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Predictive analytics is the art and science of proposed predictive systems and models. With tuning over time, these models can predict an outcome with a far higher statistical probability than mere guesswork. Predictive analytics plays an essential role in the digital era. Most of the business strategies and planning depend on prediction and analytics using statistical approaches.
With the increasing digitization day by day, analytical challenges are also increasing at the same rate, such as digital information, which is rapidly growing, generating vast amounts of data. There are numerous statistical approaches to perform predictive analytics, including Bayesian analysis, Sequential analysis, Statistical prediction, risk prediction, and decision analytics.