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. 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.

The report covers the crucial parts of the industry and such factors as driving forces, Predictive analytics market challenges, current trends, monitoring scenario and technological growth.

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Industry News

In March 2018, SAP SE launched the application edition of its predictive analytics software. The software was codeveloped with Accenture which helps the enterprises to create and manage predictive machine learning models for business applications. The application integrates machine learning and predictive capabilities to offer data driven business insights. The application also offers enterprises with the flexibility to add and modify the models.

In May 2018, ONYX Insights released an advanced predictive analytics feature integrated to its ONYX fleetMONITOR platform for BP Wind Energy, a wind power producer. This platform offers operation monitoring for 585 turbines across10 windfarms in the US. Use of data driven predictive analytics platform offers safe and reliable operations of the wind turbines. 

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) and 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. 

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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. 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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