Predictive Analytics Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast
Albany, NY -- (SBWIRE) -- 07/13/2018 -- Predictive analytics is a kind of business intelligence innovation that creates a predictive score for every client or other element of the company. Predictive analytics utilizes a kind of modelling methods and statistics, and uses business intelligence tools, data mining, and machine data, to make forecasts. The development of huge amount of unstructured or structured information and notable innovation deployment are the key factors for the predictive analytics market.
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The global predictive analytics market, is likely to expand at a CAGR of 17.8% during 2013 to 2019. The market in 2012, was valued around worth of US$2.08 billion. Information, and the management and usage of the same, are progressively becoming a ground for future opportunities. Thus, predictive analytics is one of the major advancements that firms are taking up to sustain in the market.
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Rise in Marketing Efficiency to Boost Demand in Market
The predictive analytics technology is used by various organizations as a helpful methods for lessening risks related with false claims and for increasing marketing efficiency. It is predominantly utilized by associations to build their competitive benefits and bottom line. The emergence of intelligent and simple to-utilize software, accessibility of quicker and less expensive PCs, and rising popularity of newer technologies are adding to the development of the predictive analytics market. Likewise, rise in data types, volumes, and studying of valuable information by analyzing the present data to make predictions for upcoming trends and future scope is anticipated to boost the overall market growth.
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Based on the software solution, the market is segmented into customer intelligence, data mining & management, performance management, fraud and security intelligence, and decision support systems. In data mining & management.