Predictive analytics has captured the support of wide range of organizations, with a global market projected to reach approximately $10 billion by 2023. Predictive analytics helps to make predictions about future outcomes from historical data . Is is uses analytics techniques such as statistical modeling and machine learning for the purpose. With the use of advanced predictive analytics tool, any organization can forecast trends and behaviours of significant precision from past and current data.
Multiple organizations are now investing in predictive analytics tool. The technology helps adopters in fields as varied as finance, healthcare, retailing, pharmaceutical, aerospace, and many more.
In the field of aerospace it can predict the impact of specific maintenance operations on aircraft reliability, fuel use, availability and uptime.
In the field of manufacturing Predictive analytics can be used to optimize raw material deliveries based on future demands. Also the location and rate of machine failures can be detected.
Predictive analysis can also be used to optimize recommendations and product informations for customers by studying the real time behavior of the customer.
In the field of finance it can help forecast financial trends and also predict the impact of new policies and laws, in business.
The impact of weather, machine failure, regulations, etc, in the field of energy affects the service cost immensely. With predictive analysis companies can forecast the price and demand changes.
Predictive analytics tolls gives real-time insights into variety of businessess. From informations about allocation of resources to launching a marketing campaign and also stock updates, everything can be predicted with near precision by implementing predictive analytics.