Predictive analytics: Key market research findings
- Increased integration of SaaS-based analytical solutions in predictive analytics
- Augmented usage in manufacturing sector
Technavio has added a new market research report on the global predictive analytics market, to its data analytics portfolio. The global predictive analytics market is expected to generate revenue worth US $5 billion between 2015 and 2019, owing to the rise of structured and unstructured data in business processes. The Americas dominate the global market for predictive analytics, occupying around 44% of the total market share. The demand for insights to identify key trends of various industries is propelling increased consumption of analytics in this region.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“High adoption rate of SaaS-based analytical solutions has gained momentum in the predictive analytics market. SaaS technology makes predictive analytics highly scalable, flexible, and easy to use, thereby improving the ROI and marketing time for organizations. Strict IT budget constraints, cost effectiveness of on-demand software subscriptions, and inadequate time for building in-house software have propelled the usage of SaaS-based solutions in predictive analytics,” says Navin Rajendra, Lead Analyst, IT Services, Technavio Research.
Predictive analytics is most widely used in the manufacturing sector to remove the clutter of information and to focus on performance indicators. The use of predictive analytics in consolidating the supply chain data is a key factor that will stimulate the usage of predictive analytics in this sector over the next four years. Also, increased investments in consolidation practices are likely to lower the TOC of a BI infrastructure in the future. Now-a-days, predictive analytics is also used in healthcare sector, which helps hospitals and laboratories to gain better understanding of structured and unstructured enterprise data, and develop clinical and operational insights.
The leading vendors in the global predictive analytics market include IBM, Oracle, SAP, and SAS. With increased adoption of smart devices, vendors are expected to launch mobile predictive analytics applications that offer a high quality of service while on the move.
A more detailed analysis is available in the Technavio report, Global Predictive Analytics Market: Research Report 2015-2019.
We can customize reports by other regions and specific segments upon request.
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