Growing Popularity of Advanced Predictive Analytics Software in Financial Forecasting and Assistance in Routine Tasks: Fact. MR Report
Growing Popularity of Advanced Predictive Analytics Software in Financial Forecasting and Assistance in Routine Tasks: Fact. MR Report
According to the newly published report by Fact.MR, a market research and competitive intelligence provider, the global advanced predictive analytics software market is estimated to reach US$ 10.51 billion in 2024 and escalate at a CAGR of 19.2% between 2024 and 2034.
Due to its wide range of applications in several sectors, powerful predictive analytics software is experiencing a sharp increase in demand worldwide. This innovative technology is transforming decision-making in several industries, including manufacturing, retail, healthcare, and finance. It does this by using big data and machine learning algorithms to predict future trends and outcomes.
More businesses are realizing the importance of predictive analytics in getting a competitive edge in risk mitigation, operational optimization, and opportunity identification. It is utilized in finance for investment strategies and fraud detection. It is used by healthcare professionals to forecast patient outcomes and enhance treatment regimens. Retailers use it for targeted marketing campaigns and inventory control.
In an increasingly data-driven environment, the software's capacity to handle massive volumes of data and produce insightful analysis is proving to be vital. Predictive analytics is becoming more necessary as organizations try to manage intricate and quickly evolving situations. Artificial intelligence developments and the increasing accessibility of large data are driving this trend further and broadening the range of possible uses for software.
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Key Takeaways from the Market Study:
“Fraud detection in banking and insurance is helping banks to save millions and giving value to the customers with the use of advanced predictive analytics software,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Advanced Predictive Analytics Software Market:
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.
Deep Learning and Machine Learning Changing Market Condition for Advanced Predictive Analytics Software:
Integration of deep learning neural networks makes it possible for the program to find intricate patterns in unstructured input, such as text, audio, and photos. This has made new applications possible in domains, including natural language processing and medical imaging diagnostics. The creation of explainable AI models, which solve the "black box" problem with certain earlier prediction algorithms, is another innovation.
Transparency is essential for banking and healthcare sectors as they need to adhere to stringent regulations. Integration of edge computing improves data privacy and reduces latency by enabling quicker on-device analytics. The development of automated machine learning (AutoML) systems has made predictive analytics more accessible by allowing non-experts to create complex predictive models. The software's value proposition and applicability are expanded by these advancements, which is accelerating its global acceptance.
Advanced Predictive Analytics Software Market News:
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the advanced predictive analytics software market for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on end user (banking & finance services, insurance, government, public administration & utilities, pharmaceuticals, telecom & IT predictive, retail, transportation & logistics, healthcare, manufacturing, media & entertainment, energy, engineering & construction, tourism, sports), across seven major regions of the world (North America, Latin America, Eastern Europe, Western Europe, East Asia, South Asia & Pacific, and MEA).
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Predictive analytics is a technology that uses statistical algorithms and machine learning techniques to identify the likelihood of future outcomes based on historical data.
CAGR stands for Compound Annual Growth Rate, which represents the mean annual growth rate of an investment over a specified time period longer than one year.
Big data refers to extremely large data sets that can be analyzed computationally to reveal patterns, trends, and associations, especially relating to human behavior and interactions.
Machine learning is a subset of artificial intelligence that enables systems to learn from data, identify patterns, and make decisions with minimal human intervention.
Fraud detection is the process of identifying and preventing fraudulent activities, often using advanced analytics and algorithms to analyze transaction patterns.
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