Predictive analytics is a powerful tool that uses data and machine learning algorithms to predict consumer behavior. A recent study revealed that the market generated a revenue of $13.5 billion in 2022 and is anticipated to achieve $44.3 billion by 2030, displaying a compound annual growth rate (CAGR) of 18.5 percent. Predictive analytics uses historical data, artificial intelligence (AI), and machine learning (ML) to forecast future outcomes, behavior, and trends. It is a powerful way of analyzing data, giving decision-makers the right information to make informed decisions and build better strategies to reach customers and other stakeholders. Companies now have access to vast amounts of data, but need the right tools to streamline and transform data from modeling to analytics in order to leverage predictive analytics to visualize patterns and trends and help organizations and individuals predict future outcomes.
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