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(IT-NEWSWIRE.COM, March 06, 2018 ) According to Publisher, the global predictive analytics market to grow from USD 3426.75 million in 2016 to USD 12577.92 million by 2023, at a CAGR of 20.41%. The year 2016 has been considered as the base year, while the forecast period is up-to 2023.
Predictive analytics refers to the use of statistical tools and machine-learning algorithms to identify past occurrences, understand present outcomes and predict future consequences. Predictive analytics helps in detecting frauds, optimizing marketing campaigns, improving present operations, and reducing future risk. Predictive analytics refers historical and present data to forecast future activities, behavior, and trends. Predictive analytics model capable of processing historical and present data combines multiple variables and uses logistic regressions, decision trees, and time-series analysis. Use of predictive analytics has prominently grown alongside the emergence of big data systems.
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The major forces driving the growth of the predictive analytics market include the fact-based decision making and predicting uncertainties or behavior and the advantage of cloud-based services. Moreover, predicting trends, customer behavior, and improving business performance and minimizing risk, identifying fraud and pursuing new revenue opportunities are also some of the factors that are driving the market growth. However skill gap required to draw insight from data, and issues with privacy and ownership of data may hinder the market growth. In the middle of difficulty lies opportunity such as the issues with privacy and ownership of data. The possible challenges for the market growth are analytics automation supporting omnichannel environment, difficulty in combining cross-sectional data from multiple sources, and difficulty in combining cross-sectional data from multiple sources. But key players in the market are overcoming the challenges with continual improvement and innovation.
Based on industry, the global predictive analytics market is studied across aerospace & defense, banking, financial services & insurance, consumer goods & retail, education, energy & utilities, government, healthcare & life sciences, information technology, manufacturing, media & entertainment, telecommunication, transportation & logistics, and travel & hospitality. Based on geography, the global predictive analytics market is studied across Americas, Europe, Middle East & Africa, and Asia-Pacific.
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Top Players:
Alteryx Predictive Analytics
IBM SPSS Modeler
IBM SPSS Statistics
Matlab
MicroStrategy Analytics Enterprise
Oracle Advanced Analytics
RapidMiner Studio
SAP Predictive Analytics
SAS Advanced Analytics
Tableau Embedded Analytics
ReportsWeb.com
Rajat Sahni
+1-646-491-9876
sales@reportsweb.com
Source: EmailWire.Com 
Source: EmailWire.com
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