There is growing belief that businesses are set to spend huge amounts of money on predictive analytics. While in 2021, the global market for corporate predictive analytics was worth $10 billion, it is forecast to balloon to $28 billion by 2026.
At this relatively early stage of adoption, many businesses are suffering from tough problems. Research shows nine in 10 businesses are not fully confident in their ability to make future-ready decisions around what they sell, with particular worries around understanding customer behaviour trends. Many lack the necessary quality of data, or the financial resources and internal talent to speedily turn that data into reliable, relevant insights. We frequently hear how they struggle with heavy manual efforts in writing and updating algorithms.
