Advanced and Predictive Analytics (APA) software includes data mining, statistical, forecasting and text analytics software. It involves the use of a range of techniques to create, test and execute statistical models. Some techniques that the software uses include regression, categorical data analysis, multivariate analysis, survival analysis, psychometric analysis and cluster analysis. Cumulatively, this software interacts with user’s data quickly and intuitively, using dynamic charts and graphs to understand key relationships among various segments.
The global advanced and predictive analytics software market was valued at US$ 2,422.9 Mn in 2014 and is expected to expand at a CAGR of 8.6% during the forecast period (2015–2020). The capability of advanced and predictive analytics software to carry out granular data analysis and provide deeper data knowledge are few of the major factors propelling the growth of this market.
The global advanced and predictive analytics software market is segmented on the basis of end-users as banking and financial services, 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. BFSI, manufacturing, logistics, retail, and government sectors are witnessing high adoption rate for APA software, mainly to analyse and take informed decisions in real time with unparalleled efficiency, performance and scalability. For instance, BFSI sector is leveraging advanced and predictive analytics to extract insights from a number of disparate sources such as transactions, customer accounts and service information, location data and market feeds. Apart from these popular segments, the APA software market is also gaining traction in niche sectors including education and healthcare. Growth in these sectors is expected to be driven by the advantages offered by APA software such as loading and analysis of massive amounts of data in real time to accelerate ad-hoc queries and reports_bk_01_01_2020, detecting fraud, remaining compliant, developing models to reduce cost and improve service quality.
Among the regions, in terms of value, North America was the largest market for APA software and held 46.3% share of the total advanced and predictive analytics software market in 2014. This share can be primarily attributed to the wide adoption of business intelligence solutions across retail, IT and telecom and BFSI sectors in this region. Moreover, various multinational companies are based in North America and utilise APA software for a variety of applications, including sales & marketing, customer & channel, operations & workforce and finance & risk.
Advanced & predictive analytics is a group of analytic techniques, based on mathematical principles used to anticipate the future outcomes. Application of advanced & predictive analytics techniques which started its application to illustrate statistics which was used to count and quantify past occurrences, which can be crucial in a reactive and course correction manner. These advanced & predictive analytics technologies are extensively utilised in various industry verticals, including marketing, risk management, economics and healthcare. In the recent years, many new diverse business domains have shown a legitimate interest in these technologies to cultivate better decision making and improved business outcomes.
This research report on the Advanced and Predictive Analytics (APA) software market provides a detailed analysis of APA software and helps in understanding driving forces behind the popularity of these solutions across different end-user industries. This study demonstrates the market dynamics and trends in all the seven regions, which are expected to influence the current nature and future status of the Advanced and Predictive Analytics (APA) software market over the forecast period. Additionally, it covers the entire Advanced and Predictive Analytics (APA) software ecosystem, including the new technological developments as well as service offerings in the aforementioned market.
Implementation of big data repositories, such as NewSQL, NoSQL, Hadoop databases and other platforms, to enhance the ability of computing data and business value from APA, is further contributing to the growth of the Advanced and Predictive Analytics (APA) software market. Additionally, expansion in the usage of data science is also propelling the adoption of Advanced and Predictive Analytics (APA) software globally. In addition to this, the shift in an interest of business analysts towards becoming data scientist is further fuelling the adoption of the Advanced and Predictive Analytics (APA) software across various end user segments.
The Advanced and Predictive Analytics (APA) software market report include PMR’s analysis of the key trends, drivers and restraints influencing the global Advanced and Predictive Analytics (APA) software market currently. Weighted average model is leveraged to identify the impact of key growth drivers and restraints across various geographies, in order to help clients in framing accurate business strategies.
On the basis of end-users, the market is segmented as banking and financial services, 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. The report provides the detailed analysis of each end-users segment in terms of its market size (US$ Mn) with respect to the Advanced and Predictive Analytics (APA) software. Key regions assessed in this report include North America, Latin America, Eastern Europe, Western Europe, Asia-Pacific (excluding Japan), Japan and the Middle East & Africa. In addition, the report provides the detailed analysis of the key trends, absolute dollar opportunity and BPS analysis of the concerned market segments.
Key Segments Covered
Key Regions/Countries Covered
Given the ever-fluctuating global economy, the report not only forecasts the market on the basis of CAGR but also analyses the impact of key parameters on each segment during each year of the forecast period. This helps the clients to understand the predictability of the market and identify the right opportunities in the Advanced and Predictive Analytics (APA) software market during the forecast period. Also, a significant feature of this report is the analysis of all vital segments in terms of the absolute dollar opportunity. Absolute dollar opportunity is critical in assessing the level of revenue opportunity that a market participant can receive in the Advanced and Predictive Analytics (APA) software market.
In the final section of the report: the competitive landscape is included in order to provide clients with a dashboard view, based on categories of providers in the value chain of the market, their presence in the Advanced and Predictive Analytics (APA) software market and key differentiators. This section would help clients gain insights on the various participants in the ecosystem of the market. Additionally, it will help the client to identify and evaluate key competitors based on the in-depth assessment of their capabilities and success in the Advanced and Predictive Analytics (APA) software marketplace. The report provides comprehensive profiles of the providers for evaluating their long-term and short-term strategies, key offerings and recent developments in the Advanced and Predictive Analytics (APA) software space. Key competitors covered in this report 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 and TIBCO Software Inc.
In order to evaluate the Advanced and Predictive Analytics (APA) software market size, the revenue generated by the Advanced and Predictive Analytics (APA) software service providers has been taken into consideration. Moreover, the market estimates have been analysed keeping in mind different factors including technological, environmental, economic, legal and social factors. In order to provide correct market forecast statistics, the current market was sized as it forms the basis of the Advanced and Predictive Analytics (APA) software market during the forecast period. Given the characteristics of the market, we triangulated the outcome of three different types of processes, including secondary research, primary research and data from paid database. Primary research represents the bulk of our research efforts, supplemented by extensive secondary research. Secondary research includes key players’ product literature, annual reports_bk_01_01_2020, press releases, and relevant documents, recent trade journals, technical writing, Internet sources, trade associations, agencies and statistical data from government websites. This collated data from primary and secondary data sources is then analysed by the in-house research panel using market research statistical tools, which equates to the most appropriate methodology to provide quality market research report.