Marketing is going through its own revolution, which is far beyond outdated strategies to analytics, and data-driven approach that delivers quantifiable results.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 Outdated business intelligence solutions are struggling to sustain in this highly competitive world.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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