- Market Research
- 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
Advanced and Predictive Analytics (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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- 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.
Value Proposition and Drivers
The global advanced and predictive analytics software market was valued at US$ 2,422.9 Mn in 2014 and expanded at a CAGR of 8.6% during the forecast period (2015–2020).
The capability of advanced and predictive analytics software to carry out granular data analysis and provide deeper data knowledge are few of the major factors propelling the growth of this market.
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Among the regions, in terms of value, North America was the largest market for APA software and held 46.3% share of the total advanced and predictive analytics software market in 2014. 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 utilise APA software for a variety of applications, including sales & marketing, customer & channel, operations & workforce and finance & risk.
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On the basis of end-users, 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.
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