Availability of billions of IoT-based devices worldwide and surge in fraudulent activities including money laundering, accounting fraud etc. drive the growth of the global predictive analytics in banking market
PORTLAND, Oregon, April 15, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Predictive Analytics in Banking Market By Component (Solution and Service), Deployment Model (On-Premise and Cloud), Organization Size (Large Enterprise and SME), Application (Fraud Detection and Prevention, Customer Management, Sales and Marketing, Workforce Management and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global predictive analytics in banking market garnered $1.20 billion in 2018, and is expected to generate $5.43 billion by 2026, growing at a CAGR of 20.8% from 2019 to 2026.
Drivers, Restraints and Opportunities
Availability of billions of IoT-based devices worldwide, surge in fraudulent activities including money laundering, accounting fraud, and payment card fraud, and ability to predict incoming and outgoing flow of property payment and customers drive the growth of the global predictive analytics in banking market. However, concerns related to implementation and integration in banks and financial institutions restrain the market growth. On the other hand, surge in demand for developing economies and implementation of artificial intelligence (AI) in mobile banking apps create new opportunities in coming years.
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The On-Premise Segment to Retain Its Dominant Position throughout the Forecast Period
Based on deployment model, the on-premise segment contributed to the largest market share in 2018, holding nearly three-fifths of the global predictive analytics in banking market, and is expected to retain its dominant position throughout the forecast period. This is attributed to rapid delivery of predictive insights by lowering errors with automated techniques and quality measures. However, the cloud segment is estimated to portray the highest CAGR of 22.6% from 2019 to 2026, owing to less dependency of an organization on IT resources by adopting cloud.
The Customer Management Segment to Maintain Its Highest Share By 2026
Based on application, the customer management segment held the highest market share of the global predictive analytics in banking market, contributing to more than one-third of the total share in 2018, and is estimated to maintain its highest share by 2026. This is attributed to increase in need for customer management in the banking sector. However, the fraud detection & prevention segment is estimated to register the highest CAGR of 24.9% from 2019 to 2026, owing to rise in number of transactions in banking and financial institutions.
North America to Maintain Its Lead Status during the Forecast Period
Based on region, North America held the highest market share in terms of revenue in 2018, accounting for nearly two-fifths of the global predictive analytics in banking market, and is expected to maintain its lead status during the forecast period. This is due to stringent regulatory measures implemented by the government in North America to carry out data safety & security. However, Asia-Pacific is estimated to witness the largest CAGR of 23.5% from 2019 to 2026. This is attributed to implementations to raise the revenue of an organization and enhance decision making capabilities in the organization.
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Leading Market Players
- Alteryx Inc.
- Fair Isaac Corporation
- IBM Corporation
- Microsoft corporation
- Oracle Corporation
- SAP SE
- SAS Institute Inc.
- Tableau Software Inc.
- Teradata Corporation
- TIBCO Software Inc.
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