Big Data as a Service Market Report 2022-2027, Industry Share, Size, Growth, Trends and Opportunities
Big Data as a Service Market Report 2022-2027, Industry Share, Size, Growth, Trends and Opportunities
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According to IMARC Group’s latest report, titled “Predictive Analytics Market Size: Global Industry Trends, Share, Growth, Opportunity and Forecast 2021-2026”, the global predictive analytics market reached a strong growth in 2020. Predictive analytics is the branch of advanced analytics that uses data mining, statistical algorithms, artificial intelligence, Big Data, and machine learning techniques to predict future outcomes. Predictive analytics offers various advantages, such as detecting fraud by improving pattern detection, preventing criminal behavior, and optimizing marketing campaigns by determining customer responses and purchases. It also improves operations and reduces risks by assessing the buyer’s likelihood of default for purchases.
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The global predictive analytics market is primarily driven by the growing adoption of integrated and connected technology. This has provided a platform for predictive analytics solutions to vendors to capitalize on the evolution of the internet. Besides this, several organizations opt for predictive analytics to acquire accurate insights, which will help them boost their financial performance and credibility. In addition to this, several regulatory authorities, such as BFSI, extensively invest in Big Data to undergo digital transformation that will improve customer experience and deal with changing customer behavior. These factors are expected to fuel the market growth in the coming years. Looking forward, the global predictive analytics market is expected to grow at a CAGR of 24.5% during the forecast period (2021-2026).
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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