Regression analysis tools are the most widely used statistical tools that help estimate the relationship between dependent variables and independent variables. They are used to predict the actual outcomes and to explain or understand the relationship among variables. Regression analysis tools help study the relationships among two variables based on a sample. Regression analysis tools help by providing an equation for a graph that helps predict data trends. In statistics, it is very difficult to make any sense of random numbers in a table. In this case, regression analysis tools help make a better prediction by using an equation. From the mathematical point of view, the two basic types of regression are linear and nonlinear. If the fit parameters appear linearly in the least squares normal equations, the model is known as a linear model, otherwise it is a nonlinear model. Regression analysis is also known as surface fitting or curve fitting.
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Global Regression Analysis Tool Market: Dynamics
Several times, it becomes necessary to use regression analysis tools in the field of biomedical signal processing to evaluate the sufficiency of parameterisation techniques to predict and to quantify the health state of the analysed subject on selected rating scales to assess the severity of a disease. This is one of the key factors driving the regression analysis tool market. Regression analysis tools provide detailed insights that can also be used to improve products and services. This is another factor fuelling the growth of the regression analysis tool market. The results obtained from a regression analysis tool are accurate and more reliable for decision making, thus the high accuracy of the result is also one of the major factors driving the regression analysis tool market. Moreover, regression analysis tools eliminate the need for time-consuming and the tedious processes, as one does not have to perform the same tests again and again. This is also one of the factors boosting the regression analysis tool market.
However, one of the challenges faced while using regression analysis tools is that as the products gets updated, it becomes quite complex, to perform the tests because even a small modification can bring unexpected issues in the existing functionality and the list of tests grow to a large amount in the regression pack. This complexity is one of the major factors restraining the growth of the regression analysis market.
Global Regression Analysis Tool Market: Segmentation
The global regression analysis tool market can be segmented on the basis of components, type, deployment, organisation size, industry and region.
Regression analysis tool market, by components
- Software
- Services
Regression analysis tool market, by deployment
- Cloud
- On-Premise
Regression analysis tool market, by type
- Simple Linear Regression
- Multiple Linear Regression
Regression analysis tool market, by organisation size
- Small & Medium Enterprises
- Large Enterprises
Regression analysis tool market, by industry
- Retail
- BFSI
- Healthcare & Life sciences
- Education
- Media & Entertainment
- Transportation & Logistics
- Others
Global Regression Analysis Tool Market: Competition Landscape
Key Developments
In June 2017, CAMO Software AS announced a global partnership with Metrohm AG, a provider of precision instruments. Metrohm’s software Vision Air 2.0 supports prediction models created in CAMO’s Unscrambler X software and offers convenient import & export functionality to enable sample analysis and measurement execution in Metrohm’s Vision Air software.
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Key Vendors
Some of the key vendors in regression analysis tool market are MathWorks, Inc.; International Business Machines Corp.; SAS Institute Inc.; StataCorp LLC; Minitab Inc.; QlikTech International AB; GraphPad Software Inc.; Lumina Decision Systems and TIBCO Software Inc