2014-01-23 04:08:02 - Predictive Analytics Market: Worldwide Market Forecasts and Analysis 2013-2018 - a new market research report on companiesandmarkets.com
The global predictive analytics market is suggested to have reached a value of around $1.7 billion at the beginning of 2013, and is forecast to grow to a value of $5.24 billion by the end of 2018. This suggests a CAGR growth rate of 25.2% between 2013 and 2018.
Predictive analytics is a practice of extracting meaningful information from present as well as historical data sets. The practice determines the patterns of data and predicts the future outcomes, and trends. Basically, predictive models and analysis are used to estimate future probabilities with an acceptable level of consistency. Predictive models are used to evaluate current data and historical facts of customers, products, and partners. The analysis helps to understand the probable risks
and opportunities in a market.
Predictive analytics implements mathematical, regression modeling, statistical, neural nets, machine learning, genetic algorithms, text mining, decision trees, clustering and data exploration techniques to extract insights from historical and present data. It also helps organizations to uncover the hidden trends and patterns from big and complex data sets. It evaluates the structured as well as unstructured data such as e-mails, chat interactions, and social media interactions. Predictive analytics estimates which type of involvement will be required, where and when.
The market is growing rapidly because of the transformation from traditional Business Intelligence (BI) techniques to advanced analytics techniques. The banking and financial services sector is using predictive analytics to develop more effective methods to manage customer relationship, predict buying behavior, improve the customer loyalty and retention as well as estimate the risk involved in every banking transactions. Predictive analytics other than banking and financial has a wide portfolio of applications across insurance, healthcare, manufacturing, environment and government, consumer goods and retail, transportation and logistics, media and entertainment, sports, telecommunication and information technology (IT), energy & utilities and oil & gas verticals.
The major players include IBM, HP, SAS, TIBCO, Oracle, Microsoft, SAP, KXEN, StatSoft, Angoss Software, and FICO. These players provide predictive analytics in the form of individual components as well as suites.
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