Global Advanced and Predictive Analytics Tools Market: About this market
advanced and predictive analytics tools market analysis considers sales from both cloud and on-premise deployments. Our analysis report also considers finds the sales of advanced and predictive analytics tools in APAC, Europe, MEA, North America, and South America. In 2018, the cloud segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as increasing adoption of cloud computing by the enterprises will play a significant role in the cloud segment to maintain its market position. Also, our global advanced and predictive analytics tools market report looks at factors such as the use of advanced and predictive analytics in fraud detection, increased adoption of advanced analytics by SMEs owing to the rise in cloud computing and rising demand for predictive analytics. However, data privacy and regulations, shortage of skilled personnel, and the availability of open-source platforms may hamper the growth of the advanced and predictive analytics tools industry over the forecast period.
Global Advanced and Predictive Analytics Tools Market: Overview
Use of advanced and predictive analytics in fraud detection
With the advent of big data and an increase in the number of transactions in almost every industry, the number of fraudulent cases is increasing rapidly. Fraud in an organization can lead to massive revenue loss. The implementation of advanced and predictive analytics helps in the identification of actual and expected fraud within an organization. It is used across industries, including insurance, banking, retail, and manufacturing. For instance, insurance companies use predictive analytics to predict the likelihood of fraud pertaining to claim to process. The adoption of predictive analytics is helping enterprises and individuals protect their money. The use of these tools in fraud detection is one of the provides information on factors driving the advanced and predictive analytics tools market at a CAGR of over 9% during the forecast period.
Increasing use of IoT and the need for real-time data analytics
loT generates a continuous stream of data through a system of interconnected devices with servers. Sensors, and networks equipped with unique identifiers. loT devices, such as sensors and devices, continuously generate data streams that are analyzed in real-time to initiate next flow transactions, workflows, and business processes. Owing to the many benefits of loT, its use in the development of connected factories and smart city initiatives is increasing. An increase in the generation of a lot T of data across every business process of enterprises has led to the use of advanced analytics for automating operations and predications. The application of advanced analytics to loT data eliminates the need for conventional scheduled maintenance and predictive maintenance. Smart cities are increasingly using predictive analytics to create a sustainable environment. Smart buildings are using analytics to predict energy fluctuations and optimize energy consumption.

For the detailed list of factors that will drive the global advanced and predictive analytics tools market during the forecast period 2019-2023, click here.

Competitive Landscape

With the presence of several major players, the global advanced and predictive analytics tools market is fragmented. robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading advanced and predictive analytics tools manufacturers, that include Alteryx Inc., CGI Inc., Fair Isaac Corp., IBM Corp., Microsoft Corp., Oracle Corp., SAP SE, SAS Institute Inc., The MathWorks Inc., and TIBCO Software Inc.
Also, the advanced and predictive analytics tools market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.