Predictive analytics has been helping the C-suite in various organizations to use existing data and identify trends for accurate financial planning, demand forecasting and budget related decision making. Organizations operating in the predictive analytics market have been developing solutions catering to various domains of an industry. SAP SE, a German multinational software corporation is one of the major contributors. SAP’s Predictive Analysis Tool has recently integrated SAP HANA, which offers number of possibilities by using complex and heavy algorithms. It assists in cash flow management by forecasting cash requirements to avoid liquidity crisis and improve receivables management. Further, it can be leveraged to detect financial risks by establishing baseline criteria to identify outliers before company’s overall performance is damaged.
A conscious use of predictive analytics reduces a variety of costs, by detecting the possibilities of underperformance. On a similar line, the technology assists in building performance reports. These financial reports incorporate a variety of data before predicting the final facts and figures, which aid in deriving actionable insights. Multiple firms from predictive analytics market are undertaking innovations to upgrade the use of technology, in the sphere of finance across different industry verticals. A leading retail bank, implemented Datameer’s predictive analysis to efficiently analyze attributes and terabytes of data within a significantly short span of time. The predictive analysis of data from multiple sources for over 300 attributes, which encompassed sub-prime loans data, acquired wealth management data, and data from legacy retail banking systems among others, was discreetly carried out using the solution. Furthermore, the technology aided in ensuring the quality of the data and in timely reporting of risk profiles to investors and regulatory agencies. Predictive analytics, thus is largely contributing towards ease of scrutinizing petabytes of data generated to draw effective strategical conclusions.
“Spending on predictive analytics – How helpful? Predictive analytics market providers are optimistically affecting FinTech sector. Established financial companies like Payoneer and PayPal are integrating predictive analytics in their business models, which have helped these firms to identify potential fraudsters. The technology has taken a fundamental position in the domain. Furthermore, predictive analytics also highlights immense capability to be integrated across other major business activities.”
The detailed research study provides qualitative and quantitative analysis of the global predictive analytics market. The predictive analytics market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further, across all the major countries. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East, Africa, and Latin America.
Global Predictive Analytics Market Revenue (US$ Million), 2018
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