For years, companies have been striving to develop analytics capabilities, not just to understand past performance, but to anticipate trends and future events to improve agility. Increasingly, companies are deploying predictive analytics to make their services more efficient, develop products, find potential threats, optimize maintenance, and even save lives.
Predictive analytics apply techniques such as statistical modeling, forecasting, and machine learning to the output of descriptive and diagnostic analytics to make predictions about future outcomes.
In March, research firm Facts & Factors said the global predictive analytics market was estimated at $5.7 billion in 2019 and will reach $22.1 billion by 2026, a compound annual growth rate (CAGR) of 24.5%.
Here are four examples of how organizations are using predictive analytics today.