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The advanced predictive analytics software market share is expected to increase by USD 9.35 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 18.36%.
This advanced predictive analytics software market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers advanced predictive analytics software market segmentations by deployment (cloud and on premise) and geography (North America, Europe, APAC, South America, and MEA). The advanced predictive analytics software market report also offers information on several market vendors, including Alteryx Inc., CGI Inc., Fair Isaac Corp., International Business Machines Corp., Microsoft Corp., Oracle Corp., SAP SE, SAS Institute Inc., The MathWorks Inc., and TIBCO Software Inc. among others.
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The use of advanced and predictive analytics in fraud detection is notably driving the advanced predictive analytics software market growth, although factors such as data privacy and regulations may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the advanced predictive analytics software industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Advanced Predictive Analytics Software Market Driver
One of the key factors driving the advanced predictive analytics software market growth is the use of advanced and predictive analytics in fraud detection. With the advent of big data and an increase in the number of transactions in almost every industry, the number of fraudulent cases is increasing rapidly. Fraud in an organization can lead to massive revenue loss, in addition to operational inefficiency. Moreover, the different types of fraudulent activities are increasing in comparison with the total number of transactions, which makes it difficult to identify a particular transaction as a fraudulent transaction. Anomaly detection and various rule-based methods have been implemented by many organizations to detect and prevent fraud. The use of predictive analytics aids in detecting and overcoming frauds, thus, helps companies and individuals protect their money. This will drive the growth of the global advanced predictive analytics software market.
Key Advanced Predictive Analytics Software Market Trend
Growing number of acquisitions and partnerships is the major trend influencing the advanced predictive analytics software market growth. To gain a competitive edge over contenders, vendors are investing in the development and provision of advanced and predictive analytics. Vendors operating in the market are forming strategic partnerships and acquiring other vendors. Market participants are opting for partnerships and acquisitions to get new clients and access new technologies that can help them improve their product portfolio. In many cases, partnerships and acquisitions help market players expand their geographic footprint to new regions. For instance, in July 2019, Larsen & Toubro Infotech Ltd. (L&T Infotech) acquired Lymbyc Solutions Pvt. Ltd., an advanced analytics company. The acquisition will help L&T Infotech in enhancing its digital and analytics offerings. The increasing number of strategic partnerships and acquisitions between vendors is expected to lead to product innovations and increase the demand for advanced and predictive analytics during the forecast period.
Key Advanced Predictive Analytics Software Market Challenge
Data privacy and regulations is one of the key challenges hindering the advanced predictive analytics software market growth. Advanced predictive analytics software's are used to analyze datasets and generate trends, patterns, and predictions associated with the data. The software require large, multiple datasets for analysis to achieve a high level of accuracy in predictions. Hence, it is imperative for enterprises to efficiently collect and maintain data from their various operations and functions for analysis through advanced predictive analytics software. Data privacy issues are a result of the software ability to make autonomous decisions and take actions aimed at success. Companies are using data anonymization techniques; they generalize the key details of a data point to prevent a data breach in regard to analytics software. These modifications are applied to data before the data is shared with enterprises. However, such sensitive data is key to predictive analytics software for generating predictions and forecasts. Thus, ensuring the privacy and anonymity of data points and large amounts of data by companies are emerging as major challenges for the global advanced predictive analytics software market.
This advanced predictive analytics software market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global advanced predictive analytics software market as a part of the global application software market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the advanced predictive analytics software market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the advanced predictive analytics software market encompasses successful business strategies deployed by the key vendors. The advanced predictive analytics software market is fragmented and the vendors are deploying growth strategies such as organic and inorganic strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The advanced predictive analytics software market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the advanced predictive analytics software market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The report has further elucidated on other innovative approaches being followed by service providers to ensure a sustainable market presence.
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45% of the market's growth will originate from North America during the forecast period. US is the key market for advanced predictive analytics software in North America. Market growth in this region will be faster than the growth of the market in Europe regions.
High adoption of cloud and big data analysis to draw business insights will facilitate the advanced predictive analytics software market growth in North America over the forecast period. In this region, data generated from industries such as telecommunication, manufacturing, retail, and energy is increasing, which is driving the demand for advanced predictive analytics software. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The spread of the COVID-19 pandemic has led to a spike in demand for advanced predictive analytics software in many North American countries such as the US, Canada, and Mexico. There was also an increased demand in 2020 for the latest information of the businesses on the basis of the impact of COVID-19 on various sectors. Hence, there will be a positive impact on the market in focus during the rest of the forecast period. However, the high demand for advanced predictive analytics software is likely to revert to normalcy after 2021 owing to the lack of increased requirements in the region due to a stable and predictable market scenario post the pandemic.
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The advanced predictive analytics software market share growth by the cloud will be significant during the forecast period. The cloud segment of the global advanced predictive analytics software market is growing at a significant pace, owing to the increasing adoption of cloud computing by enterprises globally.
Besides the above-mentioned factors, the post COVID-19 impact has brought forth a slowdown in or fast tracked the demand for the service or product. This report provides an accurate prediction of the contribution of all the segments to the growth of the advanced predictive analytics software market size and actionable market insights on post COVID-19 impact on each segment.
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Advanced Predictive Analytics Software Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2020 |
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Forecast period |
2021-2025 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 18.36% |
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Market growth 2021-2025 |
$ 9.35 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
16.92 |
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Regional analysis |
North America, Europe, APAC, South America, and MEA |
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Performing market contribution |
North America at 45% |
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Key consumer countries |
US, China, Germany, UK, and Japan |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Alteryx Inc., CGI Inc., Fair Isaac Corp., International Business Machines Corp., Microsoft Corp., Oracle Corp., SAP SE, SAS Institute Inc., The MathWorks Inc., and TIBCO Software Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Deployment
6 Customer landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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