Marketing
is going through its own revolution, which is far beyond outdated strategies to
analytics, and data-driven approach that delivers quantifiable results. The
innovative technological implementations and emergence of massive amount of
data overflow are driving the predictive analytics market.
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The
focus of business enterprises has changed from conventional business
intelligence (BI) to predictive analysis, due to the fact that they have
understood the importance of data and its analysis for future assessment.
Outdated business intelligence solutions are struggling to sustain in this
highly competitive world. The revolution of BI to predictive analytics has
given new opportunities to the big market players, as well as the new startups
in the predictive analytics market.
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Predictive
analytics involves a variety of statistical methods ranging from data mining,
modeling, and machine learning, which are helpful in analyzing by gone and
current facts to make predictions about future, or unknown events. Predictive
analytics is an area of information mining that deals with extracting
information from data and using it to forecast trends, along with behavior
patterns. The future may accompany any unfamiliar or anonymous event, but
predictive analytics can be applied to any type of unknown stages, whether it
was past, present, or future.
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The
global predictive analytics market can be segmented on the basis of end-use
industries, which involve insurance, banking and financial services,
pharmaceutical, government, retail, transportation and logistics, public
administration and utilities, telecom and IT, manufacturing, healthcare,
tourism, engineering and construction, energy, media and entertainment, sports,
and others. By application, the market can be divided into customer and
channel, sales and marketing, operations and workforce, finance and risk. Based
on the mode of delivery, the global predictive analytics market includes
on-premises installation, and cloud based delivery. The insurance segment,
banking, and financial services dominate the global predictive analytics end
use industry market, and are anticipated to remain as the leading end-use
industries. Rising consumer-driven digital information is expected to fuel the
growth of the manufacturing and retail sectors, during the forecast period.
The
growing need for product differentiation has led to the introduction, and
adoption of new technologies, which will positively impact the overall market.
The increased establishment of small and medium sized businesses (SMBs), growth
in cloud adoption, and increasing business interest and are some of the other
opportunities, which are expected to bring a major boost to the global
predictive analytics market.
However,
scarcity of skilled labor and cost complexity of softwares used for predictive
analytics, obstruct the growth of the global predictive analytics market. A
huge opportunity lies in the development, and growth of simple and successful
user interfaces. The global predictive analytics market is defined by real-time
analytics, cloud predictive analytics, ensemble modeling, and persuasion
modeling.
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