The predictive analytics market is expected to grow significantly in the coming years. Predictive analytics is the use of statistical algorithms, machine learning techniques, and data mining to analyze historical data and make predictions about future events or trends. The increasing amount of data generated by businesses and organizations, coupled with the growing need for real-time data analysis, are some of the major factors driving the growth of the Predictive Analytics Market. The adoption of cloud-based predictive analytics solutions is also expected to boost market growth, as it allows organizations to access and analyze large volumes of data in real-time, from anywhere in the world. However, concerns around data privacy and security, and the shortage of skilled professionals in the field of data analytics, are some of the challenges faced by the market.
Leading Companies in the Predictive Analytics Industry:
1. Oracle Corporation
Oracle Corporation is a multinational technology company that was founded in 1977 and is headquartered in Redwood City, California. Oracle offers a range of predictive analytics solutions, including its Oracle Analytics Cloud platform, which provides data visualization, machine learning, and artificial intelligence capabilities. In October 2021, Oracle announced that it had added new features to its Analytics Cloud platform, including automated machine learning and natural language processing.
2. SAP SE
SAP SE is a German multinational software company that was founded in 1972 and is headquartered in Walldorf, Germany. SAP offers predictive analytics solutions through its SAP Analytics Cloud platform, which allows organizations to analyze and visualize data from multiple sources. In November 2021, SAP announced that it had expanded the capabilities of its Analytics Cloud platform with new predictive analytics features, such as automated machine learning and time series forecasting.
3. Microsoft Corporation
Microsoft Corporation is a multinational technology company that was founded in 1975 and is headquartered in Redmond, Washington. Microsoft offers predictive analytics solutions through its Azure Machine Learning platform, which allows organizations to build, deploy, and manage machine learning models. In September 2021, Microsoft announced that it had added new features to its Azure Machine Learning platform, including improved model explainability and interpretability.
4. SAS Institute, Inc.
SAS Institute, Inc. is an American multinational software company that was founded in 1976 and is headquartered in Cary, North Carolina. SAS offers a range of predictive analytics solutions, including its SAS Viya platform, which provides machine learning and artificial intelligence capabilities. In March 2022, SAS announced that it had partnered with the National Institutes of Health (NIH) to develop a predictive analytics platform for precision medicine.
5. Fair Isaac Corporation (FICO)
Fair Isaac Corporation (FICO) is an American analytics software company that was founded in 1956 and is headquartered in San Jose, California. FICO offers predictive analytics solutions through its FICO Decision Management Suite, which provides predictive modeling, optimization, and decision management capabilities. In January 2022, FICO announced that it had partnered with Infosys, a global consulting and IT services company, to develop a predictive maintenance solution for the manufacturing industry.
6. NTT Data Corporation
NTT Data Corporation is a Japanese multinational IT services company that was founded in 1967 and is headquartered in Tokyo, Japan. NTT Data offers predictive analytics solutions through its NTT Data Intelligent Data Platform, which provides data integration, processing, and analytics capabilities. In December 2021, NTT Data announced that it had acquired the predictive analytics and AI consulting firm, Eureka Technocrats, to strengthen its capabilities in these areas.
7. Tableau Software, Inc.
Tableau Software, Inc. is an American data visualization company that was founded in 2003 and is headquartered in Seattle, Washington. Tableau offers predictive analytics solutions through its Tableau Prep and Tableau Desktop platforms, which provide data preparation and analysis capabilities. In October 2021, Tableau announced that it had added new features to its platforms, including predictive modeling and forecasting.
8. Tibco Software, Inc.
Tibco Software, Inc. is an American software company that was founded in 1997 and is headquartered in Palo Alto, California. Tibco offers predictive analytics solutions through its Tibco Data Science platform, which provides machine learning and data visualization capabilities. In February 2022, Tibco announced that it had partnered with Amazon Web Services (AWS) to make its Data Science platform available on the AWS Marketplace.
9. Rapidminer, Inc.
Rapidminer, Inc. is an American software company that was founded in 2006 and is headquartered in Boston, Massachusetts. Rapidminer offers predictive analytics solutions through its Rapidminer Studio platform, which provides data preparation, modeling, and deployment capabilities. In August 2021, Rapidminer announced that it had added new features to its platform, including automated machine learning and explainable AI.
Definition- Predictive analytics is the practice of using data, statistical algorithms, and machine learning techniques to analyze historical data and make predictions about future events or behaviors.
