The advanced and predictive analysis market has surpassed $2.5 billion a year, according to a report by Persistence Market Research, which says the sector will grow at almost 10 per cent every year to the end of the decade.
The growth is driven by the perceived superiority of predictive and real-time analytics offers over time-delayed data, says the study.
Specific advantages include loading and analysis of massive amounts of data in real time to accelerate ad hoc queries and reports, detecting fraud, remaining compliant and developing models to reduce cost and improve service quality.
Persistence adds that the predictive analytics software market is “characterized by cloud analytics, real-time analytics, persuasion modelling and ensemble modelling”.
Among the key companies in the sector which Persistence mentions are IBM, SAS, Microsoft, SAP, Tableau, Information Builders, Fair Isaac, Teradata, Oracle, Acxiom, and Tibco.
Deloitte saving time
Deloitte is another company which has launched an advanced analytics solution – for supply chain organisations.
The company says its platform transforms data into real-time predictive insights.
Sam Pearson, principal, Deloitte Consulting, says: “Our analytics solutions’ predictive and visual capabilities provide another set of ‘eyes’ to monitor the supply chain process.
“They can also anticipate problems before they occur, and serve up the insights needed to help ensure supply chain managers have a more adaptive supply chain for improved outcomes.”
In any event
Meanwhile, Unicom has organised an event in London for December 6th which will look at Data Science: Predictive and Real-Time Analytics.
Unicom says the conference takes a closer look at the areas of real-time analytics and predictive analytics and sets out to show how they are crucial for business and how they can help achieve business goals.
Among the topics to covered are:
- Innovations and business applications with real-time analytics
- Predictive analytics: Scope and business applications
- Unstructured/structured big data
- Tools and applications which exploit data and machine learning
- Culture and organisational changes triggered by data science
- Real life case studies
Analytics in general and data science in particular have seen a phenomenal growth in the last few years,” says Unicom on its website. “With continuous advances in technology and the multifaceted use of the Internet and social media, organisations have access to massive volumes of internal and external data sets.
“In order to compete in a dynamic and evolving market the management analysts in these organisations have a requirement to ‘make sense’ out of these large unstructured data.”
As well as the Predictive and Real-Time Analytics conference, Unicom is also holding the DevOps Summit & Implementing Microservices. The two events will be held simultaneously, on the same day, and colocated – that is, at the same venue.