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There may be a lot of buzz around predictive analytics right now, but a recent report from consultancy Bluewolf shows sales teams are implementing a combination of analytics technology.
A July 2017 survey of US sales professionals revealed that predictive analytics topped the list of tools, used by 53% of respondents. These tools apply statistical models and forecasting techniques to make educated guesses about likely outcomes.
But nearly as many, 49%, invested in descriptive analytics, which mine historical data to provide insight on what’s already transpired during the customer journey. And although the technology is still fairly nascent, almost a third invested in prescriptive tools that use algorithms to suggest next moves.
According to a June 2017 survey of advertising and marketing executives in North America from GumGum, 52% of respondents used predictive analytics, thanks to the growth and maturation of artificial intelligence technology that powers predictive tools.
Overall, the predictive analytics sector is growing fairly quickly. According to a MarketsandMarkets forecast, the market is expected to hit $4.56 billion in worldwide revenues in 2017. By 2022, the firm projects that figure will reach $12.41 billion.
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