6 Top Predictive Analytics Tools for 2024

neub9
By neub9
3 Min Read

The advancement of predictive analytics tools has made them exceptionally valuable and indispensable to businesses. In this article, we will feature six top predictive analytics tools for 2024. But first, let’s delve into how predictive analytics tools have evolved and examine the best practices for selecting the right tool for the job.

Predictive analytics refers to the use of data to forecast future events. Traditionally, predictive analytics was the domain of data analysts or scientists. It involved a complex process of experimentation with different data sets, hypotheses, and prototypes to develop a model that provided value. However, there have been significant improvements in the tools designed for both experts and regular business users. This makes predictive analytics much more accessible and user-friendly.

The terminology used to describe these tools has also evolved over time. Today, they are commonly referred to as data science and machine learning (ML) tools. Regardless of the terminology, these tools are used to develop various kinds of analytics and AI models used for descriptive, diagnostic, predictive, and prescriptive analytics.

Choosing the right predictive analytics tool involves identifying the enterprise, business, or functional needs of your use cases. It may be that existing tools for business intelligence, analytics, or CRM already support your needs. However, there are new data science or industry-specific tools that might offer a better set of capabilities for your industry or business area.

Advancements in predictive analytics tools have made it easier to implement and use them. Technologies such as automated ML (AutoML) reduce the expertise and time required for the development of predictive models. Additionally, there are prebuilt models, regression-based tools, and ML tools that can simplify the process for experts and business users alike.

It is essential to be aware of the difference between traditional regression-based predictive analytics tools and ML-based tools. Another significant factor to consider is who will be using these tools, whether they are hardcore analytics programmers or citizen data scientists. Understanding these aspects will help in choosing the right predictive analytics tool for your specific needs.

Here are six popular predictive analytics tools for 2024:

1. Altair AI Studio: The Altair RapidMiner platform offers predictive analytics tooling around data mining and text mining, with capabilities like data extraction, cleaning, and predictive modeling workflows.

2. H2O Driverless AI: This platform simplifies AI development and predictive analytics for both experts and citizen data scientists through automated and augmented features for feature engineering, model selection, and more.

3. IBM Watson Studio: IBM’s predictive analytics tools, integrated into Watson Studio, offer advanced capabilities for statistical analysis and predictive modeling.

This list of tools is based on input from industry experts and provides a snapshot of the top predictive analytics tools available in 2024.

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