Predictive analytics software and tools help companies make data-driven decisions. They offer data analytics features that allow users to data mine large datasets and predict future outcomes – to the extent that’s possible in a rapidly changing marketplace.
These predictive analytics tools help organizations create robust models that can detect patterns, uncover trends, and ultimately provide valuable insights into their business operations. With so many predictive analytics tools in the market today, choosing the right one can be challenging.
In this article, we’ll look at 11 of the best predictive analytics tools and highlight their key features, so you can decide which is best for your business needs.
For more information, also see: Data Management Platforms
- Microsoft Azure Machine Learning
- IBM SPSS Modeler
- H20 Driverless AI
- SAP Analytics Cloud
- RapidMiner Studio
- TIBCO Statisica
- SAS Advanced Analytics
- Oracle Data Science
- Google Cloud AutoML
Predictive analytics tools are software used to predict future outcomes based on past data. They use statistical models, machine learning algorithms, and data mining techniques to analyze large amounts of historical data to identify patterns and trends. These patterns and trends can then predict future events or behaviors.
Predictive analytics tools can be used for various purposes, such as forecasting sales, marketing campaigns, customer segmentation, risk management, fraud detection, and operational efficiency.
For more information, also see: Top Data Warehouse Tools
There are many predictive analytics tools available that can help businesses make informed decisions. Below are the top 11 predictive analytics solutions that can benefit organizations:
Microsoft Azure Machine Learning (Azure ML) is an enterprise-grade machine learning service offered by Microsoft as part of its cloud computing platform. It is designed to make it easy for data scientists, machine learning engineers, and developers to build predictive analytics models.
The tool offers automated machine learning, data science workflows, and integrated cognitive services that allow users to quickly and easily create, train, and deploy models.
Azure ML supports the end-to-end machine learning life cycle, including data preparation, model building and training, validation, and deployment. It also offers management and monitoring capabilities, allowing users to track, log, and analyze data, models, and resources.
Additionally, Azure ML enables developers to integrate their models with existing IT systems, giving them access to valuable information that can inform decisions.
- Data Labeling: Allows users to label training data and manage labeling projects.
- Interoperability: Integrates with other Azure services such as Microsoft Power BI, Azure Databricks, Azure Data Lake, Azure Cognitive Search, Azure Arc, Azure Security Center, Azure Synapse Analytics, and Azure Data Factory.
- Drag-and-Drop Designer: Enables users to design with a drag-and-drop development interface.
- Support Hybrid and Multicloud Environment: Allows the user to train and deploy models on-premises and across multicloud environments.
- Policies: Offers built-in and custom policies for compliance management.
- Enables teams to collaborate via shared notebooks, compute resources, data, and environments.
- Connects with other Microsoft solutions such as Excel, CSV, and Access file.
- Supports various open-source libraries and frameworks such as Scikit-learn, PyTorch, TensorFlow, Keras, and Ray RLLib.
- Provides governance with built-in policies and streamline compliance with 60 certifications, including FedRAMP High and HIPAA.
- Provides security via custom role-based access control, virtual networks, data encryption, private endpoints, and private IP addresses.
- Users report that Azure ML has few models.
- Users report a steep learning curve.
Microsoft Azure Machine Learning pricing is based on a pay-as-you-go model. The cost of using Azure ML depends on the instance type and the number of hours used.
For instance, the service cost may range from $0.096 to about $28 per hour, depending on the instance type. The cost of each instance type can be found on the Azure ML pricing page.
Microsoft offers discounts for long-term commitments and other special offers to reduce further the cost of using Azure ML.
IBM SPSS Modeler is one of the most popular predictive analytics tools. It is a data mining and predictive analytics tool for business users, with a suite of machine learning algorithms to help uncover insights and patterns in data.
SPSS Modeler provides a range of data mining techniques, such as decision trees, neural networks, association rules, and sequence analysis, to help organizations identify patterns, relationships, and trends in their data. It also includes various predictive analytics techniques to help organizations forecast future outcomes and make better decisions. Moreover, SPSS Modeler enables users to develop and deploy predictive models in data flows.
IBM SPSS Modeler is also available within IBM Cloud Pak for Data—an enterprise-ready data and AI platform designed to help organizations unlock the value of their data, no matter where it resides—allowing users to build and run predictive models on any cloud or on-premises environment.
