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.