The global time series analysis software market is estimated to witness a significant CAGR during the forecast period. The significant rise in industrialization across the globe along with the rapid advancement in the time series analysis software is anticipated to drive the growth of the global time series analysis software market. Time series analysis is a statistical technique that deals with time-series data to perform trend analysis. This technique is used by the business head to make important decisions, such as load forecasting, business forecasting, financial forecasting, and stock market analysis, and so on. Time series analysis software facilitates its user to unwrap specific patterns in the fed data to offer specific information to perform the industry-related forecast.
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The time-series data involves a sequence of large numbers of data that is being taken at successive equally spaced points in time. Analysis of these huge numbers of data on a manual basis is a quite lengthy process and takes a long time. The use of the time series analysis software is capable of making the analysis more effective and efficient in a shorter time. The significant growth in the adoption of the Industry 4.0 revolution on a large scale is a key factor which is expected to drive the growth of the global time series analysis software market. Now, the machine learning algorithms and artificial neural networks are used for time series analysis to forecast the trend.
Furthermore, the recent developments in big data analytics, cloud computing, social networks, natural language processing (NLP) and machine learning have a significant impact on time series analysis software market. At present, the e-commerce business industry is adapting the ML-based platform in various sectors. The high use of such software in the e-commerce industry is expected to offer growth opportunities for the global time series analysis software market. Much ML-based time series an1alysis software is used by the business head to take important decisions, such as requirements of the raw materials, forecasting of sales, and others.
The high use of time series analysis is provoking its key vendors to make advancements in their offered software. For instance, in March 2020, Fujitsu Ltd., Fujitsu Laboratories Ltd., France’s research institute Inria developed an AI-based time series analysis platform, which can automatically create AI models capable of detecting anomalies in time-series data taken from IoT devices and other sources. Moreover, in June 2018, Software AG acquired Trendminer, TrendMiner, which offers an intuitive self-service analytics platform for time-series-based data. This acquisition enabled Software AG to expand its IoT portfolio through time-series data used in AI algorithms.
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Time Series Analysis Software Market Segmentation
By Types
- Cloud-based
- On-premises
By End-Use application
- Large Enterprise
- SMEs
- Education Institute
