The predictive analytics market in Europe is driven by several reasons. The companies need different techniques to extract relevant information from the unstructured data. Furthermore, the ever changing dynamic competition has forced businesses to look for newer levers of differentiation. In the competitive world, companies majorly focus on customer satisfaction, and to do so they adopt new technologies. Predictive analytics is one of those technologies and works as new levers of differentiator. Another advantage of predictive analytics is that it can be deployed on cloud, therefore infrastructure and hardware set up is not required. This is a very economical move as it saves the costs related to installation as well as maintenance.
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However, there are some restraints also. Predictive analytics requires complex algorithms which are continuously tested and tried. The most suitable algorithm is then implemented, which requires time. Also, until and unless the company has major share of market, it faces a lot of issues in getting investors. But, the companies providing predictive analytics services are in the process of continual improvisation and they are finding solutions for that.
Predictive analytics has a wide utilization in different verticals. There is always a requirement of reduction in losses due to frauds and risks in BFSI and retail. Also, the transportation and logistics requires real-time update about the movement of vehicles and shipment. Apart from that, consumer goods & retail industry has to manage the workforce and understand the consumer behaviour pattern. Manufacturing requires optimum space planning and communications and information technology requires smartness in applications and devices. Predictive analytics provide solutions for all the verticals.
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The predictive analytics market is segmented into various applications. These applications include customer analytics, marketing analytics, risk analytics, fraud analytics, network analytics, operations & workforce management. Others include applications such as weather forecasting, transit analytics and public safety. The major companies providing such applications in Europe include IBM, SAP, SAS, Teradata, MicroStrategy, and Oracle.