- Multi-Source Support: SPSS Modeler supports many data sources, including flat files, spreadsheets, relational databases, IBM planning analytics, and Hadoop.
- Visual Analytics: SPSS Modeler includes an intuitive visual interface for creating and exploring data flows.
- Open-Source Support: SPSS Modeler supports open-source technologies such as R, Python, Spark, and Hadoop.
- Text Analytics: SPSS Modeler enables users to gather insights from unstructured data such as blog content, customer feedback, emails, and social media comments.
- Geospatial Analytics: SPSS Modeler enables users to explore geographic data such as latitude and longitude, postal codes, and addresses.
- Has a desktop application for Windows and macOS.
- Offers drag-and-drop capabilities.
- Includes data visualization.
- Works on-premises and in the public or private cloud.
- The time series and forecasting capabilities could be simplified.
- Users report a learning curve for IBM SPSS Modeler.
IBM SPSS Modeler offers three paid plans and a one-month free trial. However, pricing details for both the Professional and Gold plans are available on request. Potential buyers can contact the IBM sales team for custom quotes tailored to their organization’s use case.
- Subscription: Starts at $499 per user per month.
- Professional: Quote based.
- Gold: Quote based.
For more information, also see: What is Big Data Analysis
H2O Driverless AI is a fully automated data science platform that accelerates the process of building and deploying AI-driven predictive applications. It is an end-to-end platform that automates building, optimizing, and deploying ML models.
H2O Driverless AI enables data scientists and ML engineers to build, deploy, and monitor large-scale models. It also provides a comprehensive set of features, such as automated feature engineering, automatic model selection, automated hyperparameter tuning, and automated model deployment as well as a visualization layer that helps users gain insights from their data.
- Expert Recommender System: Use AI Wizard to analyze data, receive recommendations based on business needs, and gain instruction on the appropriate ML techniques to select based on unique data and use case requirements.
- Automated Feature Engineering: Automatically identify the most important features and create new features based on a set of predefined rules.
- Automated Model Selection: Select the best model for the given dataset.
- Automated Hyperparameter Tuning: Tune the model parameters to improve its performance.
- Automated Model Deployment: Easily deploy the model to a production-ready environment.
- Visualization: Generate interactive visualizations to gain insights from the data.
- Integration: Ingest data from Hadoop HDFS and Amazon S3.
- Highly automated tool.
- Efficient support team.
- Support for graphics processing unit (GPU)-accelerated algorithms like XGBoost, TensorFlow, and LightGBM GLM.
- Deployable in on-premises, hybrid cloud, and managed cloud environments.
- Requires strong statistics and machine learning experience.
H2O Driverless AI doesn’t advertise rates on its website. Potential buyers can contact the sales team for custom quotes. They can also request a demo to understand the product better.
SAP Analytics Cloud is a cloud-based analytics and business intelligence software that enables users to leverage ML and AI capabilities to create predictive models and gain real-time insights into their data.
SAP Analytics Cloud allows users to analyze data from various sources, create predictive models and interactive visualizations, and collaborate with others to create and share reports. The software is built on the SAP HANA business intelligence platform and integrates with SAP systems and other third-party applications. It can also be used to create custom applications and dashboards.
- Prebuilt Best Practice: SAP Analytics Cloud includes over 100 prebuilt best practice SAP business content packages for various businesses and industries to enhance analytics and planning projects.
- Supported Data Sources: Users can connect to both on-premises and cloud data sources such as Google BigQuery, SAP HANA, SAP S/4HANA, SQL, SAP BusinessObjects solutions, SAP Business Planning and Consolidation, and OData.
- What-If Simulation: Users can simulate different scenarios and visualize the impact of decisions on business outcomes.
- Drag and Drop: SAP Analytics Cloud allows business users to design applications with low-code or no-code capabilities.
- Self-service data modeling and preparation.
- Data exploration and visualization.
- Efficient reporting capabilities.
- Learning curve for new users.
SAP Analytics Cloud is available on a subscription basis. Potential buyers can request custom quotes tailored to their requirements. The vendor offers a 30-day free trial with the option to extend it up to 90 days.
