(MENAFN- Ameliorate Digital Consultancy)
The advanced and predictive analytics software market is expected to reach US$ 7 billion in 2021, growing at a remarkable CAGR of 21% through the end of the decade, according to an updated analysis from Persistence Market Research.
The adoption of Big Data repositories, including NewSQL, NoSQL, Hadoop databases, and other platforms, to improve the capability of computing data and business value from APA, is the main factor driving the growth of the APA software market. The choice of business analysts to become data scientists is also helping the expansion of the global market for advanced and predictive analytics software.
In order to find links in data and create predictions that are not obvious, buried, or too complex to be retrieved using query, reporting, and multidimensional analysis software, advanced and predictive analytics software is mostly employed.
Advanced Predictive Analytics Software Market
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Various APA software products are currently entering the market, some of which use their own algorithms and programming languages for model construction, while others include scoring engines and model management tools that can execute models created using either proprietary or open source modelling languages.
Cloud analytics, real-time analytics, persuasive modelling, and ensemble modelling are characteristics of the future outlook of the worldwide advanced and predictive analytics software market.
On the basis of end users, the market is segmented into banking and financial service, insurance, government, public administration and utilities, pharmaceuticals, telecom and IT, retail, transportation and logistics, healthcare, manufacturing, media and entertainment, energy (oil, gas and electricity), engineering and construction, tourism and sports.
Among these, BFSI and retail are the most dominant sectors and are expected to continue the adoption of advanced and predictive analytics software over the next decade. Additionally, with increasing data from multiple sources, other sectors, including manufacturing, education and healthcare, are also expected to witness traction in the adoption of the APA software in the near future.
Rise in adoption of advanced and predictive analytics software in these sectors is attributed to the advantages it offers, such as loading and analysis of massive amounts of data in real time to accelerate ad hoc queries and reports, detecting fraud, remaining compliant and developing models to reduce cost & improve service quality.
This report also covers trends driving each market segment and offers analysis and insights on the potential of the advanced and predictive analytics software market in some of the key regions, including North America, Latin America, Eastern Europe, Western Europe, Asia Pacific (excluding Japan), Japan, and the Middle East & Africa.
Among these regions, the North American market is expected to amount for 46.3% of the global share in 2021, thereby accounting for the significant revenue share of the market, owing to the wide adoption of business intelligence solutions across diverse application segments in the region.
The Asia Pacific market is expected to advance with countries such as India, China, Japan, South Korea, Singapore and Philippines driving the adoption of APA solutions in the region. The growth across these countries is primarily driven by several leading players, which are setting up their offices in this region with a view to expanding their operations.
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Also, growing Internet-based business models and application of Internet solutions in the traditional business models of enterprises is expected to create potential growth opportunities for players in the advanced and predictive analytics software market during the forecast period.
Key market players include
International Business Machines Corporation (IBM) SAS Institute Inc. Microsoft Corporation SAP AG tableau software inc . Information Builders, Inc. Fair Isaac Corporation (FICO) Teradata Corporation Acxiom Corporation Oracle Corporation TIBCO Software Inc.
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Market Segmentation
| End User | Banking and Financial Services Insurance Government, Public Administration and Utilities Pharmaceuticals Telecom and IT predictive Retail (Consumer Goods) Transportation and Logistics Healthcare Manufacturing Media and Entertainment Energy (Electricity, Oil and Gas) Engineering and Construction Tourism Sports |
| Region | North America Latin America Eastern Europe Poland Russia Rest of Eastern Europe Western Europe Germany France U.K. Spain Italy Nordic Benelux Rest of Western Europe Asia Pacific Excluding Japan (APEJ) China India ASEAN Australia and New Zealand Rest of APEJ Japan The Middle East & Africa GCC North Africa South Africa Rest of MEA |
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Persistence Market Research is a U.S.-based full-service market intelligence firm specializing in syndicated research, custom research, and consulting services. Persistence Market Research boasts market research expertise across the Healthcare, Chemicals and Materials, Technology and Media, Energy and Mining, Food and Beverages, Semiconductor and Electronics, Consumer Goods, and Shipping and Transportation industries. The company draws from its multi-disciplinary capabilities and high-pedigree team of analysts to share data that precisely corresponds to clients' business needs.
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