Predictive Analytics Market
Europe and APAC . The adoption level of predictive analytics is anticipated to increase in developing regions such as Asia-Pacific , due to high demand in BFSI , IT , telecommunication , retail , healthcare , food & beverage and government sector . However , Asia-Pacific is expected to experience comparatively moderate growth throughout the forecast period owing to low awareness and lack of skilled workforce which can operate such advanced tools .
The predictive analytics market is segmented on the basis of deployment into cloud based & on premises installation . Cloud-based segment accounted for the largest market share in 2016 . This segment is expected to exhibit significant growth in the years to come due to increasing IT priorities among different enterprises over the past couples of years . Cloud-based predictive analytic solutions have a much faster time to value than its alternatives which represent a critical advantage for the approach . Based on software solutions , predictive analytics market has been classified into financial intelligence , customer intelligence , financial intelligence , decision support systems , data mining and management , fraud and security intelligence and others .
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The predictive analytics market is also segmented on the basis of end-use which includes banking , IT , financial services & insurance , government , retail , public administration & utilities , telecom , healthcare , manufacturing , and others including energy , media & entertainment , etc . Among all segment , banking , financial services & insurance accounted for major share and predicted to continue this trend over the forecast period . Financial institutions and banks are increasingly adopting inventive models of proactive risk management such as predictive analytics .