- Business Intelligence: $36 per user per month.
- Planning: Contact the sales team for a quote.
Alteryx is an end-to-end self-service analytics platform that allows data analysts and business users to easily prepare, blend, and analyze data for predictive insights.
Alteryx is one of the most popular tools in the industry due to its powerful in-database engine and its ability to integrate with other systems and work with various structured and unstructured data. With this tool, users can share workflows across cloud, desktop, and on-premises environments; create interactive visualizations; and automate complex processes.
- Data Migration: Alteryx offers ELT and ETL capabilities to help make data migration processes seamless.
- Automations: Users can automate analytics, reporting and geospatial analysis as well as data extraction from PDFs and other documents.
- Drag-and-Drop Capabilities: Alteryx’s drag-and-drop capabilities allow users to speed up the analytics process for fast and accurate data insights.
- Auto-Mapping: Alteryx’s data mapping AI enables users to map data to a predefined target.
- Automated Formatting: Automatically detect and apply the format to unstructured and semi-structured datasets.
- Connects to over 180 data sources.
- Offers self-service data preparation.
- Enables users to share workflows across cloud, desktop, and on-premises environments.
- Alteryx has an active community forum with over 300 thousand members.
- Users report that the tool is pricey.
Alteryx offers pricing tailored to individual users, teams, and organizations. Its pricing begins at $5,195 per year, and interested buyers can contact them for a custom quote. Alteryx also offers a 30-day free trial, so users can try out the platform and see if it meets their needs.
Alteryx provides several additional services and support options as well, such as custom training and onboarding and consulting services.
RapidMiner Studio is a data science platform that helps users analyze, visualize, and build predictive models from their data. It includes various algorithms and tools for data mining, predictive modeling, and text mining. RapidMiner Studio also has interactive visualizations for exploring and understanding data.
The platform can be used for data mining, predictive analytics, and machine learning projects. RapidMiner Studio features a drag-and-drop interface, making it easy to use and allowing users to build complex models. It also has an open-source library that enables users to extend the tool and create custom algorithms.
- Hybrid Deployment: RapidMiner Studio can be deployed in on-premises and cloud environments.
- Drag-and-Drop Capability: RapidMiner Studio makes analyzing and building reports fast and easy.
- Prebuilt Automations: RapidMiner provides automated hyperparameter tuning and feature engineering.
- Analytics Life Cycle Support: RapidMiner Studio supports data engineering, model building, model operations, AI app building and collaboration, and governance.
- Has over 1,500 algorithms and functions for model building.
- Offers a drag-and-drop interface.
- Includes 10,000 data rows and one logical processor in its free edition.
- Enables users to run simulations and what-if scenarios.
- Enables teams to collaborate and build workflow together in real time.
- Some users report that the solution is cost-prohibitive.
RapidMiner Studio does not list pricing on its website. Those interested can request custom quotes by filling out the form on their website to get pricing details.
For more information, also see: Top Data Analytics Tools
KNIME (Konstanz Information Miner) is an open-source data analytics platform for data mining, machine learning, predictive analytics, and business analytics.
KNIME features a graphical interface and provides various data analysis tools and options and an extensive library of algorithms for machine learning and predictive analytics. It is used for data-driven decision-making and can be used for data preprocessing, data analysis, and data visualization.
- Blend and Transform: KNIME enables users to connect to databases and data warehouses, access various file formats, and retrieve data from cloud resources or external services.
- Data Analytics Support: KNIME offers support for various data analytics functions, such as classification, regression, dimension reduction, and clustering, as well as advanced algorithms like deep learning, tree-based methods, and logistic regression.
- Prebuilt Automations: KNIME offers prebuilt automated components for feature engineering and selection, hyperparameter optimization, and model interpretability to enable fast prototyping and testing.
- Open-Source Support: KNIME integrates with open-source projects such as Keras or Tensorflow for deep learning, H2O for high-performance machine learning, and R and Python for coding.
- Governance: KNIME provides governance capabilities such as versioning, documentation, administration, and monitoring.
- Has over 300 connectors to data sources.
- Is deployable on-premises and in the cloud.
- Connects various databases and data warehouses tools, such as SQL Server, Postgres, MySQL, Snowflake, Redshift, and BigQuery.
