The rise of big data and the focus on data that is more voluminous, which comes in more varieties and arrives more quickly, have led to the growth of the cloud-based predictive analytics platform market. For the Cloud-based Predictive Analytics Platform Market the shift was seen when the focus of many companies changed from buying and installing on-premise hardware to buying cloud-based services, and expanding to new cloud-based predictive analytics platforms, has been the recent trend, globally, for the IT solutions market. This has not only led to the growth of the predictive analytics market but also the growth of the cloud-based predictive analytics platform market.
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Predictive analytics, the major market of which cloud-based predictive analytics platform market is a part, is used for making mathematical models - algorithms which could be used for making predictions - by applying a wide variety of mathematical techniques to historical data. When the two approaches of predictive analytics and cloud come together, it leads to the formation of a cloud-based predictive analytics platform. The cloud-based predictive analytics platform allows predictive analytics to be more scalable, more pervasive, and easier to deploy. A cloud-based predictive analytics platform uses the advantages of the cloud to improve the ROI and time to market of the most advanced analytics.
Cloud-based Predictive Analytics Platform Market: Drivers and Challenges
One of the drivers for the cloud-based predictive analytics platform market is the reduced cost. This has made great impact on cloud-based predictive analytics platform market and has been a critical driver for cloud-based predictive analytics platform market. Also, the increasing demand for fetching insights from unstructured data like call center transcripts, email messages, social media content, and social networking site has led to the growth of the cloud-based predictive analytics platform market.
The factor which has been the major restraint for the cloud-based predictive analytics platform market is the skill gap which prevails in the market, and the requirement to draw insights from the data. Also, issues with privacy and ownership of data is another restraint for the cloud-based predictive analytics platform market.
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Cloud-based Predictive Analytics Platform Market: Market Participants
Examples of some of the market participants in the global cloud-based predictive analytics platform market identified across the value chain include GoodData Corporation, International Business Machines (IBM) Corporation, Angoss Software Corporation, Dataiku, Fair Isaac Corporation (FICO), Microsoft Corporation, NTT DATA Corporation, Oracle Corporation, Alteryx, Inc., Domino Data lab, SAP SE, AgilOne, SAS Institute, Inc, Tableau Software, Inc., TIBCO Software, Inc., Exago, Inc., Teradata Corporation, and others of cloud-based predictive analytics platform market.
Cloud-based Predictive Analytics Platform Market: Regional Overview
On the basis of geography, the global cloud-based predictive analytics platform market can be segmented into North America, Latin America, Europe, CIS & Russia, Asia Pacific excluding Japan, Japan, and the Middle East & Africa. Among all these regions, North America is expected to hold a major market share of the global cloud-based predictive analytics platform market during the forecast period, due to the presence of a large number of new and established players in the region for cloud-based predictive analytics platforms, and also due to the increased focus on innovating the existing platforms in the region regarding the cloud-based predictive analytics platform market. Asia Pacific excluding Japan cloud-based predictive analytics platform market is expected to be fastest-growing during the forecast period, due to increased technology spending in countries such as India and Greater China for cloud-based predictive analytics platforms, and the booming demand for cost-effective advanced analytical platforms in the Asia Pacific excluding Japan cloud-based predictive analytics platform market.
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