Predictive analytics is the use of data , statistical algorithms and machine learning to identify the likelihood of future outcomes . Based on historical data , the aim of predictive analytics is to go beyond knowing what has happened to provide the best assessment of what will happen in the future .

Why should businesses adopt predictive models now ? Due to the growing volumes and types of data , along with the increased interest industries are seeing in using data to produce valuable insights , predictive analytics is another way for businesses to unlock the power of data . Additionally , in a time of tougher economic conditions , incorporating a predictive analytics model into operatives gives businesses competitive differentiation .

What are the different types of models ? Different models have been developed to meet the different needs of organisations and industries . Predictive analytics models include forecast , classification , outliers , time series and clustering models .

� SPEECHMATICS Speech recognition company , Speechmatics , launched its Autonomous Speech Recognition software that outperforms Amazon , Apple , Google and Microsoft , equating to a 45 % reduction in speech errors . The company also outperforms competitors on children ’ s voices .

� HEALTHCARE AI MARKET The healthcare artificial intelligence ( AI ) market is expected to surpass USD 34.5 billion by 2027 , as reported in a research study by Global Market Insights Inc . Artificial intelligence has revolutionised the field of healthcare .

� RELIGIOUS AND RACIAL BIAS A team of computer and analytical researchers led by Abubakar Abid of Stanford University found that one of the most complex programmes being used for AI use is throwing up results that are offensive to Muslims and other religious minorities .

� FACEBOOK Facebook claims it uses artificial intelligence to identify and remove posts containing hate speech and violence , but the technology doesn ' t really work , according to internal documents reviewed by the Wall Street Journal .

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