Advanced Predictive Analytics Software Market
Global Market Study on Advanced and Predictive Analytics (APA) Software: Deployment of Big Data Repositories Driving Market Expansion
Advanced and Predictive Analytics Software Market Segmented By Predictive Analytics, Advanced Analytics in Banking and Financial Services, Insurance, Government, Public Administration and Utilities, Pharmaceuticals, Telecom and IT predictive, Transportation and Logistics, Healthcare
A latest published intelligence study on the advanced and predictive analytics (APA) software market by Persistence Market Research anticipates the market to be valued at US$ 7 Bn in 2021, and surge to approximately US$ 25 Bn by the end of the decade registering a stellar CAGR of 21%.
North America dominate the global market by far with a market share of around 46% at present.
Find Out More about the Report Coverage
- International Business Machines Corporation (IBM)
- SAS Institute Inc.
- Microsoft Corporation
- SAP AG
- Tableau Software Inc.
- Information Builders, Inc.
- Fair Isaac Corporation (FICO)
- Teradata Corporation
- Acxiom Corporation
- Oracle Corporation
- TIBCO Software Inc.
Key Points Covered in Advanced and Predictive Analytics (APA) Software Industry Survey:
- Market estimates and forecast 2016-2031
- Key drivers and restraints impacting market growth
- Segment-wise, country-wise, and region-wise analysis
- Competition mapping and benchmarking
- Brand share and market share analysis
- Key product innovations and regulatory climate
- COVID-19 Impact on advanced and predictive analytics software and how to navigate
- Recommendation on key winning strategies
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Tech Trends and Innovations in Advanced and Predictive Analytics Software
With growing popularity of machine learning and artificial intelligence platform, the need to quickly analyze and create an assessment of problems has grown substantially. The fast-paced nature of technology has made everything digital and based on software.
Alteryx, a leader in analytics platforms, announced a partnership with Adobe to provide marketers access to new analytics solutions. The company aims to do so through Adobe Exchange, which will be integrated with Alteryx APA and unify data science, analytics, and process automation. This will make it easy for users to find an answer to any question from Adobe Experience Cloud applications.
Growing demand for manufacturing has also been managed by utilizing predictive analysis software, and this trend is growing at a rapid pace. New manufacturing demand will be estimated and managed by various data analytics software and tools.
As demand in various sectors changes and evolves, the need for new analytical tools and software will only increase, and rising adoption of machine learning and artificial intelligence will further push the market to be propelled in a positive direction.
Market Research Methodology - Perfected through Years of Diligence
A key factor for our unrivaled market research accuracy is our expert- and data-driven research methodologies. We combine an eclectic mix of experience, analytics, machine learning, and data science to develop research methodologies that result in a multi-dimensional, yet realistic analysis of a market.
APA software includes data mining, statistical, forecasting and text analytics software. It involves the use of a range of techniques to create, test and execute statistical models.
Some techniques that the software uses include regression, categorical data analysis, multivariate analysis, survival analysis, psychometric analysis and cluster analysis.
Cumulatively, this software interacts with user’s data quickly and intuitively, using dynamic charts and graphs to understand key relationships among various segments.
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Value Proposition and Drivers
The global advanced and predictive analytics software market is anticipated to be valued at US$ 7 Bn in 2021 and expand at an impressive CAGR of 21.1% during the forecast period.
The capability of APA software to carry out granular data analysis and provide deeper data knowledge are few of the major factors propelling the growth of this market.
Among the regions, in terms of value, North America is expected to be the largest market for APA software and is anticipated to hold 46.3% share of the total advanced and predictive analytics software market in 2021. This share can be primarily attributed to the wide adoption of business intelligence solutions across retail, IT and telecom and BFSI sectors in this region.
Moreover, various multinational companies are based in North America and utilize APA software for a variety of applications, including sales & marketing, customer & channel, operations & workforce and finance & risk.
On the basis of end user, the market is segmented as banking and financial services, insurance, government, public administration and utilities, pharmaceuticals, telecom and IT, retail, transportation and logistics, healthcare, manufacturing, media and entertainment, energy (oil, gas and electricity), engineering and construction, tourism and sports.