Market Overview:
Given the vast volumes of data generated today, data
science is a crucial aspect of many industries, and it is one of the most
contested topics in IT circles. Its popularity has expanded over time, and
companies have begun to use data science techniques to grow their businesses
and boost customer satisfaction. Predictive analytics, on the other hand,
refers to the application of statistics and modeling tools to create
predictions about future outcomes and performance. Predictive analytics
examines current and past data patterns to evaluate whether they are likely to
reappear. This allows firms and investors to reallocate resources to capitalize
on predicted future events. Predictive analytics can also be utilized to boost
operational efficiencies and reduce risk. Data science and Predictive analysis have
analyzed large data possible and prediction of possible future events more
accurately thus, supporting the development of the data
science and predictive analytics market over the forecasted timeframe.
Major
Key Players for Data Science and Predictive Analytics Market:
·
Actify Data Labs (India)
·
Unioncrate (US)
·
Salesforce
·
Teradata Corporation
·
SAS Institute
·
BioSymetrics
·
Happiest Minds (India)
·
Cyclica
·
CyberLabs (Brazil)
·
RapidMiner (US)
·
Oracle
·
IBM Corporation
·
Microsoft Corporation
·
Dataiku (US)
·
SAP
·
Biofourmis (US)
·
Others
Data Science and Predictive Analytics Market Report
Highlight:
By type, the solution segment is anticipated to have
the highest share of the market over the forecasted timeframe attributed to the
advantages of predictive analytics solutions including providing
business-critical insights into what might happen in the future based on
historical data analysis, and consumer behavior insights, and fraud prevention.
By application, the financial risk analysis segment
is estimated to dominate the data analytics and predictive analytics market
during the projected period. Companies can utilize data science and predictive
analytics solutions to control and organize essential business data and
processes. Moreover, it allows for a better understanding of the potential for
performance measurement and profit sources thereby, supporting the growth of
the segment.
Key Industry Development:
In February 2022, Teradata and Microsoft announced a
partnership to integrate the Teradata Vantage data platform with Microsoft
Azure. With this partnership, businesses seeking to modernize their data
analytics workloads with security, stability, and elasticity – even on a large
scale – can utilize both firms' technology.
In December 2021, Altair announced the acquisition
of World Programming, a UK-based technology firm that specializes in data
analytics software utilized by many of the world's biggest companies, including
financial services and insurance firms. This acquisition will boost Altair's
position in a variety of industries.
Data Science and Predictive Analytics Market
Segmentation:
By Type
·
Services
·
Solution
By Application
·
Financial
Risk Analysis
·
Marketing
& Sales Analysis
·
Customer
Analysis
·
Supply
Chain Analytics
·
Others
Scope of the Report:
The report encompasses the entire analysis of market size in previous years for major segments and countries, as well as future estimates. The Data Science and Predictive Analytics Market study look deeply into the worldwide market's competitive landscape. The study also provides the names of key market players and the methods they used to gain a dominant position in the industry. It also includes useful market insights, dynamics and factors, and market analysis techniques such as PESTEL analysis, PORTER's Five Forces analysis, value chain analysis, SWOT analysis, BCG matrix, and Ansoff matrix.