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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The global advanced and predictive analytics software market is segmented on the basis of end-users 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. BFSI, manufacturing, logistics, retail, and government sectors are witnessing high adoption rate for APA software, mainly to analyse and take informed decisions in real time with unparalleled efficiency, performance and scalability. For instance, BFSI sector is leveraging advanced and predictive analytics to extract insights from a number of disparate sources such as transactions, customer accounts and service information, location data and market feeds. Apart from these popular segments, the APA software market is also gaining traction in niche sectors including education and healthcare. Growth in these sectors is expected to be driven by the advantages offered by APA software such as loading and analysis of massive amounts of data in real time to accelerate ad-hoc queries and reports, detecting fraud, remaining compliant, developing models to reduce cost and improve service quality.
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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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