Persistence Market Research released a revised report on the global advanced and predictive analytics (APA) software market, and has projected it to be valued at US$ 7 Bn in 2021, surging at an impressive CAGR of 21% through the end of the decade.
Growth of the APA software market is primarily driven by the 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. Additionally, the shift in preference of business analysts towards becoming data scientists is also contributing in boosting the growth of the global advanced and predictive analytics software market.
Advanced and predictive analytics software is mainly used to discover relationships in data and make predictions that are not apparent, hidden or too complex to be extracted using query, reporting and multidimensional analysis software.
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The market is currently witnessing the advent of different APA software with few using its own programming language and algorithms for building models, and rest including scoring engines and model management features that can execute models built using proprietary or open source modelling languages.
The future outlook of the global advanced and predictive analytics software market is characterized by cloud analytics, real-time analytics, persuasion modelling and ensemble modelling.
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.
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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.
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, Oracle Corporation, Acxiom Corporation, and TIBCO Software Inc.
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