- Enables users to visualize data with customizable bar charts and scatter plots as well as advanced charts, parallel coordinates, sunbursts, network graphs, and heat maps.
- There is a steep learning curve.
KNIME offers various pricing plans for different categories of users.
KNIME Community Hub (Hosted by KNIME)
- Personal and Individual: Free.
- Team: Starts from $285 per month.
Business Hub (Managed by the customer)
- Standard plan (up to three teams): Contact the sales team for a quote.
- Enterprise plan (unlimited teams): Contact the sales team for a quote.
Statistica is an advanced analytics software designed by StatSoft and maintained by TIBCO. It provides predictive analytics, data mining, machine learning, forecasting, optimization, and text analytic model capabilities to help organizations make decisions based on data.
Statistica is used in many different sectors, including banking, communications, energy, healthcare, insurance, life sciences, manufacturing, media, retail, and transportation. These industries use it to make better data-driven decisions with insights into customer behavior, product performance, market trends, and more.
Statistica offers many features and capabilities, including data preparation, visualization, predictive analytics, optimization, forecasting, and model building. It is designed to be used by both data scientists and business users, providing simplified tools and wizards to create and deploy models.
- Python and R Support: Allows users to use embedded code nodes to integrate open-source languages and libraries.
- Data Visualization: Provides dynamic visualizations to help with making data-driven insights.
- Rules Builder: Enables users to integrate business rules with data analytics.
- Data Cleaning: Provides tools to filter good data for analytics and insights.
- Data Preparation and Wrangling: Enables users to easily arrange and structure data for analytics.
- Feature Engineering: Allows users to transform data into usable features.
- Supports ML and Data Mining Models: Includes support for neural networks, decision trees, and support vector machines.
- Integrations: Connects to marketplaces such as Azure ML, Algorithmia and Apervita.
- Has rules builder to integrate business rules with analytics.
- Enables users to build analytics, dashboards, and reports.
- Is deployable on-premises or in the cloud.
- Steep learning curve.
SAS Advanced Analytics is a suite of software tools and applications used to create and deploy predictive models and data-driven solutions. This comprehensive package of software products provides a comprehensive set of tools to develop, deploy, and analyze predictive models and specialized tools to optimize business processes and strategies.
SAS Advanced Analytics includes a range of capabilities, including data mining, machine learning, text analytics, forecasting, optimization, and simulation. It also provides tools for creating data visualizations and dashboards. SAS Advanced Analytics is designed to enable organizations to use their data to gain insights, make better decisions, and optimize business operations.
- Optimization and Simulation: Featured Optimization and Simulation software help identify actions and build models to help drive decision-making on insights.
- Data Mining: SAS Advanced Analytics enables users to simplify data preparation, quickly and easily create better models, and put their best models into service.
- Data Preparation: Users can identify key relationships in data using data preparation to filter good data.
- Data Visualization: SAS Advanced Analytics’ dynamic charts and graphs allow users to identify key insights in their data.
- Data Science Development and Modeling: Drag-and-drop capabilities and automated, interactive processes help take the guesswork out of building data models.
- Text Analytics: SAS Advanced Analytics automates the process of reading, organizing, and extracting useful details from datasets.
- Statistical Analysis: SAS Advanced Analytics offers powerful algorithms covering multiple forms of analysis to help users build and customize data-driven reports.
- Forecasting and Econometrics: Users can generate large quantities of high-quality forecasts quickly and automatically.
- Interactive dashboard.
- Drag-and-drop interface.
- Abilityto access and analyze data in-memory and in-stream.
- Complex initial setup process.
SAS Advanced Analytics pricing is not available publicly. However, a 14-day free trial is available with the option to extend. For more pricing information, organizations can request a demo or contact the SAS sales team for a custom quote.
Oracle Data Science (also known as Oracle Cloud Infrastructure Data Science) is a fully-managed platform that enables data science teams to build, train, deploy, and manage machine learning models using Python and open-source tools.
Oracle Data Science provides an intuitive, collaborative environment powered by JupyterLab, so data scientists can experiment and develop models. Data scientists can scale up model training with support for popular machine learning libraries, such as TensorFlow and PyTorch, and powerful NVIDIA GPUs for distributed training.
