Businesses today are generating data at an unprecedented rate. They are starting to understand the importance of analyzing this data to derive actionable information that can assist day-to-day decision making. Analytics, as this business segment is called now, has evolved from simple descriptive dashboards to complex statistical models that predict outcomes based on historical data.
Most big businesses have dedicated teams analyzing data and creating actionable reports. Small to mid-sized businesses have been slow to adopt predictive analytics because of its high cost. Context Relevant solves this problem by providing a platform that automates predictive analytics for small to midsize business that can’t afford to hire dedicated analytics teams.
Predictive analytics is a hot market today. Globally, the predictive analytics market was $2 billion in 2012 and is expected to grow at CAGR of 17.8% from 2013-2019[i]. There is huge competition from industry heavy weights like IBM, SAS, SAP, Microsoft as well as from upstarts like Tableau, Teradata and many more.
Context Relevant has started with a focus on customer intelligence, fraud and security intelligence, financial intelligence and campaign management. The company can potentially expand into decision support systems, sustainability intelligence and operations management.
Predictive analytics is a competitive market place with most vendors having similar offerings. Context Relevant is differentiating itself from the competition by promising easy accessibility and exceptional performance.