Portland, June 11, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global predictive analytics in banking market generated $1.20 billion in 2018, and is estimated to reach $5.43 billion by 2026, registering a CAGR of 20.8% from 2019 to 2026. The report offers an extensive analysis of changing market dynamics, key winning strategies, top player positioning, major segments, and competitive scenario.

Availability of billions of IoT-based devices worldwide, surge in fraudulent activities including money laundering, accounting, and payment card fraud, and ability to predict incoming and outgoing flow of payments drive the growth of the global predictive analytics in banking market. However, concerns related to implementation and integration in banks and financial institutions hinder the market growth. On the other hand, surge in demand from developing economies and implementation of artificial intelligence (AI) in mobile banking apps create new opportunities in the coming years.

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Covid-19 scenario:

  • During the coronavirus outbreak, the demand for predictive analytics has been increased in banking sector across the globe to determine financial uncertainty and measures to be taken to deal with the economic turbulence.
  • Moreover, hackers have become more active than before and the rate of cyber-crimes has been increased. Predictive analytics in banking sector play a crucial rate in detecting and eliminating potential threats.

The report offers a detailed segmentation of the global predictive analytics in banking market based on component, deployment model, organization size, application, and region.

Based on component, the solution segment contributed to the largest share in 2018, accounting for nearly three-fourths of the total share, and is estimated to maintain its dominant position during the forecast period. However, the service segment is expected to register the highest CAGR of 23.3% from 2019 to 2026.

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Based on deployment model, the on-premise segment accounted for the largest share in 2018, holding nearly three-fifths of the total share, and is expected to maintain the largest share throughout the forecast period. However, the cloud segment is estimated to portray the highest CAGR of 22.6% during the forecast period.

Based on region, North America contributed the highest share, accounting for nearly two-fifths of the total market share in 2018, and will maintain its dominance throughout the forecast period. However, Asia-Pacific is expected to grow at the highest CAGR of 23.5% from 2019 to 2026.

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Leading market players analyzed in the research include Alteryx Inc, SAP SE, Fair Isaac Corporation, SAS Institute Inc., IBM Corporation, Tableau Software Inc., Microsoft corporation, Teradata Corporation, Oracle Corporation, and TIBCO Software Inc.

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