Predictive analytics refers to the use of statistical tools and machine-learning algorithms to identify past occurrences, understand present outcomes and predict future consequences. Predictive analytics helps in detecting frauds, optimizing marketing campaigns, improving present operations, and reducing future risk. Predictive analytics refers historical and present data to forecast future activities, behavior, and trends. Predictive analytics model capable of processing historical and present data combines multiple variables and uses logistic regressions, decision trees, and time-series analysis. Use of predictive analytics has prominently grown alongside the emergence of big data systems.
According to Publisher, the global predictive analytics market to grow from USD 3426.75 million in 2016 to USD 12577.92 million by 2023, at a CAGR of 20.41%. The year 2016 has been considered as the base year, while the forecast period is up-to 2023.
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Market Dynamics:
- Drivers
- Fact-based decision making and predicting uncertainties or behavior
- The advantage of cloud-based services
- Predicting trends, customer behavior, and improving business performance
- Minimizing risk, identifying fraud and pursuing new revenue opportunities
- Restraints
- Skill gap required to draw insight from data
- Issues with privacy and ownership of data
- Opportunities
- (Modeling as a service) a tool to cut down good and bad data from unstructured data
- Challenges
- Analytics automation supporting omnichannel environment
- Difficulty in combining cross-sectional data from multiple sources
- Difficulty in combining cross-sectional data from multiple sources
Product Usability Profiles:
The predictive analytics market research report provides the product usability profiles and analyze the features & pricing, informant reviews of the following product:
- Alteryx Predictive Analytics
- IBM SPSS Modeler
- IBM SPSS Statistics
- Matlab
- MicroStrategy Analytics Enterprise
- Oracle Advanced Analytics
- RapidMiner Studio
- SAP Predictive Analytics
- SAS Advanced Analytics
- Tableau Embedded Analytics
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Report Highlights:
The report provides deep insights on demand forecasts, market trends and micro and macro indicators. In addition, this report provides insights on the factors that are driving and restraining the demand of predictive analytics market. Moreover, the study highlights current market trends and provides forecast. We also have highlighted future trends in the predictive analytics market that will impact the demand during the forecast period. Moreover, the competitive analysis of predictive analytics market brings an insight on the product usability profiles of the leading players. Additionally, the analysis highlights features & pricing, informant reviews of the key products in the market.
Reasons to Buy:
The predictive analytics market research study reveals hidden insights and dynamic, which in turn helps the players in the ecosystem take better strategic decisions. The firms looking for purchasing the global predictive analytics market research report could look for following prospects on their way to better understand the market that can aid further decision making and possibly identify the best opportunities to exploit.
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- Evaluate the qualitative and quantitative aspects of the report and analyze the predictive analytics market penetration with respect to industries and geographies.
- Evaluate the key vendors in the predictive analytics market in terms of products satisfaction and business strategy. This helps identify consumer preferences and understand its current position in 360iResearch FPNV Positioning Matrix.
- Evaluates the key vendors and deeply analyze competitive landscape, revenue pockets, market trends, growth prospects, pain points, drivers, restraints, challenges and opportunities of the predictive analytics market.
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