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What is Data Science and Predictive Analytics ?

 


According to this latest study, the growth in the Data Science and Predictive Analytics market will change significantly from the previous year. Over the next six years, Data Science and Predictive Analytics will register a CAGR in terms of revenue, and the global market size will reach USD in millions by 2028.

Market Overview:

Over the forecast period, from 2022 to 2028, it is predicted that the global market for data science and predictive analytics would have a high CAGR. According to application, the market is divided into financial risk analysis, marketing & sales analysis, customer analysis, supply chain analytics, and others. Of these, marketing & sales analysis is anticipated to grow significantly over the forecast period. The segment's expansion can be attributable to firms putting more emphasis on forecasting market sales trends. It is expected that the need for professional perspective in marketing and sales will accelerate the segment's growth.

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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

Market Dynamics and Factors:

Cost-effectiveness

The process of obtaining data, processing it using these tools, and then making predictions is cost-effective. Data scientists, for instance, utilize mathematical models to find patterns in data. The relevance of the data set determines the accuracy of these patterns (i.e., the quality of the information). The more relevant and accurate this data, the better results are obtained from predictive analytics — and with that accuracy comes more targeted production (cost-effectiveness) thus, driving the growth of the data science and predictive analytics market in the projected timespan.

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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.

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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.   

 

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