Global Predictive Analytics Market 2018-2022
About this market
Proliferation of advanced technologies, AI, and IoT to drive growth in the market. Increased acceptance of innovations and technological advances, such as AI, ML, blockchain, cloud computing, advanced analytics, big data, IoT, automated vehicles, as well as augmented and virtual reality, is expected to pave way for the adoption of predictive analytics throughout enterprises and industries. Technavio’s analysts have predicted that the predictive analytics market will register a CAGR of close to 23% by 2022.
Growing demand for detection of fraud and scam
One of the major drivers for the global predictive analytics market is the increasing demand for fraud detection in the modern threat-enhanced environment. In the modern world that is increasingly social and mobile, security threats are becoming momentous. The level of sophistication in frauds and scams has increased with technological advances and ever-increasing technological maturity of fraudsters. Due to the grave consequences of such threats, there is a rise in the concerns about data security and privacy, which drives the market for predictive analytics.
Lack of expertise and technical knowledge
The lack of skilled labor and niche skillsets in the management and operation of predictive analytics is a constant challenge for enterprises.
For the detailed list of factors that will drive and challenge the growth of the predictive analytics market during the 2018-2022, view our report.
The market appears to be fragmented and with the presence of several companies including Oracle and SAP the competitive environment is quite intense. Factors such as the proliferation of advanced technologies, AI, and IoT and the growing demand for detection of fraud and scam, will provide considerable growth opportunities to predictive analytics manufactures. HPE, IBM, Microsoft, Oracle, and SAP are some of the major companies covered in this report.
Technavio Announces the Publication of its Research Report – Global Predictive Analytics Market 2018-2022
Technavio recognizes the following companies as the key players in the global predictive analytics market: HPE, IBM, Microsoft, Oracle, and SAP.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the proliferation of advanced technologies, AI, and IoT.”
According to the report, one of the major drivers for this market is the growing demand for detection of fraud and scam.
Further, the report states that one of the major factors hindering the growth of this market is the lack of expertise and technical knowledge.
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