Additionally, MLOps capabilities, such as automated pipelines, model deployments, and model monitoring, help keep models healthy in production.
- Data Preparation: Offers access to data in the cloud or on-premises and apply labels to data records.
- Model Building: Provides built-in, cloud-hosted JupyterLab notebook environments and supports open-source machine learning frameworks such as TensorFlow and PyTorch.
- Model Training: Allows data scientists to build and train deep learning models using NVIDIA GPUs.
- Governance and Model Management: Includes a model catalog, evaluation and comparison, explanation, reproducible environments, and version control.
- Automation and MLOps: Includes managed model deployment, automated pipelines, and ML monitoring and applications.
- The tool is highly customizable and scalable.
- Intuitive user interface and interactive dashboard.
- Users report that this tool is expensive.
Oracle Data Science is a pay-as-you-go service, so rates depend on the compute engine product and consumption. Prices are based on the number of OCPUs per hour, performance units per gigabyte per month, gigabyte storage capacity per month, load balancer hour, Mbps per hour, and GPU per hour.
For example, the rate for Compute — Virtual Machine Standard — X7 is $0.0319 per OCPU hour, or $0.0638 unit price. For the load balancer base, the unit rate is $0.0113 load balancer hour. Visit the Oracle Data Science pricing page for more details.
Google Cloud AutoML is a suite of machine learning products that enables developers with limited machine learning expertise to train high-quality models specific to their business needs. It is designed to make machine learning more accessible and easier to use.
Google Cloud AutoML offers tools that automate various aspects of the machine learning process, from training to deployment. It also provides tools for data labeling, model building, and model evaluation. These tools allow users to develop and deploy custom ML models with minimal effort.
- ML Training: Trains datasets over a terabyte.
- Application Programming Interface (API) Integration: Uses REST and RPC APIs and integrates REST and gRPC APIs.
- Language Support: Supports 50 language pairs.
- Data Preparation and Storage: Prepares and stores datasets for analytics.
- Enables developers with limited machine learning expertise to create custom machine learning models.
- Provides streaming video analysis.
- Trains terabyte-sized datasets.
- Not deployable on-premises.
Google doesn’t advertise this product pricing on its website. For custom quotes, contact the sales team.
However, Google Cloud AutoML offers users a free trial, allowing them to explore the various products and features of the suite. The free trial includes $300 worth of free credits, which can be used to explore the different Google Cloud products and services available.
Additionally, those working with organizations are eligible for an additional $100 in credits, totaling up to $400, to explore Google Cloud products for 90 days. Through the free trial, users can gain hands-on experience with the platform and explore the various features of the suite.
For more information, also see: The Data Analytics Job Market
|Product||Best for||Pricing||Drag-and-drop capabilities||Deployment|
|Microsoft Azure Machine Learning||Creating and deploying predictive models||Starts at $0.096 per hour||Yes||Hybrid and multicloud environment|
|IBM SPSS Modeler||Data mining||Starts at $499 per user per month||Yes||On-premises, public and private cloud|
|H2O Driverless AI||Automation||Not available||Yes||On-premises, hybrid cloud, and managed cloud|
|SAP Analytics Cloud||Analytics||Starts at $36 per user per month||Yes||On-premises and cloud|
|Alteryx||Creating automated workflows for data analytics||Starts at $5,195 per year||Yes||On-premises and cloud|
|RapidMiner Studio||Data science||Not available||Yes||On-premises and cloud|
|KNIME||Integration||Starts at $285 per month||Yes||On-premises and cloud|
|TIBCO Statistica||Windows machines||Not available||Yes||On-premises and cloud|
|SAS Advanced Analytics||Analyzing unstructured data||Not available||Yes||On-premises and cloud|
|Oracle Data Science||Data science teams||Pay-as-you-go service||Yes||On-premises and cloud|
|Google Cloud AutoML||Building custom machine learning models||Not available||Yes||Cloud|
Here are a few other products worth mentioning when considering the best predictive analytics tools:
- Q Research
- Anaconda Enterprise
- Dataiku DSS
- MicroStrategy Analytics
- Logi Info (Logi Analytics Platform)
- Domino Data Lab
- Sumo Logic
- FICO Xpress Insight
- Amazon Machine Learning
Predictive analytics tools provide several benefits to organizations. Here are some of the advantages that predictive analytics tools offer.
