The global advanced and predictive analytics tools market size is poised to grow by USD 1.94 billion during 2019-2023, according to a new report by Technavio, progressing at a CAGR of over 9% during the forecast period.

The market is driven by the increasing use of advanced and predictive analytics for fraud detection. Also, the increase in the use of IoT and the need for real-time data analytics is anticipated to further boost the growth of the advanced and predictive analytics tools market.

The number of fraudulent cases is increasing rapidly, owing to an increase in the number of transactions and the advent of big data. In addition to operational inefficiency, fraud can lead to massive revenue loss. Thus, the use of analytical tools is increasing, as they help in enhancing fraud detection capabilities. The implementation of advanced and predictive analytics helps in the identification of actual and expected fraud within an organization. Thus, the increasing use of advanced and predictive analytics will drive market growth during the forecast period.

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Major Five Advanced and Predictive Analytics Tools Companies:

Alteryx Inc.

Alteryx Inc. has business operations under various categories, namely Alteryx designer, Alteryx server, Alteryx connect, Alteryx promote, and Alteryx data sets. Alteryx designer offers predictive analytics tools for regression analysis, ARIMA modeling, neural networks, decision trees, and time series modeling, to provide intelligence in areas such as sales and consumer trends or product and inventory forecasts.

CGI Inc.

CGI Inc. provides application development, integration and maintenance, technology infrastructure management, and business process services. The company offers advanced analytics to navigate and manage data with the use of cognitive systems and AI.

Fair Isaac Corp.

Fair Isaac Corp. offers analytics and decision management software tools that clients can use to create their own custom decision management applications and FICO decision management suite. The company’s FICO Analytic Modeler Scorecard Professional offers advanced analytics to develop transparent models that align with business expectations, meet regulatory requirements, and ease the audit process.

IBM Corp.

IBM Corp. provides the portfolio of enterprise AI, analytics and data management platforms. It also offers cloud data services, talent management solutions, and customized solutions by industry. IBM SPSS Software offers predictive analytics with capabilities spanning ad-hoc statistical analysis, predictive modeling, data mining, text analytics, optimization, real-time scoring, and ML.

Microsoft Corp.

Microsoft Corp. operates business under three segments, which include productivity and business processes, intelligent cloud, and more personal computing. The company’s Machine Learning Studio offers interactive data exploration and visualization, training ML models, and real-time predictive processing.

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Advanced and Predictive Analytics Tools Deployment Outlook (Revenue, USD Million, 2019 - 2023)

• Cloud
• On-premise

Advanced and Predictive Analytics Tools Regional Outlook (Revenue, USD Million, 2019 - 2023)

• North America
• Europe
• APAC
• South America
• MEA

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
www.technavio.com