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.
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.
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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.
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
The report furnishes an intricate comprehension of each segment, delivering potential estimations for principal applications and insights into emerging prospects. Every regional market is meticulously scrutinized to ascertain its potential for growth, development, and demand in the forthcoming years.
As of the end of 2022, the Predictive Analytics In Banking industry experienced notable growth in its workforce. Starting in January, employment within the Predictive Analytics In Banking sector exceeded its pre-COVID levels, resulting in an expansion of payrolls by over 15,000 employees throughout the course of the year. The global Predictive Analytics In Banking output demonstrated a remarkable increase of 5.2% during 2021, primarily attributed to a widespread economic upswing and a surge in demand for commodities. However, the momentum shifted in 2022, with the global industrial sector’s production contracting. This reversal followed a robust expansion in 2021, fueled by altered consumer spending patterns and substantial fiscal support.
Forecasts indicate that the global Predictive Analytics In Banking output is set to rise by approximately 2.9% in 2023. This projection is underpinned by the gradual recovery of production in Western Europe from its previous troughs, as well as a rebound in output across the Asia/Pacific region. Maintaining its dominant position, China, accounting for nearly 45% of the global Predictive Analytics In Banking market, remains both its largest producer and consumer. Remarkably, China’s market share has surged since 2010, when it stood at around 26%. This ascent has led to a substantial contribution to the nation’s GDP. Notably excelling as a top exporter, China leads in various sectors, including silicon, PVC, and several specific segments of the Predictive Analytics In Banking market.
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
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
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