Predictive analytics tools enable businesses to make decisions based on data rather than gut feeling or intuition. This helps ensure decisions are well-informed and backed by evidence, leading to better results and return on investment (ROI).
By streamlining processes, predictive analytics tools can help businesses increase efficiency and reduce costs. Automating, collecting, organizing, and analyzing data eliminates manual labor and cuts down on errors.
Enhanced Customer Experience
With predictive analytics, businesses can better understand their customer base and how they interact with their products or services. This helps companies tailor their offerings to meet customer needs, leading to greater customer satisfaction and loyalty.
Predictive analytics tools can detect fraudulent activity in various areas, such as credit card payments or financial transactions. By recognizing patterns and unusual behavior, businesses can stay one step ahead of criminals.
Predictive analytics tools can help businesses identify potential risks before they arise, allowing them to plan for any eventuality and manage their resources accordingly. This is especially useful for industries prone to risks, such as banking or insurance.
Businesses can achieve tremendous success and competitive advantage in today’s ever-evolving market by taking advantage of the benefits that predictive analytics tools offer.
Key Features of Predictive Analytics Tools
The best predictive analytics tools have the following key features:
- Automation: Predictive analytics tools automate data collection, analysis, and reporting, making it easier to spot trends and insights.
- Machine Learning Algorithms: Predictive analytics tools use advanced ML algorithms to analyze and identify patterns, trends, and relationships for accurate predictions about future events or outcomes.
- Data Mining Capabilities: These data mining tools allow users to uncover hidden patterns and correlations in large datasets, which can be used to make more accurate predictions.
- Visualization: Visuals such as dashboards and charts allow users to identify trends and patterns in their data for insights into data that can help users make better decisions.
- Customized Models: This enables users with unique datasets and needs to create models tailored to their specific application, ensuring accuracy and relevance.
- Forecasting: Predictive analytics tools can generate forecasts and predictions. This helps organizations plan for future events and anticipate potential risks.
- Management, Monitoring, and Reporting: Predictive analytics tools allow users to manage and monitor their models and data sources over time to track performance over time and ensure the predictions being made remain up-to-date and relevant.
There are several factors to consider when shopping for the best predictive analytics tool for your organization.
Purpose of the Tool
The first step in choosing the best predictive analytics tool is to determine the purpose of the tool. What type of predictive analysis are you looking to do? Does the tool need to predict customer behavior, such as churn rate, or do you need something more complex, like finding trends in customer data? Knowing the tool’s purpose will help in narrowing down the options and focusing on the tools that will best meet your needs.
Consider what data needs to be analyzed. Depending on the type of data, you may need a tool specializing in big data or one offering a more comprehensive view. Additionally, think about the data’s structure. Is it structured, semi-structured, or unstructured? This can be a major factor when determining which tool to use.
Assess the features of the available tools. Some essential features to consider are the ability to handle large data sets, customize algorithms and parameters, data visualization capabilities, data analysis, visualization, reporting, integration with other applications, and ease of use.
Depending on the complexity of a project, you may need specific capabilities such as text analytics, natural language processing, and deep learning. Many predictive analytics tools offer a variety of features, so it is vital to assess each one to determine which best fits your needs.
Consider Your Resources
It is essential to consider the resources available when choosing the best predictive analytics tool. This includes the amount of time and money available as well as the skills and experience of your team. Different tools offer different levels of complexity, so choosing the tool that best fits your resources is essential. Additionally, many tools offer support services that could be beneficial.
Test and Evaluate
After narrowing down your choices, the final step is to test and evaluate the different tools. Many tools offer free trials or demos, so take advantage of these to better understand how the tool works and fits into your project.
Additionally, reading customer reviews can help understand the pros and cons of each tool. Ultimately, the best way to determine which tool is best is to test and evaluate each tool to ensure it meets your needs.
Finally, ensure you have access to support when choosing a predictive analytics tool. Many tools offer customer support services and training to help you get started and ensure you use the tool to its fullest potential. Additionally, having access to support can be invaluable if you have any questions or need assistance.