Global Predictive Analytics In Banking Market Status, Trends and COVID-19 Impact Report 2021, Covid 19 Outbreak Impact research report added by Report Ocean, is an in-depth analysis of market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends, and strategies for this market. It traces the market’s historic and forecast market growth by geography. It places the market within the context of the wider Predictive Analytics In Banking market, and compares it with other markets., market definition, regional market opportunity, sales and revenue by region, manufacturing cost analysis, Industrial Chain, market effect factors analysis, Digital Evidence Management market size forecast, market data & Graphs and Statistics, Tables, Bar &Pie Charts, and many more for business intelligence. Get complete Report (Including Full TOC, 100+ Tables & Figures, and Chart). – In-depth Analysis Pre & Post COVID-19 Market Outbreak Impact Analysis & Situation by Region.
The global predictive analytics in banking market size was US$ 1.9 billion in 2021. The global predictive analytics in banking market is forecast to grow to US$ 9.91 billion by 2030 by registering a compound annual growth rate (CAGR) of 20.1% during the forecast period from 2022 to 2030.
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Predictive analytics is a modern technology used in the banking industry to gain client insights. The technology is widely used to offer a more individualized and better client experience. It assists financial businesses with risk assessment, regulatory management, and customer relationship management (CRM). Predictive analytics could also be used by credit card firms to create credit lines for their clients. Apart from that, insurance firms can utilize predictive analytics to determine premium levels.
Factors Influencing the Market
There are millions of IoT devices in use worldwide, and fraud activities, including money laundering, financial fraud, and card fraud are rising notably. Additionally, property payments are anticipated in and out of business, and customers are fostering the expansion of global banking predictive analytics.
Other factors such as rising demand from developed economies and the growing usage of artificial intelligence (AI) in mobile banking applications will also contribute to the growth of predictive analytics in banking market during the forecast period.
Rising awareness among consumers related to predictive analytics in banking will also benefit the market. On the flip side, issues related to the implementation of predictive analytics in banking may limit the growth of the market during the analysis period.
COVID-19 Impact Analysis
The COVID-19 pandemic has significantly raised the need to adopt crucial practices to avoid fraud. The cases of fraud increased during the pandemic, which forced institutions to take mandatory steps. In addition, the use of IoT devices surged during the pandemic as digitalization was triggered. Thus, it was opportunistic for predictive analytics in the banking market.
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Regional Analysis
North America is forecast to dominate the predictive analytics in banking market, owing to the rising adoption of advanced technology in the region. In addition, strict regulations imposed by the government bodies will significantly raise the demand for predictive analytics in banking to boost data security. The Asia-Pacific predictive analytics in banking market will also record significant growth due to the rising awareness of the benefits of predictive analytics in banking. Apart from that, the growing number of banking institutions in the region will escalate growth prospects for this regional market during the forecast period.
Competitors in the Market
? Alteryx Inc.
? Tableau Software Inc.
? KXEN
? SAS Institute Inc.
? TIBCO Software Inc
? Microsoft corporation
? SAP SE
? Salford Systems
? IBM Corporation
? Oracle Corporation
? FICO
? Teradata Corporation
? Other Prominent Players
Market Segmentation
The global predictive analytics in banking market segmentation focuses on Component, Deployment Model, Organization Size, Application, and Region.
By Component
? Solution
? Services
By Deployment Model
? On-Premise
? Cloud
By Organization Size
? Large Enterprises
? SME’s
By Application
? Fraud Detection & Prevention
? Customer Management
? Sales & Marketing
? Workforce Management
? Others
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By Region
�?� North America
o The U.S.
o Canada
o Mexico
�?� Europe
Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
�?� Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
�?� Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
�?� South America
o Brazil
o Argentina
o Rest of South America
What is the goal of the report?
? The market report presents the estimated size of the market at the end of the forecast period. The report also examines historical and current market sizes.
? During the forecast period, the report analyzes the growth rate, market size, and market valuation.
? The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
? The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance
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