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Advanced Predictive Analytics Software Market Size to Surge at the CAGR of 8.6% throughout the Foreseeable Period

10-24-2017 09:32 AM CET | IT, New Media & Software

Press release from: Persistence Market Research

/ PR Agency: Persistence Market Research
Advanced Predictive Analytics Software Market Size to Surge

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.

The global advanced and predictive analytics software market was valued at US$ 2,422.9 Mn in 2014 and is expected to expand 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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According to a new market report published by Persistence Market Research “Global Market Study on Advanced and Predictive Analytics (APA) Software: Impelled By Deployment of Big Data Repositories,” the global Advanced and Predictive Analytics (APA) software market was valued at US$ 2,422.9 Mn in 2014 and is expected to expand at a CAGR of 8.6% from 2015 to 2020. The growth of the Advanced and Predictive Analytics (APA) software market is primarily driven by the implementation of Big Data repositories, such as NewSQL, NoSQL, Hadoop databases and other platforms, to enhance the ability of computing data and business value from APA. Additionally, the shift in preference of business analysts towards becoming data scientists is also contributing in boosting the growth of the global Advanced and Predictive Analytics software market.

Advanced and Predictive Analytics (APA) software is mainly used to discover relationships in data and make predictions that are not apparent, hidden or too complex to be extracted using query, reporting and multidimensional analysis software. The market is currently witnessing the advent of different APA software with few using its own programming language and algorithms for building models, and rest including scoring engines and model management features that can execute models built using proprietary or open source modelling languages. The future outlook of the global Advanced and Predictive Analytics (APA) software market is characterized by cloud analytics, real-time analytics, persuasion modelling and ensemble modelling.

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On the basis of end-users, the Advanced and Predictive Analytics (APA) software market is segmented into banking and financial service, 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. Among these, BFSI and retail are the most dominant sectors and are expected to continue the adoption of APA software during the forecast period. Additionally, with increasing data from multiple sources, other sectors, including manufacturing, education and healthcare, are also expected to witness traction in the adoption of the APA software in the near future. Rise in adoption of APA software in these sectors is attributed to the advantages it offers, such as loading and analysis of massive amounts of data in real time to accelerate ad hoc queries and reports, detecting fraud, remaining compliant and developing models to reduce cost & improve service quality.

This report also covers trends driving each market segment and offers analysis and insights on the potential of the Advanced and Predictive Analytics (APA) software market in some of the key regions, including North America, Latin America, Eastern Europe, Western Europe, Asia-Pacific (excluding Japan), Japan and the Middle East & Africa. Among these regions, the North America market was valued at US$ 1,121.3 Mn, in 2014, thereby accounting for the significant revenue share of the market, owing to the wide adoption of business intelligence solutions across diverse application segments in the region.

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To support companies in overcoming complex business challenges, we follow a multi-disciplinary approach. At PMR, we unite various data streams from multi-dimensional sources. By deploying real-time data collection, big data, and customer experience analytics, we deliver business intelligence for organizations of all sizes.

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