From manufacturers seeking ways to gain better insights into streamlining production, enhancing product quality, and reducing time-to-market, to financial services firms looking to upsell clients, advanced and predictive analytics has now emerged as an essential component for any business wanting to stay competitive. Analytics and insights are indispensable for modern businesses that seek sustainable growth, since they deliver elemental information about the dynamics of the prevailing competition in the market. The increasing demand for services providing insights relating to future business prospects is leading to proliferation of industry projections and forecasts, each providing a distinct perspective of future growth opportunities.
Techniques Used for Advanced and Predictive Analytics
Advanced and predictive analytics (APA) software comprises statistical, data mining, text analytics, and forecasting software. It uses a myriad techniques to create, examine, and implement statistical models. Some of the most widely used techniques include categorical data analysis, regression, survival analysis, multivariate analysis, cluster analysis, and psychometric analysis. This software typically interacts with the user’s data, using dynamic graphs and charts to analyze the relationships between segments.
APA Software Helps Conduct Granular Data Analysis, which Boosts Global APA Market
In its latest report, Persistence Market Research pegs the value of the global APA software market at US$2.4 bn in 2014. Rising at a CAGR of 8.60% between 2015 and 2020, the market is anticipated to exhibit a significant rise in demand. The ability of APA software to conduct granular data analysis and provide deeper insights pertaining to prevailing market dynamics is the primary factor fuelling demand from the global APA software market.
Implementation of data repositories such as NewSQL, Hadoop databases, NoSQL, and other platforms improves the ability of an organization to compute data and business value from APA. This further boosts the global market for advanced and predictive analysis software. The market is also gaining traction from the expansion of data usage in science. With an increasing number of business analysts showing interest in becoming data scientists, the adoption of advanced and predictive analytics software is expected to significantly increase around the world across a multitude of industries.
Increasing Applications across Industries Boosting Demand from Global APA Software Market
According to recently conducted market studies, financial services, telecommunications, retail, and higher education are at the forefront of industries planning to adopt APA solutions. Some of the most common uses of APA software include fraud and churn analysis in financial services and telecommunication industries. The retail industry, on the other hand, uses advanced and predictive analytics software in logistics and customer analytics.
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Other industries where APA finds wide-scale application include government, insurance, public utilities and administrations, IT, telecom, transportation, healthcare, pharmaceuticals, media and entertainment, construction and engineering, sports and tourism, and energy. The increasing application across industries is significantly fuelling the demand from advanced and predictive analytics software market. Regionally, the global APA software market can be segmented into North America, Asia Pacific (excluding Japan), Latin America, Eastern Europe, Western Europe, the Middle East and Africa, and Japan.