Regression analysis tool is referred to as a type of statistical tool that facilitates the accurate determination of the relationship between dependent and independent variables. This tool is predominantly used in market research to make projections and assess the trends of a particular industry. The most commonly adoption regression analysis tool are MS Excel, MATLAB, R, and SPSS.
The global Regression Analysis Tool Market is expected to amplify with a substantial CAGR of 5.7% over 2022-2030. It is expected to achieve revenues of $17293 million in 2030 from a revenue of $11098.50 million is 2022.
What are the major growth propellants and restraints of this market vertical?
The growing adoption of these tools by firms to replace lengthy and time taking sales assessment processes is primarily augmenting the outlook of this marketplace. Alongside, ability of regression analysis tools to provide highly accurate and reliable results is positively swaying the industry dynamics.
Moreover, widespread technological innovations in the field, growing adoption of these tools for biomedical signal processing, and rise in the number of research organizations across the globe are adding momentum to the development of this market vertical.
Also, surging research & development investments in the field, growing research expenditure in organizations, and rapid digital evolution worldwide are stimulating the overall industry outlook.
On the contrary, dearth of skilled professionals to operate these tools coupled with their complexed operational nature are hindering the remuneration scope of this business vertical.
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Segmental Assessment of global regression analysis tool market
Based on components
- Software
- Services
The software segment is slated to expand exponentially over the stipulated timeline owing to the easy availability of regression analysis software.
By type
- Simple linear regression tool
- Multiple linear regression tool
The simple linear regression tool market is expected to garner significant returns over 2022-2030 due to their ease of use.
In terms of deployment, the market is fragmented into cloud and on premise. The cloud segment is estimated to amplify considerably over the forecast duration ascribing to the cost effectiveness and efficiency of cloud based regression analysis tools.
On the basis of application
- BFSI, IT & telecommunication
- Healthcare & Life sciences
- Media & Entertainment
- Transportation & Logistics
- Education, Retail
The healthcare & life sciences segment is expected to grow with a high CAGR over the estimated timeline. This is credited to the widespread adoption of these tools to examine techniques that predict the severity and complexity of a particular disease.
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Expounding the geographical ambit and competitive hierarchy of this market
North America, Middle East & Africa, Asia Pacific, Europe, and Latin America are the major regions constituting the geographical gamut of global regression analysis tool market. Among these, North America is projected to capture a high revenue share over 2022-2030. This is attributable to the presence of emerging players, widespread technological evolution, and growing proliferation of IT users in the region.
The prominent companies operating in the marketplace are MathWorks, Inc., International Business Machines Corporation, SAS Institute Inc., StataCorp LLC, Minitab Inc., QlikTech International AB, GraphPad Software Inc., Lumina Decision Systems, TIBCO Software, CAMO Software AS, OriginLab Corporation, Scilab, (EViews) IHS Global Inc., GNU Octave, and RStudio, PBC.
Notably, in June 2017, CAMO Software AS inked a partnership deal with Metrohm AG to joined develop a regression analysis tool which provides efficient import and export functionality to facilitate sample assessment and measurement execution.
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