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Predictive Analytics Market Growing at a CAGR of 22.1% During 2017 to 2022 Says a New Research Report at ReportsnReports

 

The predictive analytics market is forecast to reach $12.41 billion by 2022 from $4.56 billion in 2017 at a CAGR of 22.1% during (2017-2022) driven by the changing business need to forecast future outcomes to make better strategic decisions, while APAC is projected to grow at the highest CAGR during the forecast period.

The predictive analytics market growth in the Asia Pacific (APAC) region has started to gain momentum and is expected to witness the highest growth rate in the coming years. Rising awareness of predictive analytics can be attributed to the continuous increase in focus of companies on improving their customer services to drive the competitive differentiation and revenue growth. Further, to enhance the business productivity, through predictive analytics solutions and services, organizations in the APAC region are inclining toward adoption of predictive analytics; hence, it is expected to become a highly potential market. In addition, rapid developing economies in APAC, such as China, India, Singapore, Malaysia, and Australia, are migrating toward cloud adoption.

The risk analytics solution is expected to hold the largest predictive analytics market size during the forecast period. Considering the significant need to manage the risks associated with an organization, predictive analytics is expected to play a major role in risk analytics. Organizations are developing predictive diagnostic models by integrating equipment fitted with sensors, to detect the problems and take proactive actions. Moreover, the predictive approach helps in delivering organizations with insights for making better decisions and mitigating the risks.

Emergence of machine learning and artificial intelligence is expected to evolve the predictive analytics market, thus creating opportunities for the growth of the market. However, the changing regulation that leads to restructuring of predictive models, which consumes a lot of time, is the biggest restraint for the predictive analytics market.

In the process of determining and verifying, the market size for several segments and sub segments gathered through secondary research, extensive primary interviews were conducted with key people. In Tier 1 (22%), Tier 2 (30%) and Tier 3 (48%) companies were contacted for primary interviews. The interviews were conducted with various key people such as C-Level (30%), Directors (45%) and others (25%) from various key organizations operating in the global predictive analytics market. The primary interviews were conducted worldwide covering regions such as North America (48%), Europe (30%), and Asia Pacific (22%).

The report segments the predictive analytics market based on services, which are further segmented into managed services and professional services. Under professional services, the report is further segmented into support and maintenance, and consulting services. Based on deployment models, the market is segmented into on-premises and cloud. Under organization size, it is segmented into Small and Medium-Sized Enterprises (SMEs) and large enterprises, whereas under types, the market is segmented into financial analytics, risk analytics, marketing analytics, sales analytics, customer analytics, web and social media analytics, supply chain analytics, network analytics, and others (HR analytics and legal analytics).

Another research titled Risk Analytics Market Global Forecast to 2022 says, the risk analytics market size is expected to grow from $17.60 billion in 2017 to $35.92 billion by 2022, at a CAGR of 15.3%. Operational risk type is expected to be the highest growing segment in the risk analytics market. Asia Pacific (APAC) is expected to have the highest growth rate in the risk analytics market by region.

This article was originally published on www.marketwatch.com and can be viewed in full

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