are helping to identify suspicious activity and flag potential crimes before they occur.

Predictive Analytics Market Key players

The prominent players in the market of predictive analytics are - 

  • Radius Intelligence Inc. (US)
  • Microsoft Corporation (US)
  • Dundas Data Visualization, Inc. (Canada)
  • Tibco Software Inc. (US)
  • IBM Corporation (US)
  • Tableu Software (US)
  • SAS Institute Inc. (US)
  • SAP SE (Germany)
  • Oracle Corporation (US)
  • NTT Data Corporation (Japan)

Other players include BOARD International (Switzerland), Rapidminer Inc. (US), Angoss Software Corporation (Canada), Ignite Technologies, Inc. (US), and Fair Isaac Corporation (US) among others.

Regional Analysis

The global market predictive analytics is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of predictive analytics market is studied for North America, Europe, Asia-Pacific, and the rest of the world.

North America is expected to emerge as the leading region for predictive analytics during the forecast period owing to well-established economies investing heavily on resaerch and developments of advanced technologies such as AI, machine learning, advanced analytics, and others.

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Also, majority of the key players are from North America who are keen on developing the predictive analytics platform which extended capabilities to its cosnumers. Europe on other hand is expected to grow at significant rate. Europe has been a slow adopter of techniques such as AI and big data as compared to the US.

However, Europe has a active data market and the data genereted is continuously growing which will trigger the growth of predictive analytics in the region. Furthermore, Asia-Pacific is expected to grow at a higher pace due to government initiatives supporting the SMEs which require predictive analytics platform to elevate their operational performance

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Divakar Kolhe
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