The predictive analytics market is as huge and promising as it is misunderstood. So says new research from ResearchMoz in the States.
This report — “Predictive Analytics Market [(Fraud, Risk, Marketing, Operations), Verticals (BFSI, Healthcare, Environment, Government, Retail, Energy, Manufacturing, Transportation, Travel, Telecom, Sports)]: Worldwide Market Forecasts and Analysis (2013 – 2018)” — forecasts the scene for the global predictive analytics market for the next five years, breaking out sub-segments and offering cross-sectional analysis according to such market parameters as geography, software solutions type, mode of delivery, end-use industry and applications.
It’s a massive document (running 406 pages and including 182 market data tables) that stretches its reach across an ambitious range of subject areas and potential applications, but the short story is that the practice of using predictive analytics — or the extraction of meaningful information from data sets for estimating future probabilities — is on the rise.
The report declares that the predictive analytics market will grow from its current size of US$1.70 billion to $5.24 billion in 2018 at a compound annual growth rate of 25.2 percent. North America is expected to be the biggest market in terms of revenue contribution.
The surge is thanks to professional organizations’ transitions from traditional BI techniques to analytical approaches that are considerably more sophisticated. The development throws wide fresh opportunities for big players and smart new startups alike.
But the growth curve could be even more dramatic, say the executives who’ve analyzed the report’s results. It’s hampered by a serious lack of awareness about the stuff among the corporate population. On top of that, the time commitment required to learn this new approach and implement it into a company’s existing business process limits predictive analytics’ potential.
Still, the widespread conviction on the subject is that predictive analytics is primed for a phenomenal future.